Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Chapter 4, Problem 2Q
When preparing the statement or schedule of revenues, expenditures, and changes in fund balances on the budgetary basis, how are encumbrances outstanding at year-end treated if they will be honored in the upcoming year?
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The journal entry to re-establish an encumbrance from the prior year would include:
Multiple Choice
A debit to Budgetary Fund Balance – Reserve for Encumbrances.
A credit to Appropriations Control.
A credit to Budgetary Encumbrances.
A debit to Encumbrances Control..
Prepare a statement of Revenues, Expenditures, and changes in fund balance for the governemental funds ( the General Fund and special revenue fund financial statements have already been prepared).
From the information given above, prepare a Water and Sewer Fund column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 2020. (Deductions should be entered with a minus sign.)
Chapter 4 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 4 - Last month a local government collected property...Ch. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - A government reports Deferred Inflows of...Ch. 4 - Prob. 13CCh. 4 - Prob. 15CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Prob. 17.2EPCh. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 17.4EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 17.6EPCh. 4 - Prob. 17.7EPCh. 4 - Prob. 17.8EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 17.10EPCh. 4 - During the current year, the City of Hickory Hills...Ch. 4 - On July 1, 2020, the beginning of its fiscal year,...Ch. 4 - Prob. 20EPCh. 4 - Prob. 21EPCh. 4 - At the end of the current fiscal year, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - The following transactions occurred during the...Ch. 4 - The following transactions affected various funds...Ch. 4 - The following events and transactions relate to...Ch. 4 - The City of Castletons General Fund had the...Ch. 4 - Prob. 28EP
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The general fund pays rent for two months. Which of the following is not correct? Rent expense should be reported in the government-wide financial statements. Rent expense should be reported in the general fund. An expenditure should be reported in the fund financial statements. If one month of rent is in the first year with the other month in the next year, either the purchases method or the consumption method can be used in fund statements.arrow_forwardWhich of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.arrow_forwardThe general fund pays rent for two months. Which of the following is not correct? Choose the correct.a. Rent expense should be reported in the government-wide financial statements.b. Rent expense should be reported in the general fund.c. An expenditure should be reported in the fund financial statements.d. If one month of rent is in the first year with the other month in the next year, either the purchases method or the consumption method can be used in fund statements.arrow_forward
- Which basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?arrow_forwardWhich of the following statements is/are true in relation to Capital Expenditure Budgets? i. Shows the amount of capital that may be required for procurement of capital assets during the budget period. ii. It states the estimated amount of cash receipts and estimation of cash paymentsarrow_forwardEncumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability in the general fund. b. fund balance reserve in the general fund. c. liability in the general long-term debt account group. d. fund balance designation in the general fund.arrow_forward
- List some of the major adjustments required when converting from fund financial statements to governmentwide statements. Why are these adjustments necessary?arrow_forwardWhat are some major adjustments required when converting from fund financial statements to government-wide statements?arrow_forwardAt what point in time does a governmental fund report an expenditure?arrow_forward
- Please help with problem Preparation of fund financial statements and schedules Prepare a governmental funds balance sheet; a governmental funds statement of revenues, expenditures, and changes in fund balances; and a General Fund budgetary comparison schedule. In the budgetary comparison schedule, include a column for variances. To ease financial statement preparation, we supply you with the pre-closing trial balances for Croton City’s General Fund, Library Special Revenue Fund, Capital Projects Fund, and Debt Service Fund. Consider all funds as major funds for this exercise and classify the fund balance for the Debt Service Fund as Assigned fund balance. In addition, make calculations to determine which of the funds would be considered as nonmajor if Croton had not considered all of them to be major. Preclosing Trial Balance for Croton City General Fund December 31, 2019 Debits Credits Budgetary Accounts Estimated revenues – property taxes $9,000 Estimated…arrow_forwardWhich of the following neither increases nor decreases fund balance of the General Fund during the current period? a. Revenues. b. Other financing sources. c. Deferred revenues. d. Expenditures.arrow_forwardIn a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets a.Yes Yes b.No No c.No Yes d.Yes Noarrow_forward
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What is Budgeting? | Budgetary control | Advantages & Limitations of Budgeting; Author: Educationleaves;https://www.youtube.com/watch?v=INnPo0QPXf4;License: Standard youtube license