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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Question
Chapter 5, Problem 4Q
To determine
Journalize the entries required for leased assets upon acquisition.
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Students have asked these similar questions
In which of the following funds is it appropriate to record depreciation of capital assets?
Multiple Choice
Capital projects fund.
General fund.
Permanent fund.
Internal service fund.
custodial fund assets and liabilities are to be recognized:
When the earnings process is complete and collection is reasonably assured
At the time the government becomes responsible for assets.
When they are available and measurable
Only in the government wide financial statements.
What measurement focus is used in fund financial statements for governmental funds, and what system is applied to determine the timing of revenue and expenditure recognition?
Chapter 5 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 5 - What are general capital assets? How are they...Ch. 5 - Explain what disclosures the GASB requires for...Ch. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Prob. 5QCh. 5 - What is the accounting difference between using...Ch. 5 - Prob. 7QCh. 5 - Prob. 8QCh. 5 - Prob. 9QCh. 5 - What is a service concession arrangement, and why...
Ch. 5 - Prob. 13CCh. 5 - Prob. 14CCh. 5 - Prob. 15CCh. 5 - Under GASB standards, which of the following would...Ch. 5 - Two new copiers were purchased for use by the city...Ch. 5 - Maxim County just completed construction of a new...Ch. 5 - A capital projects fund would probably not be used...Ch. 5 - Machinery and equipment depreciation expense for...Ch. 5 - Prob. 17.6EPCh. 5 - Prob. 17.7EPCh. 5 - Callaway County issued 10,000,000 in bonds at 101...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Neighborville enters into a lease agreement for...Ch. 5 - Prob. 17.11EPCh. 5 - Prob. 17.12EPCh. 5 - Prob. 17.13EPCh. 5 - Arbitrage rules under the Internal Revenue Code a....Ch. 5 - Prob. 17.15EPCh. 5 - Make all necessary entries in the appropriate...Ch. 5 - Prob. 19EPCh. 5 - Prob. 20EPCh. 5 - In the current year, the building occupied by...Ch. 5 - Prob. 22EPCh. 5 - Make all necessary entries in a capital projects...Ch. 5 - The year-end pre-closing trial balance for the...Ch. 5 - Prob. 25EPCh. 5 - This year Riverside began work on an outdoor...
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Similar questions
- What is the basic structure of government-wide financial statements and fund financial statements (as produced for the governmental funds)?arrow_forwardHow does the topic of accounting for government grants relate to the topic of accounting for biological assets?arrow_forwardHow do governmental funds report capital outlay in fund financial statements? How do government-wide financial statements report capital expenditures?arrow_forward
- For governmental funds, what measuring emphasis is utilized in the fund financial statements, and what mechanism is used to establish the timing of income and expenditure recognition?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_forwardWhen a government orders equipment which is to be used by an activity accounted within the General Fund, it should be recorded in the General Fund as a(an): Multiple Choice Encumbrance. Capital asset. Expenditure. None of the choices are correct, the General Fund does not record capital assets purchases..arrow_forward
- Which of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure revenues and expenditures based on modified accrual accounting.b. Government-wide financial statements measure revenues and expenses based on modified accrual accounting.c. Fund financial statements measure revenues and expenses based on accrual accounting.d. Government-wide financial statements measure revenues and expenditures based on accrual accounting.arrow_forwardWhat is the purpose of the capital projects fund, debt service fund, and permanent fund. Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?arrow_forwardIn what fund type should the proceeds from special assessment bonds issued to finance construction of sidewalks in a new subdivision be reported? a. Agency fund b. Special revenue fund c. Enterprise fund d. Capital projects fundarrow_forward
- Which of the following accounts of a governmental unit is debited when a purchase order is approved?a. Appropriationsb. Vouchers Payablec. Fund Balance—Assigned or Committedd. Encumbrancesarrow_forwardDoes the report reflect fund financial statements for governmental, proprietary, and fiduciary funds? List those statements. List the major governmental and proprietary funds (the funds that have separate columns in the governmental and proprietary fund statements).arrow_forwardHow to record a trade-in? A.) Government Wide :Record at ticket price of the new asset B.) Fund statement: only the cash aspects of the transaction be recognized as expenditures C.) Losses and gains should be recognized on fund statements. D.) No losses and gains should be recognized on government wide financial statementarrow_forward
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