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 8Q
To determine
Explain special assessments. Ascertain the difference between the special assessment capital improvement and other capital improvement.
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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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- 1. What is the accounting difference between using the modified approach for infrastructure assets and depreciating infrastructure assets? Under the modified approach, what happens if infrastructure assets are not maintained at or above the established condition level? 2. What is a special assessment? How does funding for a special assessment capital improvement differ from other capital improvements in a local government?arrow_forwardWhich governmental fund includes resources that are legally restricted so that the governmental entity must maintain the principal and can use only the earnings from the fund's resources to benefit the government's programs for all of its citizens? Group of answer choices a.) Capital projects fund b.) Permanent fund c.) Agency fundarrow_forwardcapital assets used by governmental funds should be reported in?arrow_forward
- Define Government Grants?arrow_forwardHow do governmental funds report capital outlay in fund financial statements? How do government-wide financial statements report capital expenditures?arrow_forwardWhat is the purpose of enterprise funds? Choose the correct.a. To account for operations that provide services to other departments within a government.b. To account for asset transfers.c. To account for ongoing activities such as the police and fire departments.d. To account for operations financed in whole or in part by outside user charges.arrow_forward
- What 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_forwardWhich of the following is a governmental fund? Special revenue fund Internal service fund Capital projects fund Debt service fundarrow_forwardWhich of the following is an example of activities that are likely to be accounted for in a government's general fund? a. sales taxes collected by a state on behalf of counties within the state b. donations that must be kept intact, but whose income must be used to beautify parks c. property taxes levied and collected. d. electricity utilities of government that are financed by user chargesarrow_forward
- What is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?arrow_forwardIf not expenditure driven, a grant approved and paid by the federal government to assist in a city’s welfare program during the current year should be credited to a. Revenues. b. Fund Balance—Reserved forWelfare Programs. c. Fund Balance—Unassigned. d. Other Financing Sources.arrow_forwardWhat is the purpose of enterprise funds? To account for operations that provide services to other departments within a government. To account for asset transfers. To account for ongoing activities such as the police and fire departments. To account for operations financed in whole or in part by outside user charges.arrow_forward
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