Loose-leaf For Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781260190083
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Daniel Neely
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 6, Problem 17.11EP
Payment of general obligation bond interest would be recorded as
- a. An expenditure in the governmental activities general journal.
- b. An other financing use in the governmental activities general journal.
- c. An expenditure in the debt service fund general journal.
- d. An other financing use in the debt service fund general journal.
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What are the reasons for statutory debt limits and explain the terms debt margin and overlapping debt? What are the purpose and types of debt service funds? What are the journal entries utilized to account for activities of debt service funds?
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Chapter 6 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
Ch. 6 - Prob. 1QCh. 6 - What disclosures about long-term liabilities are...Ch. 6 - Prob. 3QCh. 6 - Prob. 4QCh. 6 - Although the most common type of general long-term...Ch. 6 - What is overlapping debt? Why would a citizen care...Ch. 6 - Prob. 7QCh. 6 - Prob. 8QCh. 6 - How are debt issuance costs accounted for at the...Ch. 6 - Under what circumstances might a government...
Ch. 6 - Prob. 11CCh. 6 - A citizens group in your state has placed an...Ch. 6 - A county government and a legally separate...Ch. 6 - Prob. 14CCh. 6 - Evaluating Legal Debt Margins. (LO6-2) Youll be...Ch. 6 - Prob. 17.1EPCh. 6 - Proceeds from bonds issued to construct a new city...Ch. 6 - The liability for long-term debt issued to finance...Ch. 6 - Which one of the following statements regarding...Ch. 6 - Prob. 17.5EPCh. 6 - On March 2, 2020, 20-year, 6 percent, general...Ch. 6 - Prob. 17.7EPCh. 6 - Prob. 17.8EPCh. 6 - The liability for special assessment bonds for...Ch. 6 - Total general long-term indebtedness subject to...Ch. 6 - Payment of general obligation bond interest would...Ch. 6 - Debt issuance costs a. Include legal and...Ch. 6 - If bonds are sold at a premium: a. The premium is...Ch. 6 - Prob. 17.14EPCh. 6 - Prob. 17.15EPCh. 6 - Prob. 18EPCh. 6 - Budgeted and Actual Debt Service Transactions....Ch. 6 - Lease Agreement. (LO6-5) McCormick County agreed...Ch. 6 - Legal Debt Margin and Direct and Overlapping Debt....Ch. 6 - Debt Service Fund Trial Balance. (LO6-5) Following...Ch. 6 - Prob. 23EPCh. 6 - Term Bond Debt Service Fund Transactions. (LO6-5)...Ch. 6 - Prob. 25EP
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- Which of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.arrow_forwardWhat is the appropriate accounting for each of the phases, Capital projects funds and Debt services fund?arrow_forwardThe FHA implements its programs with which of the following procedures? Providing government bonds as collateral for loans Issuing an insured commitment covering the loan Funding a portion of each loan at closing Guaranteeing a portion of each loanarrow_forward
- Encumbrances 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_forwardPlease prepare general journal entries, as necessary to record the following transactions in the debt service fund and in the governmental activities general journal. Do not give answer in image formatearrow_forwardHow do I prepare a closing balance sheet for the debt service fund shown below?arrow_forward
- Revenues that are legally restricted to expenditures for specified purposes should be accounted for in special revenue funds, includinga. accumulation of resources for payment of general long-term debt principal and interest.b. pension trust fund revenues.c. gasoline taxes to finance road repairs.d. proprietary fund revenues.arrow_forwardWhich financial statements are prepared using modified accrual accounting? A) Proprietary fund financial statements. B) Governmental fund financial statements. C) Government-wide financial statements. D) Both A. and B. E) Both B and C.arrow_forwardBonds are issued at a premium by a capital projects fund. The premium should bea. retained in the capital projects fund.b. credited directly to the restricted fund balance of the capital projects fund.c. transferred to the debt service funds.d. used to reduce the net cost of the project involved.arrow_forward
- The modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust fundsarrow_forwardState the kinds of note disclosures that need to be made to help users understand the nature of “Transfers in” to the General Fund.arrow_forwardDebt service funds are used to account for which of the following? Multiple Choice Payment of only interest on general long-term debt. Payment of only principal on general long-term debt. Payment of principal and interest on general long-term debt.arrow_forward
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License