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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Textbook Question
Chapter 7, Problem 17.6EP
Proprietary funds
- a. Are permitted to integrate budgetary accounts into their accounting system.
- b. Are required to present budgetary comparison schedules.
- c. May be required to operate under a legally adopted budget.
- d. More than one statement above is true.
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Students have asked these similar questions
Proprietary funds:
Multiple Choice
Can be required to operate under a legally adopted budget.
Are required to present budgetary comparison schedules.
More than one statement above is true.
Are required to integrate budgetary accounts into their accounting system.
Budget comparison schedules or statements are needed for which funds?
Should the budgetary comparison schedules' real revenues and expenditures be presented in accordance with GAAP? Why are you or are you not?
Which of the following terms refers to a budgetary account, rather than actual account
a.
Unreserved Fund Balance
b.
Estimated revenue
c.
Revenue
d.
Expenditure
Chapter 7 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11QCh. 7 - Internal Service Fund Reporting. (LO7-2) Financial...Ch. 7 - Proprietary Fund Operating Statement. (LO7-1)...Ch. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 17.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 17.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Proprietary funds a. Are permitted to integrate...Ch. 7 - Prob. 17.7EPCh. 7 - Prob. 17.8EPCh. 7 - Prob. 17.9EPCh. 7 - Prob. 17.10EPCh. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Central Garage Internal Service Fund. (LO7-2) The...Ch. 7 - Internal Service Fund Statement of Cash Flows....Ch. 7 - Tribute Aquatic Center Enterprise Fund. (LO7-5)...Ch. 7 - Net Position Classifications. (LO7-5) During the...Ch. 7 - Central Station Enterprise Fund. (LO7-5) The Town...Ch. 7 - Enterprise Fund Journal Entries and Financial...Ch. 7 - Net Position Classifications. (LO7-5) The Village...Ch. 7 - Enterprise Fund Statement of Cash Flows. (LO7-5)...Ch. 7 - AppendixSolid Waste Enterprise Fund. (LO7-6) Brown...
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- 10 Under the modified accrual basis of accounting, revenues should be recognized when Multiple Choice Earned. Collected in cash. Authorized by the budget ordinance. Measurable and available.arrow_forwardSelect the pupose for which the cash budgets -not - to be prepared a Plan for the investment to develop an entity • b. To control the expenses of an entity C. Whether the company will have deficit or surplus during the budget penod • d. None of thesearrow_forwardWhich of the following is true regarding capital projects funds? Multiple Choice Encumbrances accounting is generally employed. All budgetary accounts are employed and budget to actual statements are prepared. No budgetary accounts are used. Encumbrances accounting is not normally employed, but Appropriations are recorded.arrow_forward
- Describe the purpose and the financial reporting requirements for the General and Special Revenue Funds. Include the way the modified basis of accounting is used to account for revenues and expenditures along with the use of budgetary accounts in your discussion.arrow_forwardWhich of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c. Voucher payable d. Unreserved fund balancearrow_forwardThe governmental fund financial statements are intended to report on fiscal accountability. True or Falsearrow_forward
- for which funds are budgetary comparison schedules or statements required? should the actual revenues and expenditureson the budgetary comparison schedules be reported on the GAAP basis? why or why not?arrow_forwardIn which section of the CAFR are the budget-to-actual comparisons of the major funds located? What accounting basis is used?arrow_forwardWhich basis of accounting should be used when preparing a budgetary comparison schedule (or statement) for a government's General Fund?arrow_forward
- Which of the following statements is correct? The General Fund, Special Revenue, and Debt Service funds use the modified accrual basis and financial resources focus and the Capital Projects and Permanent funds do not. The General Fund and Special Revenue fund provide budget to actual comparisons and the Capital Projects, Debt Service and Permanent Funds do not. The General Fund and Special Revenue Fund have an indefinite life and the Permanent, Capital Projects and Debt Service have limited lives. The General Fund and Special Revenue funds use encumbrance accounting and the Capital Projects, Debt Service and Permanent funds do not.arrow_forwardDoes a budget provide guidlines of the application of the organisaion`s resources?arrow_forwardWhich is the budget state where expenditures exceed revenue? Group of answer choices Net Loss Balance Budget Surplus Deficitarrow_forward
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