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 7, Problem 17.7EP
To determine
Identify the correct answer related to proprietary fund’s statement of cash flows.
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Which of the following is not a GASB's required statement for proprietary funds?
A.) Statement of net position
B.) Statement of revenues, expenses, and changes in fund net position
C.) Statement of cash flows
D.) Statement of changes in fund net position
Which of the following organizations/entities does a mutual fund appoint to collect money received fromthe fund's purchasers and from portfolio income, as well as to arrange for cash distributions? a) A fundcustodian. b) A fund distributer c) A fund principal. d) A fund manager
Identify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.
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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Similar questions
- The focus of governmental funds in fund accounting is a(n): a. Economic Resource Measurement Focus. b. Financial Resources Measurement Focus. c. Cash Flow Measurement Focus. d. Accrual Measurement Focus.arrow_forwardWhich of the following would be considered a general capital asset? Select one: a. Real estate purchased with the assets of a pension trust fund. b. A vehicle purchased from General Fund revenues. c. A vehicle purchased and maintained by an enterprise fund. d. A computer purchased from revenues of an internal service fund and used by the supplies department.arrow_forwardProprietary fund financial statements are prepared based on which one of the following basis of accounting? a. Cash basis of accounting b. None of the options c. Modified accrual basis of accounting d. Accrual basis of accountingarrow_forward
- In applying the current financial resources measurement focus, when are liabilities recognized in fund financial statements?arrow_forwardA government entity is required to include a statement of cash flows in which of the following financial statements? Governmental fund financial statements. Government-wide financial statements. Proprietary fund financial statements. Fiduciary fund financial statements.arrow_forwardWhich of the following is true about the statement of cash flows for the proprietary funds of a state or local government? The indirect method of reporting cash flows from operating activities is allowed although the direct method is recommended. The structure of the statement is virtually identical to that of a for-profit business. The statement is divided into four separate sections of cash flows. Amounts spent on capital assets are reported in a separate section from amounts raised to finance those capital assets.arrow_forward
- It is important to understand the difference between custodial and trust funds. How many financial statements have been produced for each of the organizations mentioned above?arrow_forwardA board sets aside resources to earn investment income to support general operations. Would the resrources set aside be recorded in a fund with donor restrictions or a fund without donor restrictions? Would the earnings be recorded in a fund with donor restrictions or a fund without donor restrictions?arrow_forwardFiduciary fund financial statements are prepared based on which one of the following basis of accounting? a. None of the options b. Modified accrual basis of accounting c. Cash basis of accounting d. Accrual basis of accountingarrow_forward
- Which of the following is an example of an interactivity transaction?a. Money is transferred from the general fund to the debt service fund.b. Money is transferred from the capital projects fund to the general fund.c. Money is transferred from the special revenue fund to the debt service fund.d. Money is transferred from the general fund to the enterprise fund.arrow_forwardIn recognition, an item is captured for inclusion in a. The Fund Flow statement b. The Journal c. The statement of financial position d. All the options are correctarrow_forwardWhich of the following is an example of an interactivity transaction? Money is transferred from the general fund to the debt service fund. Money is transferred from the capital projects fund to the general fund. Money is transferred from the special revenue fund to the debt service fund. Money is transferred from the general fund to the enterprise fund.arrow_forward
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