ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
17th Edition
ISBN: 9781308820217
Author: RECK
Publisher: Mcgraw-Hill/Create
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Textbook Question
Chapter 8, Problem 17.6EP
At the date of the creation of the investment pool, each of the participants should
- a. Debit its Fund Balance account and credit its Investments account for the prior fair value of the assets transferred to the pool.
- b. Debit or credit its Investments account as needed to adjust its carrying value to current fair value. The offsetting entry in each fund should be to Fund Balance.
- c. Debit Equity in Pooled Investments for the current fair value of investments pooled, credit Investments for the prior fair value of investments pooled, and credit or debit Revenues—Change in Fair Value of Investments for the difference.
- d. Make a memorandum entry only.
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The financial statements of an Enterprise fund are prepared using the
Full Accrual Modified Accrual Economic Resources Current Financial Resources
Basis Basis Measurement Focus Measurement Focus
A.) No Yes Yes No
B.) Yes No No Yes
C.) No Yes No Yes
D.) Yes No Yes No
The long-term asset account group is used for which of the following funds?
Enterprise
Capital Projects
Internal Service
General
Both b and d
In applying the current financial resources measurement focus, when are liabilities recognized in fund financial statements?
Chapter 8 Solutions
ACCOUNTING F/GOVT+NONPROFIT CONNECT+>I
Ch. 8 - Prob. 1QCh. 8 - Identify the different types of trust funds and...Ch. 8 - Prob. 3QCh. 8 - Explain how the financial reporting of fiduciary...Ch. 8 - Prob. 5QCh. 8 - Prob. 6QCh. 8 - Prob. 7QCh. 8 - Prob. 8QCh. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - Prob. 11CCh. 8 - Prob. 12CCh. 8 - Prob. 13CCh. 8 - Prob. 14CCh. 8 - Prob. 16.1EPCh. 8 - Prob. 16.2EPCh. 8 - Prob. 16.3EPCh. 8 - Prob. 16.4EPCh. 8 - Prob. 16.5EPCh. 8 - Prob. 16.6EPCh. 8 - Prob. 16.7EPCh. 8 - Prob. 16.8EPCh. 8 - Prob. 16.9EPCh. 8 - Prob. 16.10EPCh. 8 - Prob. 17.1EPCh. 8 - Prob. 17.2EPCh. 8 - Prob. 17.3EPCh. 8 - Prob. 17.4EPCh. 8 - Prob. 17.5EPCh. 8 - At the date of the creation of the investment...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - Prob. 17.9EPCh. 8 - Prob. 17.10EPCh. 8 - Prob. 18EPCh. 8 - Special Assessment Debt. Residents of Green Acres,...Ch. 8 - Identification of Fiduciary Funds. Following is a...Ch. 8 - Prob. 21EPCh. 8 - Pass-through Agency Funds. Evergreen County acts...Ch. 8 - Fiduciary Financial Statements. Ray County...Ch. 8 - Prob. 24EP
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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 positionarrow_forwardWhat is the appropriate accounting for each of the phases, Capital projects funds and Debt services fund?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_forward
- Which of the following properly portrays the components of net position for proprietary funds? Multiple Choice Contributed capital, Net investment in capital assets, Reserved, Unreserved. Net investment in capital assets, Restricted, Unrestricted. Designated, Undesignated, Restricted, Unrestricted. Net investment in capital assets, Reserved, Unreserved.arrow_forwardWhich of the following is a source of detailed information for fund investments? A) Internet B) Professional advisory services C) The fund's annual report and prospectus D) Financial publications E) All of these Which of the following seeks high total return by maintaining precise amounts within each of the various types of asset that the fund invests in? A) Funds of fund B) Family of funds C) Fixed-income securities D) Money market instruments E) Asset allocation fund 4 Which of the following is an example of an exchange-traded fund (commonly referred to as ETF) that is available to track an index? A) Midcap stocks B) Small-cap stocks C) Fixed-income securities D) Commodities E) All of these are correctarrow_forwardNegotiable instruments are transferable in nature, allowing the holder to take the funds as cash or use them in a manner appropriate for the transaction or according to their preference. The fund amount listed on the document includes a notation as to the specific amount promised and must be paid in full either on-demand or at a specified time. A negotiable instrument can be transferred from one person to another. Once the instrument is transferred, the holder obtains a full legal title to the instrument. Give some examples of negotiable instruments and discuss any two instruments in detail by mentioning their importance in current business scenario.arrow_forward
- Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.arrow_forwardWhich fund category accounts on a modified accrual basis? What are the revenue and expense recognition requirements for the modified accrual basis of accounting?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
- 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.arrow_forward. The following activities determine the fund efficiency of the enterprise. Operations activities Investing activities Financing activities O All of abovearrow_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
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