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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 8, Problem 17.7EP
The city has installed sidewalks using special assessment debt. Special assessments paid over the next 10 years will be used to retire the debt. If property owners fail to pay the assessments, the city is under no obligation to pay the assessments. Debt service related to the special assessment debt used to install the sidewalks should be recorded in what fund type?
- a. Private-purpose trust fund.
- b. Debt service fund.
- c. Custodial fund.
- d. Capital projects fund.
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Students have asked these similar questions
A city constructs a special assessment project (a sidewalk) for which it is secondarily liable. The city issues bonds of $90,000. It authorizes another $10,000 that is transferred out of the general fund. The sidewalk is built for $100,000. The citizens are billed for $90,000. They pay this amount and the debt is paid off. Where is the $100,000 expenditure for construction recorded? Choose the correct.a. It is not recorded by the city.b. It is recorded in the agency fund.c. It is recorded in the general fund.d. It is recorded in the capital projects fund.
General Fund, Debt Service Fund, General Fund, Capital Projects Fund, Special Revenue Fund, Capital Projects Fund, Enterprise Fund, Pension Trust Fund (Fiduciary), General Fund, Internal Service Fund, Permanent Fund.
List the Appropriate Fund
List the appropriate fund(s) that will be affected for each of the following transactions for Sienna City. Journal entries are not required.
Bonds were issued to finance the construction of a new bridge.
Sienna received a grant from the state to assist in financing the construction of a new bridge.
Funds were set aside to pay of the principal and interest due on this year’s bonds.
Land was received from a donor to be used as a park. It was stipulated by the donor that the land cannot be sold.
Proceeds were collected from the sale of lottery tickets. By ordinance, these funds must be used for education and the school system.
Construction on the new bridge was completed. The total cost was under budget and the excess funds were set aside to pay…
The police department of the city of Elizabeth acquires a new police car during the current year. In reporting the balance sheet for the governmental funds within the fund-based financial statements, what reporting ismade of this police car?a. It is reported as a police car at its cost.b. It is reported as a police car at cost less accumulated depreciation.c. It is reported as equipment at fair value.d. It is not reported.
Chapter 8 Solutions
Loose-leaf For Accounting For Governmental & Nonprofit Entities
Ch. 8 - What are the criteria for determining if a...Ch. 8 - Prob. 2QCh. 8 - Identify the different types of trust funds and...Ch. 8 - Describe the basic activities conducted by a tax...Ch. 8 - Explain how the financial reporting of fiduciary...Ch. 8 - Prob. 6QCh. 8 - How are external investment pool activities...Ch. 8 - What is a private-purpose trust fund? There are...Ch. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - What is OPEB and how is OPEB reported by...Ch. 8 - Prob. 12CCh. 8 - Prob. 13CCh. 8 - Prob. 14CCh. 8 - Prob. 15CCh. 8 - Prob. 17.1EPCh. 8 - Which of the following is not a fiduciary fund? a....Ch. 8 - Prob. 17.3EPCh. 8 - Fiduciary fund activities are not included in the...Ch. 8 - Prob. 17.5EPCh. 8 - Prob. 17.6EPCh. 8 - The city has installed sidewalks using special...Ch. 8 - Prob. 17.8EPCh. 8 - Fiduciary funds a. Are accounted for using the...Ch. 8 - Prob. 17.10EPCh. 8 - Prob. 17.11EPCh. 8 - An investment trust fund would report in the...Ch. 8 - Prob. 17.13EPCh. 8 - Which pension fund financial statement or schedule...Ch. 8 - Prob. 17.15EPCh. 8 - Prob. 18.1EPCh. 8 - Prob. 18.2EPCh. 8 - The county collects taxes on behalf of the county,...Ch. 8 - Prob. 18.4EPCh. 8 - Prob. 18.5EPCh. 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. 18.9EPCh. 8 - Prob. 18.10EPCh. 8 - Tax Custodial Fund. (LO8-2) The county collector...Ch. 8 - Special Assessment Debt. (LO8-2) Residents of...Ch. 8 - Identification of Fiduciary Funds. (LO8-2, LO8-3,...Ch. 8 - Investment Trust Fund. (LO8-3) The Albertville...Ch. 8 - Pass-through Custodial Funds. (LO8-2) Evergreen...Ch. 8 - Fiduciary Financial Statements. (LO8-4) Ray County...Ch. 8 - Fiduciary Fund Financial Statements. (LO8-4)...Ch. 8 - Prob. 26EPCh. 8 - Prob. 27EP
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