Answered: 2 Only those governmental and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements is true? O a. The principal of permanent funds are classified as Nonspendable Fund Balance O b. The fund balance of permanent funds should be classified as Nonspendatie, Spendatie, and Cammited Net Poston O. Any governmental fund may have an Unassigned Fund Balance. O d. Fund balances of debt service funds are classified as Restricted and Unrestricted
Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds? List those statements. List the major governmental and proprietary funds (the funds that have separate columns in the governmental and proprietary fund statements).
Which of the following funds of a governmental unit recognizes revenues only in the accounting period in which they become available and measurable in their fund financial statements? General Fund Enterprise Fund Yes No No Yes Yes Yes No No
In a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets a.Yes Yes b.No No c.No Yes d.Yes No
Which of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No No
Which of the following funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.
8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discrete
Fund financial statements have separate columns for each activity. Which activities are reported in this manner?
All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements. a. True O b. False
This problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a:  Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund. Problem b: Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed. Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…
For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses: A.    Governmental funds only. B.    Proprietary funds only. Bond Proceeds Long Term liability for Compensated Absences Deferred Inflows/Outflows of Resources Taxes Receivable Estimated Revenues Operating Revenues
In a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances                             Statement of Net Assets a.Yes                                                                                                                                                Yes b.No                                                                                                                                                 No c.No                                                                                                                                                 Yes d.Yes                                                                                                                                                No In a government’s comprehensive annual financial report, account groups are included in which of the following combined…

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2 Only those governmental and proprietary funds that meet the GASB size criteria for major funds are reported in separate columns of the governmental and proprietary fund financial statements. True or False