Homework Answers
Solution:
The correct statements regarding rainy day funds are:
1. Rainy day funds are classified as committed or restricted if imposed externally by law
2. Rainy day funds are classified as unassigned if the funds are available for emergencies or revenue shortfalls which may be accessed on ongoing basis.
Hence 3rd option "Both of the choices are correct"
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Which of the following is correct with respect to rainy day funds? Multiple Choice Rainy day...
Which of the following is correct with respect to rainy day funds? Multiple Choice Rainy day...
Which of the following is correct with respect to rainy day funds? Multiple Choice Rainy day funds are classified as committed or restricted if imposed externally or by law. Rainy day funds are classified as unassigned if the funds are available for emergencies or revenue shortfalls which may be accessed on an ongoing basis. Both of the choices are correct. Neither of the choice is correct.
Which of the following is correct with respect to Debt Service Funds? Multiple Choice Debt service...
Which of the following is correct with respect to Debt Service Funds? Multiple Choice Debt service funds account for and report finencial resources that are restricted, committed or assigned to expenditure for principle and interest for al governmental long-term debt Debt service funds must acerue interest on long term debt at yeer end. Debt service funds account for end repon finencial resources that are restricted, commimed or assigned to expenditure for principle and interest for governmental debts except debt of...
Which of the following is incorrect with respect to fund balances? Multiple Choice 0 Inventory and...
Which of the following is incorrect with respect to fund balances? Multiple Choice 0 Inventory and prepaid items are classified as nonspendable fund balances 0 Assigned fund balances are resources that the governing body has specified for a particular use through ordinance or resolution by the government's highest level of authority 0 Only unassigned fund balonces may have a negative belance 0 Restricted fund balance are netresources of government fund that are subject to constraints imposed by external parties or...
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds...
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds. O Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place. se by a gover Fiduciary funds use the current financial resources measurement focus and accrual accounting Fiduciary funds must be adjusted when preparing...
Which of the following funds typically do not record budgets? Multiple Choice Ο Enterprise Funds Ο...
Which of the following funds typically do not record budgets? Multiple Choice Ο Enterprise Funds Ο Special Revenue Funds. Ο Capital Project Funds. Ο Both enterprise funds; and Capital Project Funds. η Ε Next >
Which of the following is true of a city government's pension activities? Multiple Choice Ο O...
Which of the following is true of a city government's pension activities? Multiple Choice Ο O Pension trust funds are reported in the fiduciary funds of the government only if the city acts as trustee for the retirement plan. Ο The net pension liability for a city administered pension plan is reported in the Statement of Fiduciary Net Position. Ο C) Both of the choices are true. Neither of the choice is true.
Which of the following is incorrect with respect to encumbrances? Multiple Choice O The existence of...
Which of the following is incorrect with respect to encumbrances? Multiple Choice O The existence of an encumbrance suggests that the government has expressed an intent to use resources for a particular purpose and should not be classified as unassigned. O Once goods or services are received, the encumbrance is reversed for the original amount and a liability is recorded for the amount of the invoice. O Governments frequently choose not to record encumbrances for expenditures that are relatively predictable...
Which of the following is incorrect with respect to the Balance Sheet for Governmental funds? Multiple...
Which of the following is incorrect with respect to the Balance Sheet for Governmental funds? Multiple Choice a. The statement is prepared using the current financial resources measurement focus and the modified accrual basis of accounting b.Governmental funds report capital assets net of depreciation. c.The excess of assets and deferred outflows over liabilities and deferred inflows is labeled fund balance. d.The total fund balance must be reconciled to total net position in the governmental activities column of the government-wide statement...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources of the fund that are currently available for future spending O Fund balance is analogous to the capital account of an investor-owned business Fund balance classificators are nonspendable, spendable, assigned and unassigned Fund balance represents the legal con property owners and voters have on the excess of fund assets over abilities
Multiple Choice Ο Office equipment Ο Land Ο Unearned revenue Patent Which of the following is...
Multiple Choice Ο Office equipment Ο Land Ο Unearned revenue Patent Which of the following is classified as a current asset?
Which of the following is correct with respect to Debt Service Funds? Multiple Choice Debt service funds account for and report finencial resources that are restricted, committed or assigned to expenditure for principle and interest for al governmental long-term debt Debt service funds must acerue interest on long term debt at yeer end. Debt service funds account for end repon finencial resources that are restricted, commimed or assigned to expenditure for principle and interest for governmental debts except debt of...
Which of the following is incorrect with respect to fund balances? Multiple Choice 0 Inventory and prepaid items are classified as nonspendable fund balances 0 Assigned fund balances are resources that the governing body has specified for a particular use through ordinance or resolution by the government's highest level of authority 0 Only unassigned fund balonces may have a negative belance 0 Restricted fund balance are netresources of government fund that are subject to constraints imposed by external parties or...
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds. O Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place. se by a gover Fiduciary funds use the current financial resources measurement focus and accrual accounting Fiduciary funds must be adjusted when preparing...
Which of the following funds typically do not record budgets? Multiple Choice Ο Enterprise Funds Ο Special Revenue Funds. Ο Capital Project Funds. Ο Both enterprise funds; and Capital Project Funds. η Ε Next >
Which of the following is true of a city government's pension activities? Multiple Choice Ο O Pension trust funds are reported in the fiduciary funds of the government only if the city acts as trustee for the retirement plan. Ο The net pension liability for a city administered pension plan is reported in the Statement of Fiduciary Net Position. Ο C) Both of the choices are true. Neither of the choice is true.
Which of the following is incorrect with respect to encumbrances? Multiple Choice O The existence of an encumbrance suggests that the government has expressed an intent to use resources for a particular purpose and should not be classified as unassigned. O Once goods or services are received, the encumbrance is reversed for the original amount and a liability is recorded for the amount of the invoice. O Governments frequently choose not to record encumbrances for expenditures that are relatively predictable...
Which of the following statements is correct? Multiple Choice Unassigned Fund balance represents the net resources of the fund that are currently available for future spending O Fund balance is analogous to the capital account of an investor-owned business Fund balance classificators are nonspendable, spendable, assigned and unassigned Fund balance represents the legal con property owners and voters have on the excess of fund assets over abilities
Multiple Choice Ο Office equipment Ο Land Ο Unearned revenue Patent Which of the following is classified as a current asset?
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