Depreciation is recorded in proprietary funds but not in governmental funds. What rationale for recording depreciation...
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Depreciation is not recorded in governmental-type funds because it is an expense, not an expenditure. Governmental-type funds record outflows of financial resources - expenditures. Hence, regarding capital assets, the outflow is recognized when the asset is acquired, not when it is used.
Proprietary funds are used to account for business-type activities and they adhere to business-type accounting principles.They usually charge for the goods and services they provide and need data for full cost to establish price..Thus depreciation is recorded in propriety fund.
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Depreciation is recorded in proprietary funds but not in
governmental funds. What rationale for recording depreciation...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
In state and local governmental accounting, the emphasis of governmental funds is on a) generating income...
In state and local governmental accounting, the emphasis of governmental funds is on a) generating income from funds employed b) total assets owned by the governmental entity c) the flow of funds through the income statement d) expenditures made from an individual fund
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...
Long-term debt to be paid from proprietary funds is reported as a liability in: Multiple Choice...
Long-term debt to be paid from proprietary funds is reported as a liability in: Multiple Choice neither the proprietary fund Statement of Net assets (or Net Position) nor the government-wide Statement of Net assets (or Net Position). the government-wide Statement of Net assets (or Net Position). the proprietary fund Statement of Net assets (or Net Position). both the proprietary fund Statement of Net assets (or Net Position) and the government-wide Statement of Net assets (or Net Position).
What is wrong with my answer below? Presented below is the Governmental Funds Balance Sheet for...
What is wrong with my answer below?
Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. KARRENTON LIBRARY DISTRICT Governmental Funds Balance sheet As of December 31, 2017 General Fund Special Revenue Fund Total $ 126,699 6,150 $ 12,500 $ 138,500 6,150 96,500 7,700 29,209 96,589 7,709 248,859 228,659 $ $ Assets Cash and cash equivalents Inventories Receivables (net) Taxes receivable Due from general fund Total assets...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
maning Marked out of 7.00 Major Funds Lenox County provides the following information on its governmental...
maning Marked out of 7.00 Major Funds Lenox County provides the following information on its governmental and enterprise funds: Expenditures Expenses Fund Assets Liabilities Revenues General fund 1680.000 s80.000 $72.000 $783000 Grants special revenue fund 55.000 43500 200,000 97,000 Parks and recreation spedal revenue fund 2.000 1,300 40,000 42,000 Licensed gaming special revenue fund 65,000 62,000 8,000 7,000 Roads capital projects fund 200,000 203.000 14.000- 12,000 120.000 Bridges capital projects fund 30.000 115,000 35.000 Buildings capital projects fund 40,000 30,000...
1.) Hannah Township has a General Fund, two Capital Projects Funds, one Permanent Fund, two Enterprise...
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The governmental funds of the City of Westchester report $579,000 in assets and $169,000 In liabilities....
The governmental funds of the City of Westchester report $579,000 in assets and $169,000 In liabilities. The following are some of the assets reported by this government. Prepaid items-$13,500.Cash from a bond issuance that must be spent within the school system according to the bond Indenture-$115,000. Supplies-$7,400. Investments given by a citizen that will be sold with the proceeds used to beautify a public park-$52,750. Cash that the assistant director of finance has designated for use in upgrading the local roads-$43,250. Cash from a state...
The governmental funds of the City of Westchester report $603,500 in assets and $201,000 in liabilities....
The governmental funds of the City of Westchester report $603,500 in assets and $201,000 in liabilities. The following are some of the assets reported by this government. Prepaid items—$15,200. Cash from a bond issuance that must be spent within the school system according to the bond indenture—$117,500. Supplies—$6,100. Investments given by a citizen that will be sold with the proceeds used to beautify a public park—$44,000. Cash that the assistant director of finance has designated for use in upgrading the...
Which of the following statements is correct? Multiple Choice 0 Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows. Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional. 0 Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of...
What is wrong with my answer below?
Presented below is the Governmental Funds Balance Sheet for the Warrenton Library District, a special-purpose entity engaged in a single governmental activity. KARRENTON LIBRARY DISTRICT Governmental Funds Balance sheet As of December 31, 2017 General Fund Special Revenue Fund Total $ 126,699 6,150 $ 12,500 $ 138,500 6,150 96,500 7,700 29,209 96,589 7,709 248,859 228,659 $ $ Assets Cash and cash equivalents Inventories Receivables (net) Taxes receivable Due from general fund Total assets...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
maning Marked out of 7.00 Major Funds Lenox County provides the following information on its governmental and enterprise funds: Expenditures Expenses Fund Assets Liabilities Revenues General fund 1680.000 s80.000 $72.000 $783000 Grants special revenue fund 55.000 43500 200,000 97,000 Parks and recreation spedal revenue fund 2.000 1,300 40,000 42,000 Licensed gaming special revenue fund 65,000 62,000 8,000 7,000 Roads capital projects fund 200,000 203.000 14.000- 12,000 120.000 Bridges capital projects fund 30.000 115,000 35.000 Buildings capital projects fund 40,000 30,000...
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