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advanced financial accounting
Questions and Answers of
Advanced Financial Accounting
Oak City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies and accompanying invoice were received, the invoice indicated a $4,950 actual price. What amount
For the budgetary year ending December 31, 20X6, Johnson City expects the following inflows of resources in its general fund:In the budgetary entry, what amount should Johnson City record for
Encumbrances outstanding at year-end in a state’s general fund should be reported as aa. Liability in the general fund.b. Fund balance designation in the general fund.c. Fund balance reserve in the
Interperiod equity is an objective of financial reporting for governmental entities. According to the Governmental Accounting Standards Board, is interperiod equity fundamental to public
Which of the following statements is correct regarding comparability of governmental financial reports?a. Comparability is not relevant in governmental financial reporting.b. Differences between
Using the requirements of GASB 33, classify each of the following independent transactions for the community of Fair Lake into the proper category of revenue presented in the right-hand column.
The governmentwide financial statements use thea. Economic resources measurement focus and the accrual basis of accounting.b. Current financial resources measurement focus and the accrual basis of
The financial statements for the governmental funds use thea. Economic resources measurement focus and the accrual basis of accounting.b. Current financial resources measurement focus and the accrual
According to GASB 34, infrastructure fixed assetsa. Must be capitalized and depreciated.b. Must be capitalized, but governments do not have to depreciate them.c. May be capitalized and depreciated.d.
On which of the following governmentwide financial statements would you find all liabilities of a state or local government?a. Statement of net position.b. Statement of financial condition.c.
On which of the following financial statements would you find all of the capital assets of a local government?a. Statement of net position.b. Statement of financial condition.c. Statement of
For which fund category is a statement of cash flows prepared?a. Governmental.b. Proprietary.c. Fiduciary.d. None of the above.
On the statement of net position prepared at June 30, 20X5, what amount should be reported for total net position?a. $8,839,000b. $7,804,000c. $7,150,000d. $8,189,000The Village of Hampton reported
On the statement of net position prepared at June 30, 20X5, what amount should be reported for net position invested in capital assets net of related debt?a. $8,839,000b. $7,804,000c. $7,150,000d.
On the statement of net position prepared at June 30, 20X5, what amount should be reported for net position, unrestricted?a. $1,685,000b. $1,689,000c. $1,035,000d. $1,031,000The Village of Hampton
Which of the following funds can be major assuming they meet the appropriate tests?a. The parking meter special revenue fund and the water utility enterprise fund.b. The fire station capital projects
Where in the basic financial statements would you find a description of the measurement focus and the basis of accounting used in the governmentwidefinancial statements?a. In the statement of net
Where in the financial section of a CAFR would you find an analysis of the balances and transactions of individual funds?a. In the governmentwide financial statements.b. In the fund financial
On December 31, 20X1, Tiffin Township paid a contractor $2,000,000 for the total cost of a new firehouse built in 20X1 on township-owned land. Financing wasby means of a $1,500,000 general obligation
A municipality’s debt service fund is an example of which of the following types of funds?a. Fiduciaryb. Governmentalc. Proprietaryd. Internal service
Revenue of a governmental unit’s special revenue fund should be recognized in the period in which thea. Revenue becomes available and measurable.b. Revenue becomes available for appropriation.c.
Taxes collected and held by a municipality for a school district would be accounted for in a(n)a. Enterprise fund.b. Intragovernmental (internal) service fund.c. Agency fund.d. Special revenue fund.
Interest expense on bonds payable should be recorded in a debt service funda. At the end of the fiscal period if the interest due date does not coincide with the end of the fiscal period.b. When
Which of the following funds does not have a fund balance?a. General fundb. Agency fundc. Special revenue fundd. Capital projects fund
Which of the following accounts could be included in an enterprise fund’s statement of net position? 3. Reserve for Encumbrances No Revenue Bonds Payable Net Position No Yes b. No Yes Yes Yes Yes
Customers’ meter deposits that cannot be spent for normal operating purposes would most likely be classified as restricted cash in the balance sheet of whichfund?a. Internal serviceb.
Which fund is not an expendable fund?a. Capital projectsb. Generalc. Special revenued. Internal service
If a governmental unit established a data processing center to service all agencies within the unit, the center should be accounted for as a(n)a. Capital projects fund.b. Internal service fund.c.
Recreational facilities run by a governmental unit and financed on a user-charge basis would be accounted for in which fund?a. Generalb. Trustc. Enterprised. Capital projects
The Underwood Electric Utility Fund, which is an enterprise fund, had the following during its 20X1 fiscal year, ending at December 31, 20X1:What amount should be reflected in the fund’s statement
Which of the following funds of a governmental unit uses the same basis of accounting as an enterprise fund?a. Special revenueb. Internal servicec. Permanent fundd. Capital projects
Fixed assets utilized in a city-owned utility are accounted for in which of the following? Enterprise Fund General Fund No No b. No Yes c. Yes No d. Yes Yes
Which of the following funds of a governmental unit would account for long-term debt in the fund’s accounts?a. Special revenueb. Capital projectsc. Internal serviced. General
For the year ended June 30, 20X7, the trust fund should report investment earnings ofa. $80,000.b. $50,000.c. $85,000.d. $35,000.On August 1, 20X6, the City of Rockhaven received $1,000,000 from a
For the year ended June 30, 20X7, the trust fund should report the $75,000 spent to support local artists as aa. Deduction.b. Contra contribution.c. Transfer out.d. Direct adjustment from fund
Which of the following statements is (are) correct about agency funds?I. Agency funds should report investment earnings only when they are both measurable and available.II. Agency funds are reported
For the year ended June 30, 20X7, what was the income of Westbury’s internal service fund?a. $13,000b. $6,000c. $3,000d. $10,000On July 2, 20X6, the Village of Westbury established an internal
At June 30, 20X7, what total assets amount would appear on the internal service fund balance sheet?a. $700,000b. $710,000c. $713,000d. $708,000On July 2, 20X6, the Village of Westbury established an
Assume that the mayor’s office and the police department were billed $55,000 for data processing work during the year ended June 30, 20X7. What account inthe general fund should be debited to
Assume that the water utility, an enterprise fund, was billed $25,000 for data processing work during the year ended June 30, 20X7. What account inthe enterprise fund should be debited to record
Assume that the income for Westbury’s internal service fund was $10,000 for the year ended June 30, 20X7. What net position should be reported on theinternal service fund’s statement of net
Which of the following statements is correct?I. In the governmentwide financial statements, internal service fund activities are reported in the Governmental Activities column.II. The total balance
For the year ended June 30, 20X5, Stanton Township’s internal service funds reported an increase in net position of $300,000 and ending net position of$4,500,000 at June 30, 20X5. On the
For the year ended June 30, 20X5, Stanton Township’s enterprise funds reported an increase in net position of $300,000 and ending net position of $4,500,000 atJune 30, 20X5. The enterprise fund
Which of the following is true regarding permanent funds?a. They use modified accrual accounting.b. Their principal cannot be expended.c. Dividend and interest income from their investments are used
What amount should be reported for cash flows provided by operating activities?a. $150,000b. $175,000c. $134,000d. $100,000A water and sewer enterprise fund provided you the following information for
What amount should be reported for cash flows provided by investing activities?a. $12,000b. $45,000c. $17,000d. $37,000A water and sewer enterprise fund provided you the following information for the
What amount should be reported for cash flows provided by capital and related financing activities?a. $700,000b. $360,000c. $660,000d. $400,000A water and sewer enterprise fund provided you the
Smith donated cash of $1,000,000 to Elizabeth City with the stipulation that the contribution be invested and that the investment’s earnings be spent for salariesfor the city’s symphony
On the governmentwide statement of net position for the year-end, what amount should be reported for capital assets in the Governmental Activities column?a. $550,000b. $780,000c. $1,330,000d.
On the governmentwide statement of net position for the year-end, what amount should be reported for the capital assets in the net position section?a. $550,000b. $780,000c. $1,330,000d.
In accordance with GASB 34, which of the following is correct regarding the reporting of internal service funds?I. The internal service fund should be discretely presented as part of the
How should the bonds be reported in the reconciliation schedule for the statement of revenues, expenditures, and changes in fund balance?a. A decrease of $500,000 for the par value of the bonds.b. A
How should an interest adjustment be shown in the reconciliation of the balance sheet of governmental funds to the statement of net position forthe year?a. A decrease of $30,000.b. A decrease of
For which of the following should the accrual basis of accounting be used to measure financial performance? General Fund Yes Internal Service Fund Governmentwide Entity Yes Yes b. No Yes Yes No Yes
The City of Hastings has a separately elected school board that administers the city’s schools. The city council must approve the school district’s budget andtax levy. Its financial results
Glen Valley City has properly adopted the modified approach to account for its infrastructure assets. Which of the following statements is correct aboutaccounting for these assets on the
For which of these funds is a statement of cash flows required General Fund Internal Service Fund Governmentwide Financial Statements Yes Yes Yes b. Yes No Yes c. No No No d. No Yes Yes
Which of the following is reported as a restriction of net position in the net position section of the statement of net position?a. A reservation of the fund balance in the general fund for $10,000
The numbered items on the left consist of a variety of transactions that occur in a municipality. The lettered items on the right consist of various ways to record thetransactions. Select the
The numbered items on the left consist of a variety of transactions that occurred in Jeffersen City’s water utility enterprise fund for the year ended June 30, 20X9.Items A, B, C, and D on the
The numbered items on the left consist of a variety of transactions and events that occurred in the capital projects and debt service funds of Walton City for theyear ended June 30, 20X9. Items A, B,
Tuition remissions for graduate student teaching assistantships should be classified by a university as Revenue Expenditures PPP No No b. No Yes C. Yes Yes d. Yes No
For the fall semester of 20X1, Dover University assessed its students $2,300,000 for tuition and fees. The net amount realized was only $2,100,000 because of the following revenue reductions:How much
For the year ended December 31, 20X3, how much should Dodge report as net patient service revenue?a. $4,500,000b. $5,000,000c. $5,500,000d. $5,740,000 Under its established rate structure, Dodge
For the year ended December 31, 20X3, Dodge should record the donation of bandages as a(n)a. $1,000 reduction in operating expenses.b. Decrease in net assets released from restrictions.c. Increase in
How much of Dodge’s board-designated assets should be included in net assets without donor restrictions?a. $0b. $40,000c. $700,000d. $740,000 Under its established rate structure, Dodge
Donated medicines that a hospital normally would purchase should be recorded at fair value and should be credited directly toa. Unrestricted revenueb. Expense of medicinesc. Fund balanced. Deferred
Which of the following would normally be included as revenue of a not-for-profit hospital?a. Unrestricted interest income from an endowment fund.b. An unrestricted gift.c. Tuition received from an
An unrestricted gift pledge from an annual contributor to a not-for-profit hospital made in December 20X1 and paid in March 20X2 would generally be credited toa. Contribution revenue in 20X1.b.
An organization of high school seniors assists patients at Lake Hospital. These student volunteers perform services that the hospital would not otherwise provide, such as wheeling patients in the
Which of the following would be included in the unrestricted funds of a not-for-profit hospital?a. Permanent endowments.b. Term endowments.c. Board-designated funds originating from previously
During the year ended December 31, 20X1, Greenacre Hospital received the following donations stated at their respective fair values:How much total revenue from donations should Greenacre report in
Johnson Hospital’s property, plant, and equipment (net of depreciation) consists of the following:What amount should it report as assets with donor restrictions?a. $0b. $2,000,000c. $10,500,000d.
Depreciation should be recognized in the financial statements ofa. Proprietary (for-profit) hospitals only.b. Both proprietary and not-for-profit hospitals.c. Both proprietary and not-for-profit
Which basis of accounting should a voluntary health and welfare organization use?a. Cash basis for all funds.b. Modified accrual basis for all funds.c. Accrual basis for all funds.d. Accrual basis
How much should Town report as unrestricted contribution revenue for 20X6 with respect to the pledges?a. $0b. $360,000c. $720,000d. $800,000 Town Service Center is a voluntary health and welfare
How much should Town record in 20X6 for contributed service expenses?a. $0b. $1,200c. $10,000d. $12,000 Town Service Center is a voluntary health and welfare organization funded by contributions
A voluntary health and welfare organization received a pledge in 20X1 from a donor specifying that the amount pledged be used in 20X3. The donor paid the pledge in cash in 20X2. For what amount
Turner Fund, a voluntary health and welfare organization funded by contributions from the general public, received unrestricted pledges of $300,000 during 20X4. It was estimated that 10 percent of
What should the fund with donor restrictions report in the 20X2 statement of activities?a. Legacies and bequests of $200,000.b. Investment income of $9,000.c. Transfers to the fund without donor
What amounts should the 20X2 statement of activities for the fund without donor restrictions report?a. Legacies and bequests of $200,000.b. Investment income of $9,000.c. Transfers from the fund with
What should be reported for the fund without donor restrictions in the 20X6 statement of activities?a. Transfers from the fund with donor restrictions of $209,000.b. Board-designated funds of
On January 2, 20X2, a not-for-profit botanical society received a gift of an exhaustible fixed asset with an estimated useful life of 10 years and no salvage value.The donor’s cost of this asset
Roberts Foundation received a nonexpendable endowment of $500,000 in 20X3 from Multi Enterprise and invested it in publicly traded securities. Multi did not specify how gains and losses from
In July 20X2, Ross donated $200,000 cash to a church with the stipulation that the revenue generated from this gift be paid to him during his lifetime. The conditions of this donation are that after
The following expenditures were among those a not-for-profit botanical society incurred during 20X4:What amount should be classified as fund-raising costs in the society’s activity statement?a.
Trees Forever, a community foundation, incurred $5,000 in expenses during 20X3 putting on its annual fund-raising talent show. In its statement of activities, Trees Forever should report the $5,000
In 20X3, Burr Foundation’s board of trustees designated $100,000 from its current funds for college scholarships. Also in 20X3, the foundation received a bequest of $200,000 from the estate of a
In United Together’s statement of activities for the year ended December 31, 20X2, what amount should it report under the classification of revenue from funds without donor restrictions?a.
In United Together’s statement of activities for the year ended December 31, 20X2, what amount should it report under the classification of program services?a. $500,000b. $550,000c. $600,000d.
In United Together’s statement of activities for the year ended December 31, 20X2, what amounts should it report under the classifications of net assets with donor restrictions?a. $0 and
Alpha Hospital, a large not-for-profit organization, has adopted an accounting policy that does not imply a time restriction on gifts of long-lived assets.Required For items 1 through 6, indicate
Smallville Community Hospital, a not-for-profit hospital, needs to evaluate a number of items to determine their proper placement on its statement of operations(either above or below the performance
A client has joined other creditors of Jet Company in a composition agreement seeking to avoid a bankruptcy proceeding against Jet. Which statement describes the composition agreement?a. It provides
Hardluck Inc. is insolvent. Its liabilities exceed its assets by $13 million. Blank, its president, and other family members own Hardluck. Blank, whose assets are estimated at less than $1 million,
Among other provisions, a Chapter 11 plan of reorganization musta. Rank claims according to their liquidation priorities.b. Not impair claims of secured creditors.c. Provide adequate means for the
A condition that must exist for filing an involuntary bankruptcy petition isa. The debtor must have debts of at least $10,000.b. If the debtor has 12 or more creditors, a majority of them must sign
The plan of reorganization must be approved bya. At least one-third of all creditors who hold at least half of the total debt.b. At least half of all creditors who hold at least half of the total
Lear Company ceased doing business and is in bankruptcy. Among the claimants are employees seeking unpaid wages. The following statements describe the possible status of such claims in a bankruptcy
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