A government buys equipment for its police department at a cost of $54,000. Which of the follow

Question:

A government buys equipment for its police department at a cost of $54,000. Which of the follow¬ ing is not true?

a. Equipment will increase by $54,000 in the government-wide financial statements. LO9

b. Depreciation in connection with this equipment will be reported in the fund-based financial statements.

c. The equipment will not appear within the reported assets in the fund-based financial statements.

d. An expenditure for $54,000 will be reported in the fund-based financial statements.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Advanced Accounting

ISBN: 9780073379456

9th Edition

Authors: Joe Ben Hoyle, Timothy S. Doupnik, Thomas F. Schaefer, Oe Ben Hoyle

See More Books

Question Posted: Jul 23, 2024 06:04 AM

See More Questions

Holly funded the Holly Marx Trust in January 2020. The entire trust income is payable to her adult son Jack for 20 years. At the end of the twentieth year, the trust assets are to pass to Hollys...
1. What is the nature of the contractual allowance account? Can you equate it to other allowance accounts? Explain the rules under GAAP to account for such allowances. 2. Personal morality and ethics...
On January 1, 2015, the Tara Clothing Corporation issued $ 900,000 par value, 5%, six- year bonds. Interest is payable semiannually each January 1 and July 1 with the first interest payment due at...
M Ltd. is considering the following information in respect of a project: initial outlay, `11,000; project life 4 years and cash inflow from the project as: Year 1 2 3 4 Cash Inflow (`) 6,000 2,000...
Design a data mart solution for the SUN hotel chain that has over 300 hotels of different categories all over the world. On a daily basis in the OLTP system of each hotel, information on free,...
The total variance is $30000 F. The total materials variance is $6000 F. The total labor variance is twice the total overhead variance. What is the total overhead variance? A. $12000 B. $6000 C....
At the end of the current year, a government reports a fund balance reserved for encumbrances of $9,000. What information is being conveyed? a. A donor has given the government $9,000 that must be...
A city acquires supplies for its fire department and uses the consumption method of accounting. Which of the following statements is true for the fund-based statements? a. An expenditures account was...
Which of the following mathematical functions could be the PDF of some random variable? (a) (b) (c) (d) 0, xl> 1 0, I > 1. fx(x) = x3 exp (-xt)u(x).
Pulse rates of women are normally distributed with a mean of 77.5 beats per minute and a standard deviation of 11.6 beats per minute. Answer the following questions. What are the values of the mean...
Suppose youre applying a simulated annealing algorithm to a certain problem, where T is the parameter that measures the tendency to accept the current candidate to be the next trial solution. You...
Following is a partially completed balance sheet for Epsico Incorporated at December 31, 2022, together with comparative data for the year ended December 31, 2021. From the statement of cash flows...
Assume, further, that the acquisition was consummated on October 1, 2024, as described above. However, by the end of 2025, Ayayai was concerned that the fair values of one or both of the acquired...
You have been asked to prepare a brief presentation on a criminological topic or issue of interest to you. Go to the Bureau of Justice Statistics (BJS) Publications & Products Overview page (See link...
What must the initial speed of a lead bullet be at a temperature of 25.0C so that the heat developed when it is brought to rest will be just sufficient to melt it? Assume that all the initial...
Design and describe an application-level protocol to be used between an automatic teller machine and a bank's centralized computer. Your protocol should allow a user 's card and password to be...
1. The retained earnings statement essentially calculates the retained earnings account balance. The end of the year retained earnings account balance is needed for what financial statement? 2. List...
Alvin Ks with Dave to sing in his nightclub on Oct 21st for $5000. Alvin is sick on that date and unable to sing. a. If Dave sues Alvin for breach of contract, who will prevail? Why? b. When Alvin...
A Swap is a derivative contract calling for an exchange of one single payment a. True b. False

A government buys equipment for its police department at a cost of $54,000. Which of the follow

Question:

Step by Step Answer:

Advanced Accounting

Students also viewed these Business questions