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Can someone help me with these multiple choice questions! At the start of the fiscal year, Springfield City estimated an excess of outflows over inflows.
Can someone help me with these multiple choice questions!
At the start of the fiscal year, Springfield City estimated an excess of outflows over inflows. By year end, actual inflows exceeded outflows. Springfield would have. Credited budgetary fund balance at year-end and debited it at the beginning of the year. Debited budgetary fund balance at year-end and credited it at the beginning of the year. Debited unassigned fund balance at year-end. Credited unassigned fund balance at the beginning of the year. Which of the following funds would use accrual accounting and an economic resources measurement focus? Capital projects fund. Debt service fund. Permanent fund. Internal service fund. In financial reporting, state and local governments use fund accounting to: Provide financial control over resources. Show legal restrictions over the use of resources. I only. II only. Both I and II. Neither I nor II. Springfield City's capital projects fund received an invoice for previously ordered goods which resulted in which of the following entries? Credit vouchers payable, debit encumbrances. Debit vouchers payable, debit encumbrances outstanding. Debit expenditures, credit encumbrances outstanding. Debit expenditures, credit vouchers payable. Which of the following funds would use modified accrual accounting and a current financial resources measurement focus? Capital projects fund. Enterprise fund. Investment trust fund. Internal service fund. Why might a state and local government provide separate fund financial statements for certain of its governmental and proprietary funds? To demonstrate financial control over resources. To show legal restrictions placed on the use of resources. To provide additional more detailed information about the governmental body. To develop tax sharing methodsStep by Step Solution
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