Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Is this is correct ? 10 Budgetary comparison schedules presenting budgeted versus actual revenues and expenditures are A. Optional under GASB standards for all funds.

image text in transcribed

Is this is correct ?

image text in transcribed
10 Budgetary comparison schedules presenting budgeted versus actual revenues and expenditures are A. Optional under GASB standards for all funds. B. Required by GAAP for internal management reports only; not permitted for external financial reporting. X C. Required by GAAP for the General Fund and major special revenue funds for which an annual budget has been legally adopted. * D. Required by GAAP for all governmental fund types. 4. In which of the following funds would it not be appropriate to record depreciation of capital assets? A. Special revenue fund. B. Enterprise. C. Internal service. D. Pension trust. 5-9. For each of the following descriptive phrases, indicate the type of fund from the list. (Shows references are required) A. Governmental funds B. Proprietary funds C. Fiduciary funds 5. Includes permanent funds held in trust to be used for public purposes B 6. Sometimes referred to as self-supporting or business-like funds C 7. Any fund held by a government in a custodial or trustee relationship for an external party 8. Used when the government collects taxes or amounts to be invested for external parties B 9. Enterprise and internal service funds

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

6th edition

1259864235, 1259864230, 1260159547, 126015954X, 978-1259864230

More Books

Students also viewed these Accounting questions