Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following statcments abous the infonnation that a city would typically renort in its CAFR is true? b The earbovernmen and will never

image text in transcribed
Which of the following statcments abous the infonnation that a city would typically renort in its CAFR is true? b The earbovernmen and will never show any information about component units e. The statemest of povernment-wide statemens of net position only shows activity for the revenues fo govenmental funds will have separate categories for every fund, regardless of whether they are major or minor funds The CAFR will inchade a statistical section with demographic and economie information d 12. irwhu Some entity would hec to be classified as a somponent unit of a city government which of the following was trae? b. It is financially dependent on the city government d. None of the above e geographic houndaries of the unit are the same as the boundaries of the eity city mayor is able to noeminate 1/3 of the units' governing boand of the following statements is true about the process of recording the budget in the accounts? a At the start of the year, the govemment will typically dehit accounts for appropriations for various expenses governmental funds every year modified or reversed Govenments must record budgetary entries into all agency, trust, proprietary, and c. Once the budgetary entry is made, the budget amounts in the books can never be d. At the start of the year, the government willtypically debit accounts for estimated evenuGS 143 What are the sections of eash flow statements for government enterprise funds? b. 4-operating, noncapital financing activities, capital and related financing c. 5-operating, noncapital financing, capital financing, capital investing, and a. 3-operating, financing, and investing activities, and investing noncapital investing None-they don't prepare cash flow statements d. 15. Assume a city uses the consumption method of recording supplies. Its general fund starts the year with zero supplies During the year, it purchases $600,000 of supplies, and uses $500,000. The general fund financial statements at the end of the year should show a. $100,000 supplies asset, and $500,000 supplies expenditure b. S100,000 supplies asset, and $600,000 supplies expenditure c. SO supplies asset, and $500,000 supplies expenditures d. $0 supplies asset, and $600,000 supplies expenditure

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

Cost Accounting

Authors: Srivastava Lal, Jawahar Lal

5th Edition

1259026523, 978-1259026522

More Books

Students also viewed these Accounting questions

Question

What is a budget? (p. 314)

Answered: 1 week ago