All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements. O a. True O b. False
Q: The financial reporting for private not-for-profit entities primarily focuses on Basic information…
A: Option a. The primary focus of the not-for-profit entity while financial reporting, is basic…
Q: Which of the following funds is used to account for government sponsored investment pools that…
A: An Investment Trust Fund is a fund that develops when the government sponsors a multi-government…
Q: Which of the following uses the flow of current financial resources measurement focus? a. Internal…
A: Current financial resources measurement focus : The name itself specifies that financial statement…
Q: Which of the following statements is correct about the reporting of governmental funds? Fund…
A:
Q: Which of the following statements is true? O a. The principal of permanent funds are classified as…
A: Permanent Funds: It may be referred to as a fund wherein the principal amount isn't being utilized…
Q: Which of the following statements is true regarding the basic financial statements of a state or…
A: Basic financial statements of government includes fund financial statement, government wide…
Q: In a governmental fund, which one of the following constitutes revenue?a. Cash received from another…
A: Tax: It refers to a financial obligation or charge that is imposed by the government on the income,…
Q: Which of the following is an example of an interactivity transaction?a. Money is transferred from…
A: Interactivity transactions: The transactions which occur between the government funds and the…
Q: Which of the following is not a governmental fund? Choose the correct.a. Special revenue fundb.…
A:
Q: IPSASB developed
A: The IPSASB's current activities area unit centered on the event of International Public Sector…
Q: Describe the physical structure of a complete set of government-wide financial statements and a…
A: This question is answered generally by giving an overview of Governmental financial statements of…
Q: It is important to understand the difference between custodial and trust funds. How many financial…
A: However, custodial funds are not covered in any trust fund types under the GASB criteria. People,…
Q: True or False questions H. According to the Governmental Accounting Standards Board, there are three…
A: Solution Concept As per GASB Fund categories Fund types Restricted general fund…
Q: What is the basic structure of government-wide financial statements and fund financial statements…
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: Unreserved Fund Balance in Governmental entities is equal to which of the following in commercial…
A: Correct Answer = Option B = Retained Earnings Explanation Unreserved Fund Balance is the portion of…
Q: Discuss the various types of business-type funds used in governmental units and provide an example…
A: The two types of business-type funds used in governmental units are-: 1. Enterprise funds 2.…
Q: Accounting for permanent funds closely resembles the accounting for a. internal service funds. b.…
A: Fund: Funds refer to an amount of money which is set aside or saved by individuals, government, and…
Q: Choose the correct. The financial reporting for private not-for-profit entities primarily focuses…
A:
Q: Which of the following statements is correct about the reporting of governmental funds? Choose the…
A: Financial statements are condensed summary of transactions communicated in the form of reports for…
Q: Which of the following funds are classified as proprietary funds? Group of answer choices a.)…
A: The fund which is used to account for the business transactions are proprietary funds. These…
Q: hat are the objectives of financial reporting of not-for-profit organizations?
A: Not for profit organizations are those organizations which are not meant for the purpose of profit…
Q: A gift to a government company is recorded to Select one: a Permanent fund b. Special revenue fund…
A: Solution- Special Revenue Funds - these are used to account for those types of revenues that are…
Q: Which of the following is true about the management’s discussion and analysis (MD&A)? It is…
A: The correct answer is 2.
Q: Which of the following funds of a governmental unit recognizes revenues only in the accounting…
A: correct option with proper explanation are as follows
Q: Which of the following is not part of the basic financial statements? a. Government-wide statement…
A: Basic financial statements are those statements which provide view of financial position of the…
Q: Explain the modified accrual basis of accounting. Why is it used for governmental fund financial…
A: Modified accrual basis of accounting is a method of accounting where the revenues are recorded when…
Q: The IPSASB developed the IPSASs for government entities and departments who use the fund or cash…
A: Accounting basis refers to the basis which helps in determining how the business financial…
Q: In addition to the government-wide statements, governments are required to prepare fund financial…
A: Government wide financial statements are those financial statements of government which are prepared…
Q: The commercial business activities are governed by the market places then the government…
A: Fund financial statements are a record of individual major funds and non major funds. Government…
Q: Which of the following is an example of an interactivity transaction? Money is transferred from the…
A: Interactivity transactions: The transactions which occur between the government funds and the…
Q: Describe the modified accrual foundation for accounting. For what purposes does it appear in the…
A: Accounting on a modified accrual basis: The modified accrual basis of accounting is a form of…
Q: 2 Only those governmental and proprietary funds that meet the GASB size criteria for major funds are…
A: Governmental Accounting Standards Board refers to the source of accounting principles that are…
Q: Assets and liabilities of activities for which the government is acting in either an agency or…
A: The government uses a different way to report their financial statements than the private sector…
Q: The basic financial statements of a state or local government include all of the following except:…
A: Every state or local government prepares financial statements for the purpose of analysis and it…
Q: In a government’s comprehensive annual financial report, proprietary fund types are included in…
A: A set of related companies' activities are compiled into a single document via the combined…
Q: Describe the modified accrual foundation of accounting in further detail. What is the purpose of…
A: The modified accrual accounting model: According to modified accrual accounting, revenues are…
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- Identify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses: A. Governmental funds only. B. Proprietary funds only. Bond Proceeds Long Term liability for Compensated Absences Deferred Inflows/Outflows of Resources Taxes Receivable Estimated Revenues Operating Revenues187. Which of the following funds should be reported as part of local government's governmental activities column in its government-wide statements? a. Debt service b. Agency c. Private-purpose trust. d. Pension trust. 188. A nongovernmental not-for-profit organization's statement of activities is similar to which of the fol- lowing for-profit financial statements? a. Balance sheet. b. Statement of cash flows. c. Statement of retained earnings. d. Income statement.
- Which financial statements are prepared using modified accrual accounting? A) Proprietary fund financial statements. B) Governmental fund financial statements. C) Government-wide financial statements. D) Both A. and B. E) Both B and C.1. What are the components that are included in the minimum requirements for general purpose external financial reporting?a. Introductory section, financial section, and statistical section.b. MD&A, government-wide financial statements, fund financial statements, notes to the financial statements, and RSI.c. Letter from the chief financial officer, government financial statements, notes to the financial statements, and RSI.d. MD&A, government-wide financial statements, notes to the financial statements, and RSI 2. Which of the following is not a required section of a federal agency or department’s performance and accountability report (PAR)?a. A performance section, which includes an annual performance report (APR).b. An MD&A.c. A basic financial statements section.d. A statement of nonparticipation in political matters. 3. The basic financial statements of a not-for-profit include all of the following excepta. Statement of financial position.b. Statement of activities.c.…Which of the following is an example of an interactivity transaction?a. Money is transferred from the general fund to the debt service fund.b. Money is transferred from the capital projects fund to the general fund.c. Money is transferred from the special revenue fund to the debt service fund.d. Money is transferred from the general fund to the enterprise fund.
- Indicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Statement Capital assets Long - term liabilities Encumbrances 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service funds 8. Pension (and other employee benefit) trust funds 9. Investment trust funds 10. Private-purpose trust funds 11. Custodial funds3. A government-wide statement of net position may include a column for each of the following except: A. business type activities B. component units C. governmental activities D. major funds 4.Which type of interfund transactions result in one fund reporting revenues? A. interfund advances B. interfund services provided and used C. reimbursements D. transfersA government entity is required to include a statement of cash flows in which of the following financial statements? Governmental fund financial statements. Government-wide financial statements. Proprietary fund financial statements. Fiduciary fund financial statements.
- T/F questions 1) Government business type activities provide services to users for fees that are intended to recover all or a portion of the costs of providing the services. 2) General governmental activities provide goods and services to citizens without regard to their ability to pay. 3) Proprietary funds report revenues and expenses using a modified-accrual basis of accounting. 4) The governmental fund accounting equation is Current Assets - Current Liabilities = Fund Balance. 5) Enterprise funds are used to account for business-type activities that serve primarily internal customers. 27) A restricted fund balance represents amounts that can only be spent for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation. 28) Government enter the annual budget in the journal by recording a debit to the appropriations account and a credit to estimated revenues. 29) Under accrual accounting, revenues are generally recognized in the…It is important to understand the difference between custodial and trust funds. How many financial statements have been produced for each of the organizations mentioned above?This problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a: Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund. Problem b: Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed. Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…