TCO E Which of the following projects would usually be accounted for in a capital projects fund? Both of the above Neither of the above 5. TCOs B and C Capital assets that are used by an enterprise fund should be accounted for in the following fund? GASB standards require governmental entities to present a comparison of budgeted and actual results for the General Fund and special revenue funds with legally adopted budgets. Use of this information for any commercial purpose, or by any commercial entity, is expressly prohibited. Abraham Baldwin Agricultural College Term:
The total amount deducted is added to the collections for the county and remitted to the Lincoln County General Fund. B A debit to the Reserve for Encumbrances Account. Charges to departments during the fiscal year were as follows: Money received from rental of surplus office space. Debt service funds are reported in the governmental activities column in the government-wide financial statements.
Enterprise fund and depreciation on the capital assets should be recorded. Use of this accct for any commercial purpose, or by any commercial entity, is expressly prohibited.
ACCT 567 Week 7 Homework Problems: 16-3,17-6
Make all necessary entries in the appropriate governmental fund general journal and the government-wide governmental activities general journal for each of the following transactions entered into by the City of Fordache. It is optional under GASB standards for all funds. Debt service funds are reported in the other governmental funds column in the governmental fund financial statements. None of the above, the fiduciary funds have no revenues. Monies received from a fund-raising campaign.
Required by GAAP for internal management reports only, they are not permitted for external financial reporting. Agency funds never receive cash. TCO H Describe the different types of governmental audits and attestation engagements.
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Budgetary accounts are required to homwwork in the general purpose financial statements. The conditions of both A and B exist. It is estimated that 2. From the textbook, complete the following problems.
Gain on disposal of capital assets. Click Card to flip. TCO E Which of the following statements is a true statement regarding the reporting of debt service funds? Transfer of the residual equity of a capital projects fund to the debt service fund. An investigation into whether a social service agency of a state government improved the lives of axct clients.
Based on the information provided, which programs would you select for audit and why? Budgetary Compliance The cost of government services Fiscal accountability 2.
ACCT Week 3 Problems and Make all necessary entries in the appropriate governmental fund general journal and the government-wide governmental activities general journal for each of the following transactions entered into by the City of Fordache. Why or why not? Cash collected and transferred in as follows: TCO E Which of the following resource inflows would be recorded as a revenue of a debt service fund?
The city received a donation of land that is to be used by Parks and Recreation for a park. B The construction of a parking garage that is operated as an enterprise fund.
Net position and results of the financial operations of the government as a whole. Governmental activities journal and depreciation on the capital assets should be recorded. The county collector of Lincoln County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county.
ACCT Week 2 Problems and , , – Devry University
Prepare a statement of cash flows for the internal service fund for the city of Pearman from the following information: A and C would both be included in the journal entry. Taxes collected by the General Fund and transferred to the debt service fund.
This information is provided exclusively for the personal and academic use of students, instructors and other university personnel. Charges to departments during the fiscal year were as follows: Elizabeth College, a small private college, had the following transactions in fiscal year