Budgetary Compliance The cost of government services Fiscal accountability. TCO G Which of the statements concerning agency funds is a true statement? Enterprise fund and depreciation on the capital assets should be recorded. When authorized by the budget ordinance. The county collector of Lincoln County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. If you found out that a new manager with no previous experience was now in charge of Program 4, would your answer to part b change?
When collected in cash. B The construction of a parking garage that is operated as an enterprise fund. The General Fund of Middleville has presented you with the following trial balance as of June 30, Net position and results of the financial operations of the government as a whole. The basis of accounting used to report the actual column in the budgetary comparison schedule is prepared according to legal requirements for budget preparation even if it departs from GASB Statements.
Net position and results of the financial operations of the government as a whole. A narrative explanation of the contents of the CAFR. Debt service funds are reported in a separate column week the government-wide financial statements.
Charges to departments during the fiscal year were as follows: Based on the information provided, which programs would you select for audit and why?
Property taxes levied by the debt service fund for debt service purposes.
Transfer of the residual equity of a capital projects fund to the debt service fund. From the textbook, complete the following problems.
At what amount should the city record this donated property in the governmental activities accounts at the government-wide level? TCO E When a government acquires general fixed assets under a capital lease agreement, how should the asset be recorded in the government-wide financial statements?
Taxes collected by the General Fund and transferred to the debt service 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. When collected in cash. C The construction of weei fire station addition.
A forecast of revenues and expenditures for the next three fiscal years. A and C would both be included in the journal entry.
ACCT 567 Week 7 Homework Problems: 16-3,17-6
At the inception of the lease agreement at the lesser of the present value of the minimum lease payments of the fair market value of the property. ACCT Week 3 Problems wfek Make all necessary entries in the appropriate governmental fund general journal and the government-wide governmental activities general wsek for each of the following transactions entered into by the City of Fordache.
TCO E Which of the following resource inflows would be recorded as a revenue of a debt service fund? Economic resources measurement focus and modified accrual basis of accounting. Employees are not required to contribute to the acvt. The city received a donation of land that is to be used by Parks and Recreation for a park. Abraham Baldwin Agricultural College Term: Both A and B would be accounted for in a capital projects accct.
Gain on disposal of capital assets. When a plan for the use of the funds has been developed and approved by the appropriate personnel 1.
TCO A On what should the government-wide financial statements report?
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The total amount deducted is added to the collections for the county and remitted to the Lincoln County General Fund. Quad-States Community Service Agency expended federal awards during the most recent fiscal year in the following amounts for the programs shown: Both of the above Neither of the above 5. Debt service funds are reported in the other governmental funds column in the governmental fund financial statements.
When the work has started for the project. An investigation into whether a purchasing department of a government was operated efficiently. Budgetary Compliance The cost of government services Fiscal accountability. TCO E Which of the following projects would usually be accounted for in a capital projects fund? Which programs would be considered Type A programs and why?