Questions from Financial Accounting

Q: For the year ended June 30, 20X7, the trust fund

For the year ended June 30, 20X7, the trust fund should report the $75,000 spent to support local artists as a a. Deduction. b. Contra contribution. c. Transfer out. d. Direct...

Q: For the year ended June 30, 20X7, what was the

For the year ended June 30, 20X7, what was the income of Westbury’s internal service fund? a. $13,000 b. $6,000 c. $3,000 d. $10,000.

Q: At June 30, 20X7, what total assets amount would appear

At June 30, 20X7, what total assets amount would appear on the internal service fund balance sheet? a. $700,000 b. $710,000 c. $713,000 d. $708,000

Q: The Statements of Governmental Accounting Standards are the final step in the

The Statements of Governmental Accounting Standards are the final step in the GASB’s decision making process. Standard setting has a number of specific steps with open and thorough study of the issues...

Q: The City of Waterman established a capital projects fund for the construction

The City of Waterman established a capital projects fund for the construction of an access ramp from the parking garage to the city’s office building to be used by individuals with disabilities. The e...

Q: The Governmental Accounting Standards Board places exposure drafts (EDs) of

The Governmental Accounting Standards Board places exposure drafts (EDs) of proposed future standards on its website. These exposure drafts provide an early view of the GASB’s consensus viewpoints on...

Q: The City of Waterman established a debt service fund to account for

The City of Waterman established a debt service fund to account for the financial resources used to service the bonds issued to finance the ramp (see Exercise 18-6). The 10 percent, $150,000 bond issu...

Q: Answer the following questions by reading the most recent annual report of

Answer the following questions by reading the most recent annual report of the University of Notre Dame that can be accessed by going to www.nd.edu. a. For the most recent year, how much cash did...

Q: Augusta has a municipal water and gas utility district (MUD).

Augusta has a municipal water and gas utility district (MUD). The trial balance on January 1, 20X1, follows: Additional Information for 20X1: 1. Charges to customers for water and gas were $420,000...

Q: The BBB Wise Giving Alliance is widely known for presenting profiles of

The BBB Wise Giving Alliance is widely known for presenting profiles of nationally soliciting charitable organizations. The BBB Wise Giving Alliance website provides information to donors and to ass...