Questions from Advanced Accounting

Q: Rose City formally integrates budgetary accounts into its general fund. During

Rose City formally integrates budgetary accounts into its general fund. During the year ended December 31, 2019, Rose received a state grant to buy a bus and an additional grant for bus operation in 2...

Q: During 2019, Kansas City issued bonds for financing the construction of

During 2019, Kansas City issued bonds for financing the construction of a civic center and bonds for financing improvements in the environmental controls for its water and sewer enterprise. The latter...

Q: Mack County has acquired equipment through a non cancelable lease-purchase

Mack County has acquired equipment through a non cancelable lease-purchase agreement dated December 31, 2017. This agreement requires no down payment and the following minimum lease payments: Requir...

Q: Which fund or account group should be used to record the following

Which fund or account group should be used to record the following? 1. A primary government’s general fund equity interest in a joint venture. 2. Fixed assets of a governmental unit, other than those...

Q: Identify the letter that best describes the accounting and reporting by the

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. I...

Q: Match the appropriate letter indicating the recording of the following transactions:

Match the appropriate letter indicating the recording of the following transactions: 1. General obligation bonds were issued at par. 2. Approved purchase orders were issued for supplies. The purchases...

Q: Indicate into which fund a city would record each of the following

Indicate into which fund a city would record each of the following transactions. (You need not make any entries.) a. Fixed assets are purchased with general fund cash. b. Long-term serial bonds are is...

Q: The city of Lydell expended federal awards from the following programs during

The city of Lydell expended federal awards from the following programs during 2019. Program....................................................... Amount Expended 1. Lydell Community Block Grant. ....

Q: Harmonization of accounting standards through a private standard-setting process will

Harmonization of accounting standards through a private standard-setting process will have both advantages and disadvantages to American investors and businesses. 1. Discuss the advantages of harmoniz...

Q: Richardson Company reported pretax income from continuing operations in the first six

Richardson Company reported pretax income from continuing operations in the first six months of the current year in the amount of $100,000. Projected pretax operating income for the balance of the yea...