Questions from Advanced Accounting

Q: How do governmental funds report capital outlay in fund financial statements?

How do governmental funds report capital outlay in fund financial statements? How do government-wide financial statements report capital expenditures?

Q: The governmental funds of the City of Westchester report $445,

The governmental funds of the City of Westchester report $445,000 in assets and $140,000 in liabilities. The following are some of the assets reported by this government. ∙ Prepaid items—$7,000. ∙ C...

Q: What are the two different ways that supplies and prepaid items can

What are the two different ways that supplies and prepaid items can be recorded on fund financial statements?

Q: What are the four classifications of nonexchange revenues that a state or

What are the four classifications of nonexchange revenues that a state or local government can recognize? In each case, when are revenues normally recognized?

Q: When is a receivable recognized for property tax assessments? When is

When is a receivable recognized for property tax assessments? When is the revenue recognized?

Q: The City of Bernard starts the year of 2017 with the following

The City of Bernard starts the year of 2017 with the following unrestricted amounts in its general fund: cash of $20,000 and investments of $70,000. In addition, it holds a small building bought on Ja...

Q: The City of Pfeiffer starts the year of 2017 with the general

The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general...

Q: Use the information in problem 37 to prepare the 2017 fund financial

Use the information in problem 37 to prepare the 2017 fund financial statements for the governmental funds and the proprietary funds. A statement of cash flows is not required. Assume that “available”...

Q: For each of the following, indicate whether the statement is true

For each of the following, indicate whether the statement is true or false and include a brief explanation for your answer. a. A pension trust fund appears in the government-wide financial statements...

Q: The following unadjusted trial balances are for the governmental funds of the

The following unadjusted trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: Based on the information presented for each of these gover...