Questions from Advanced Accounting

Q: Cash of $60,000 is transferred from the general fund

Cash of $60,000 is transferred from the general fund to the debt service fund. What is reported on the government-wide financial statements? a. No reporting is made. b. Other Financing Sources incre...

Q: Cash of $60,000 is transferred from the general fund

Cash of $60,000 is transferred from the general fund to the debt service fund. What is reported on the fund financial statements? a. No reporting is made. b. Other Financing Sources increase by $60,...

Q: Cash of $20,000 is transferred from the general fund

Cash of $20,000 is transferred from the general fund to the enterprise fund to pay for work that was done. What is reported on the government-wide financial statements? a. No reporting is made. b. O...

Q: Cash of $20,000 is transferred from the general fund

Cash of $20,000 is transferred from the general fund to the enterprise fund to pay for work that was done. What is reported on the fund financial statements? a. No reporting is made. b. Other Financ...

Q: In Problem 12, which of the following statements is true about

In Problem 12, which of the following statements is true about reporting a revenue in connection with this gift? a. A revenue will be reported. b. Revenue is reported but only if the asset is report...

Q: Assume in Problem 12 that the city reports the work as a

Assume in Problem 12 that the city reports the work as a capital asset. Which of the following is true? a. Depreciation is not recorded because the city has no cost. b. Depreciation is not required...

Q: Which of the following is not necessary for a special purpose local

Which of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes? a. It must have a separately elected governing body. b. It...

Q: An accountant is trying to determine whether the school system of the

An accountant is trying to determine whether the school system of the City of Abraham is fiscally independent. Which of the following is not a requirement for being deemed fiscally independent? a. Ho...

Q: How are interfund transfers reported in fund financial statements?

How are interfund transfers reported in fund financial statements?

Q: An employment agency for individuals with disabilities works closely with the City

An employment agency for individuals with disabilities works closely with the City of Hanover. The employment agency is legally separate from the city but still depends on it for financial support, wh...