Questions from Advanced Accounting

Q: A city orders a new computer for its general fund at an

A city orders a new computer for its general fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. Prepare all required journal entries for bo...

Q: The City of Hampshore is currently preparing financial statements for the past

The City of Hampshore is currently preparing financial statements for the past fiscal year. The city manager is concerned because the city encountered some unusual transactions during the current fisc...

Q: Officials for the City of Artichoke, West Virginia, have recently

Officials for the City of Artichoke, West Virginia, have recently formed a transit authority to create a public transportation system for the community. These same officials are now preparing the city...

Q: The City of Danmark is preparing financial statements. Officials are currently

The City of Danmark is preparing financial statements. Officials are currently working on the statement of activities within the government-wide financial statements. A question has arisen as to wheth...

Q: Which of the following statements is true? a. There

Which of the following statements is true? a. There are three different types of proprietary funds. b. There are three different types of fiduciary funds. c. There are five different types of fiduc...

Q: A citizen of the City of Townsend makes a donation of $

A citizen of the City of Townsend makes a donation of $22,000 in investments. The citizen has stipulated that the investments be held. Any resulting income must be used to help maintain the city’s cem...

Q: Which of the following statements is correct about the reporting of governmental

Which of the following statements is correct about the reporting of governmental funds? a. Fund financial statements measure economic resources. b. Government-wide financial statements measure only c...

Q: Which of the following statements is correct about the reporting of governmental

Which of the following statements is correct about the reporting of governmental funds? a. Fund financial statements measure revenues and expenditures based on modified accrual accounting. b. Govern...

Q: What are the three categories of funds? What funds are included

What are the three categories of funds? What funds are included in each of these three?

Q: The City of Bagranoff holds $90,000 in cash that

The City of Bagranoff holds $90,000 in cash that will be used to make a bond payment when the debt comes due early next year. The assistant treasurer had made that decision. However, just before the e...