Questions from Advanced Accounting

Q: During 2015, the City of Greenfield engaged in the following financial

During 2015, the City of Greenfield engaged in the following financial activities: 1. The City Council approved the budget for the general operating fund. The budget shows estimated revenues of $1,900...

Q: Franchise fee revenue is recognized (with an appropriate provision for estimated

Franchise fee revenue is recognized (with an appropriate provision for estimated uncollectible amounts) when all material services relating to the sale have been substantially performed by the franchi...

Q: The following funds and account groups are recommended for use in accounting

The following funds and account groups are recommended for use in accounting for state and municipal governmental financial operations: A. General Fund. B. Special Revenue Fund. C. Debt Service Fund....

Q: Describe some of the major reconciling items between a government fund and

Describe some of the major reconciling items between a government fund and the government-wide financial statements.

Q: Why are governments required to prepare financial statements on a government-

Why are governments required to prepare financial statements on a government-wide basis using full accrual accounting?

Q: What is the difference between a governmental fund and a proprietary fund

What is the difference between a governmental fund and a proprietary fund?

Q: Are fiduciary funds governmental funds or proprietary funds? Explain.

Are fiduciary funds governmental funds or proprietary funds? Explain.

Q: A disbursement by the general fund to another fund may be recorded

A disbursement by the general fund to another fund may be recorded as a receivable, an expenditure, or a fund transfer. Explain the circumstances that would result in each of these different treatment...

Q: Why are budgeted revenues and expenditures formally recorded in the records of

Why are budgeted revenues and expenditures formally recorded in the records of the general fund but not in the records of a capital projects fund?

Q: Are all major capital facilities acquisitions accounted for in a capital projects

Are all major capital facilities acquisitions accounted for in a capital projects fund? Explain.