Questions from Advanced Accounting

Q: The general fund of a city reports assets of $300,

The general fund of a city reports assets of $300,000 and liabilities of $200,000 in the fund financialstatements. Explain what is meant by each of the following balances: fund balance—nonspendableof...

Q: Why are budgetary entries recorded in the individual funds of a state

Why are budgetary entries recorded in the individual funds of a state or local government?

Q: How are budget results shown in the financial reporting of a state

How are budget results shown in the financial reporting of a state or local government?

Q: When is an encumbrance recorded? What happens to this balance?

When is an encumbrance recorded? What happens to this balance? How are encumbrances reportedin government-wide financial statements?

Q: What costs necessitate the reporting of an expenditure by a governmental fund

What costs necessitate the reporting of an expenditure by a governmental fund?

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

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

Q: What provisions in a partnership agreement can be used to establish an

What provisions in a partnership agreement can be used to establish an equitable allocation ofincome among all partners?

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 financialstatements?

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?