Questions from Advanced Accounting

Q: Which of the following is not a governmental fund? a

Which of the following is not a governmental fund? a. Special revenue fund b. Internal service fund c. Capital projects fund d. Debt service fund

Q: What is the purpose of a special revenue fund? a

What is the purpose of a special revenue fund? a. To account for revenues legally or externally restricted as an operating expenditure. b. To account for ongoing activities. c. To account for gifts wh...

Q: What is the purpose of enterprise funds? a. To

What is the purpose of enterprise funds? a. To account for operations that provide services to other departments within a government. b. To account for asset transfers. c. To account for ongoing activ...

Q: When a partner withdraws from a partnership, why is the final

When a partner withdraws from a partnership, why is the final distribution often based on theappraised value of the business rather than on the book value of the capital account balance?

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 fiduciar...

Q: A government expects to receive revenues of $400,000 but

A government expects to receive revenues of $400,000 but has approved expenditures of $430,000.The anticipated shortage will have an impact on which of the following terms? a. Interperiod equity b. Mo...

Q: Go to the website www.gasb.org and click on

Go to the website www.gasb.org and click on “About Us” included in the list that runs across the top of the page. Then click on “Mission, Vision, and Core Values.” Read the information provided by GAS...

Q: Obtain a copy of the original version of GASB Statement 34.

Obtain a copy of the original version of GASB Statement 34. Read paragraphs 239 through 277. Required Write a report describing alternatives that the GASB considered when it created Statement 34. Ind...

Q: Search the Internet for the official website of one or more state

Search the Internet for the official website of one or more state or local governments. On this website,determine whether the latest comprehensive annual financial report (CAFR) is available. For exam...

Q: The City of Bainland has been undergoing financial difficulties because of a

The City of Bainland has been undergoing financial difficulties because of a decrease in its tax base caused by corporations leaving the area. On January 1, 2017, the city has a fund balance of only $...