Questions from Advanced Accounting

Q: How can you determine whether or not a governmental fund should be

How can you determine whether or not a governmental fund should be considered major?

Q: What is included on a budgetary comparison schedule? Is such a

What is included on a budgetary comparison schedule? Is such a schedule required to be included in a CAFR?

Q: How is a conversion worksheet used? Why is it necessary?

How is a conversion worksheet used? Why is it necessary?

Q: What are encumbrances, and how does encumbrance accounting help control expenditures

What are encumbrances, and how does encumbrance accounting help control expenditures?

Q: You serve as the executor for the estate of John Seagull.

You serve as the executor for the estate of John Seagull. The following transactions occur during June 2015: a John’s estate included a municipal bond with a fair value of $1,000,000. On the date of d...

Q: You serve as the executor for the estate of Matthew Troy.

You serve as the executor for the estate of Matthew Troy. Matthew’s will provides that all remaining assets other than specific items in the will pass to his longtime friend Melanie Matthews. The foll...

Q: Tom Josephson dies on May 16, 2015, leaving a valid

Tom Josephson dies on May 16, 2015, leaving a valid will. The will reads as follows: I leave my automobile to my niece, Pat. I leave my stock investment accounts to my niece, Sue. I leave income on my...

Q: 1. The accounts “estimated revenues” and “appropriations”

1. The accounts “estimated revenues” and “appropriations” appear in the trial balance of the general fund. These accounts indicate: a The use of cash-basis accounting b The use of accrual-basis accoun...

Q: 1. Howard City should use a capital projects fund to account

1. Howard City should use a capital projects fund to account for: a Proceeds of a capital grant to finance a new civic center that will not provide services primarily on a user-charge basis b Construc...

Q: The City of Stockholm authorized construction of a $600,000

The City of Stockholm authorized construction of a $600,000 addition to the municipal building in September 2016. The addition will be financed by $200,000 from the general fund and a $400,000 serial...