Questions from Advanced Accounting

Q: What is the modified accrual basis of accounting? Which funds utilize

What is the modified accrual basis of accounting? Which funds utilize the modified accrual basis of accounting?

Q: What does measurement focus mean? What two focuses are used in

What does measurement focus mean? What two focuses are used in governmental accounting? Which fund types use each?

Q: What types of revenue do governments have? How do nonexchange transactions

What types of revenue do governments have? How do nonexchange transactions differ from exchange transactions?

Q: Use the information in P 23-3 to prepare a charge

Use the information in P 23-3 to prepare a charge–discharge statement for the estate of George Wilson for the period March 1, 2015 through April 30, 2015. Information from P 23-3 George Wilson dies...

Q: How does the accounting treatment of a nine-month note payable

How does the accounting treatment of a nine-month note payable differ from the accounting treatment of a five-year note payable within a governmental fund? Why?

Q: Are interfund transfers expenditures or expenses? Explain.

Are interfund transfers expenditures or expenses? Explain.

Q: What is an appropriation? How can budgetary approval be arranged to

What is an appropriation? How can budgetary approval be arranged to give the legislative body maximum control over the budget? How can it be arranged to give the executive maximum flexibility?

Q: Distinguish between the various types of interfund activity.

Distinguish between the various types of interfund activity.

Q: 1. When equipment was purchased with general fund resources, which

1. When equipment was purchased with general fund resources, which of the following accounts would have been increased in the general fund? a Due from general fixed assets account group b Expenditures...

Q: Ms. Jacki Jerome, a famous rock superstar, dies on

Ms. Jacki Jerome, a famous rock superstar, dies on November 28, 2015, and leaves her entire estate, with a fair value of $23,400,000 (after settling all estate expenses and liabilities) to her cousin...