Problem 2-33 Effect of adjusting entries on the accounting equation LO 2-1, 2-2, 2-3, 2-4, 2-5, 2-6 Required Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date. The first event is recorded […]
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The fund financial statements for governmental funds should include a The fund financial statements for governmental funds should include a (Points : 2) Statement of cash flows. Statement of revenues, expenses, and changes in fund net assets. Balance sheet. Statement of activities. Place Your Order Here!
The fund financial statements for governmental funds should include a Read More »
A capital projects fund might be used to account for which of the following activities? A capital projects fund might be used to account for which of the following activities? (Points : 2) Maintaining roads and bridges. Building a parking garage. Providing water and sewer services. Servicing long-term debt. Place Your Order Here!
A capital projects fund might be used to account for which of the following activities? Read More »
Which of the following should not be reported as a liability of the General Fund? Which of the following should not be reported as a liability of the General Fund? (Points : 2) General obligation bonds payable (due in 10 years). Vouchers payable. Tax anticipation notes payable. Due to federal government. Place Your Order Here!
Which of the following should not be reported as a liability of the General Fund? Read More »
Which of the following is a fiduciary fund? (Points : 2) Investment trust fund. Special revenue fund. Debt service fund. Enterprise fund. Place Your Order Here!
Which of the following is a fiduciary fund? Read More »
The Town of Ashland levied property taxes in the amount of $800,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include (Points : 2) A debit to cash for $792,000. A credit to revenues for $792,000. A debit to estimated uncollectible current taxes for $8,000.
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The body that has been established to recommend accounting and financial reporting standards for the federal government is the (Points : 2) Financial Accounting Standards Board (FASB). Governmental Accounting Standards Board (GASB). Cost Accounting Standards Board (CASB). Federal Accounting Standards Advisory Board (FASAB). Place Your Order Here!
Which of the following is true regarding capital projects funds? Which of the following is true regarding capital projects funds? (Points : 2) Encumbrances accounting is employed. Encumbrances accounting is not normally employed, but Estimated Revenues and Appropriations accounts are used. No budgetary accounts are ever used. All budgetary accounts are employed in the same
Which of the following is true regarding capital projects funds? Read More »
Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund generally occurs first? Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund generally occurs first? (Points : 2) Disbursement. Appropriation. Encumbrance. Expenditure.
The account “Interfund Transfers In” would be classified in a General Fund statement of revenues, expenditures, and changes in fund balance as a(an) (Points : 2) Revenue. Other financing use. Other financing source. Current liability