Which of the following is identified by the GASB as the “cornerstone” of all financial reporting in government? Which of the following is identified by the GASB as the “cornerstone” of all financial reporting in government? (Points : 2) Understandability. Representational faithfulness. Accountability. Interperiod equity. Place Your Order Here!
Which of the following would be considered an internal exchange transaction? Which of the following would be considered an internal exchange transaction? (Points : 2) The General Fund transfers $200,000 to establish a Central Supplies Fund; this amount will not be repaid. The General Fund transfers $125,000 to the Debt Service Fund for payment of
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Which of the following statements is always true concerning the reporting of debt service funds? (Points : 2) Debt service funds are reported in a separate column in the governmental fund financial statements. Debt service funds are reported in a separate column in the government-wide financial statements. Debt service funds are reported in the Other
which of the following types of classifications The expenditure classification “Public Safety” is an example of which of the following types of classifications? (Points : 2) Activity. Function. Character. Object. Place Your Order Here!
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When the budget of a government is recorded and Appropriations exceeds Estimated Revenues, the Budgetary Fund Balance account is When the budget of a government is recorded and Appropriations exceeds Estimated Revenues, the Budgetary Fund Balance account is (Points : 2) Credited at the beginning of the year and debited at the end of the
The General Fund received $200,000 in lieu of taxes from the city owned water utility, an enterprise fund. This is an example of a(an) (Points : 2) Interfund transfer. Interfund loan. Internal exchange transaction. Reimbursement. Place Your Order Here!
Extraordinary items and special items are reported Extraordinary items and special items are reported (Points : 2) With normal recurring general revenues. As separate line items in the Function/Programs section of the statement of activities. As separate line items below General Revenues in the statement of activities. As separate line items above General Revenues. Place
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The journal entry to record this transaction will include The city of Milan was notified that it had been approved for a state government grant in the amount of $1,000,000 to help finance its new city jail. The money from the grant will be received later in the current fiscal year. The journal entry to
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Which of the following information should be included in the financial section of a comprehensive annual financial report? (Points : 2) Transmittal letter. The basic financial statements, including notes thereto. Tables and charts showing demographic and economic data. A description of the government. Place Your Order Here!
Construction expenditures should be debited when In late June, the Everready Construction Co. submitted a $600,000 progress billing on a construction contract. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. Construction expenditures should be debited when (Points : 2) The bill is approved
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