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Taxes levied on citizens for infrastructure improvements should be reported in:
Program revenues would include charges for services and grants. Nonexchange revenues for governmental activities are general revenues.
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The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
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Which basis of accounting is required for a city's government wide financial statements?
The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
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What is the measurement focus and the basis of accounting for the government wide financial statements?
The government wide financial statements use both the economic resources focus and accrual accounting.
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The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
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Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
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The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
Compare your answer with the correct one above
Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
Compare your answer with the correct one above
The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
Compare your answer with the correct one above
Which basis of accounting is required for a city's government wide financial statements?
The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
Compare your answer with the correct one above
What is the measurement focus and the basis of accounting for the government wide financial statements?
The government wide financial statements use both the economic resources focus and accrual accounting.
Compare your answer with the correct one above
Taxes levied on citizens for infrastructure improvements should be reported in:
Program revenues would include charges for services and grants. Nonexchange revenues for governmental activities are general revenues.
Compare your answer with the correct one above
The library of the city of Howerton has ordered new shelving units at the cost of $40,000. How is this order recorded by the city in the government-wide financial statements?
Financial commitments (such as ordering items before receiving them) are recorded in the fund financial statements as encumbrances but they are not recorded in the government-wide statements.
Compare your answer with the correct one above
Hamilton County purchases a new police car at an estimated cost of $20,000 on August 5, Year 1. The vehicle arrives on September 9, Year 1, with an invoice of $21,250. Hamilton County pays the vendor in full on October 3, Year 1. The journal entry for this transaction would include which of the following on August 5, Year 1?
When the purchase is made, a debit will be made to encumbrances for the estimated price at the time of purchase.
Compare your answer with the correct one above
The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
Compare your answer with the correct one above
Which basis of accounting is required for a city's government wide financial statements?
The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
Compare your answer with the correct one above
What is the measurement focus and the basis of accounting for the government wide financial statements?
The government wide financial statements use both the economic resources focus and accrual accounting.
Compare your answer with the correct one above
Taxes levied on citizens for infrastructure improvements should be reported in:
Program revenues would include charges for services and grants. Nonexchange revenues for governmental activities are general revenues.
Compare your answer with the correct one above
The city of Abernathy's internal service fund estimates revenues and expenses at the beginning of each year. In Year 2, Abernathy estimates revenues for the year of $2 million and estimates expenses for the year of $1.7 million. What will be the balance in the budgetary control account at the beginning of the year?
Internal service funds do not use budgetary accounting; budgetary accounting is used by governmental funds.
Compare your answer with the correct one above
Which basis of accounting is required for a city's government wide financial statements?
The government wide financial statements are reported using the economic resources measurement focus and the full accrual basis of accounting.
Compare your answer with the correct one above