Mẹo When a snowplow purchase by a government it should be recorded in governmental activities? ?
Kinh Nghiệm về When a snowplow purchase by a government it should be recorded in governmental activities? 2022
Họ tên bố (mẹ) đang tìm kiếm từ khóa When a snowplow purchase by a government it should be recorded in governmental activities? được Cập Nhật vào lúc : 2022-10-24 06:40:12 . Với phương châm chia sẻ Thủ Thuật Hướng dẫn trong nội dung bài viết một cách Chi Tiết 2022. Nếu sau khi đọc nội dung bài viết vẫn ko hiểu thì hoàn toàn có thể lại Comments ở cuối bài để Mình lý giải và hướng dẫn lại nha.Choice "a" is incorrect. Proprietary funds include both enterprise fundsand internal service funds which use the full accrual basis of accounting.
Nội dung chính Show- Which of the following should not be recorded in a government's governmental activities accounts quizlet?In which funds is it appropriate to record depreciation of capital assets?Is depreciation recorded in the general fund?Which of the following types of Nonexchange transactions recognize revenue when all the eligibility requirements are met?
Page 1 of 3Becker Professional EducationRegistered to: Dominique DAntonio$$Question CPA-00955When a snowplow purchased by a governmental unit is received, itshould be recorded in the general fund as a(an):a.Capital asset.b. Appropriation.c. Expenditure.d. Encumbrance.ExplanationChoice "c" is correct. Expenditures are decreases in net financialresources other than through interfund transfers. General fixed assets,such as land, buildings, and equipment, purchased with general fundresources should be recorded as expenditures in the general fund. Thejournal entry is:Debit (Dr)Credit (Cr)ExpendituresXXXVouchers payableXXXChoice "d" is incorrect. Encumbrances are recorded when resourcesare committed for future expenditures, not when goods and services arereceived.Choice "a" is incorrect. Since the measurement focus of governmentalfunds is the flow of financial resources, non-financial resources andobligations are not recorded in the general fund. The snowplow shouldbe recorded as a capital asset in the governmental activities column ofthe government-wide statement of net assets.Choice "b" is incorrect. Appropriations represents the total authorizedexpenditures for a current fiscal period. Appropriations are recordedwhen the budget is formally integrated into the accounting system.
Page 1 of 2Becker Professional EducationRegistered to: Dominique DAntonio$$$Question CPA-01137Park City uses encumbrance accounting and formally integrates itsbudget into the general fund's accounting records. For the year endingJuly 31, Year 1, the following budget was adopted:Estimated revenues30,000,000Appropriations27,000,000Estimated transfer to debt service fund900,000Park incurred salaries and wages of $800,000 for the month of AprilYear 1. What account should Park debit to record this $800,000?a.Operating funds control.b.Expenditures control.c.Encumbrances control.d.Salaries and wages expense control.ExplanationChoice "b" is correct. Expenditures control.Salaries and wages incurred by Park City general fund should berecorded as a debit to expenditures control.Debit (Dr)Credit (Cr)Expenditures control800,000Vouchers payable800,000
Page 1 of 1Becker Professional Education$$Question CPA-06816The tax collection fund of Gearty County accounts for receipts of taxeslevied and collected on behalf of cities and districts within its borders.State law allows the county to withhold a fee from the collections madeon behalf of each city and district for this administrative service. Thecounty's tax collection fund would account for the fee as:a. Revenue.b.Asset – due from other governments.c.Transfer out.d.Liability – due to other funds.ExplanationChoice "d" is correct. The fee is initially recorded as a liability in theagency fund with the following journal entry.
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67) At the inception of a lease for equipment the journal entry required in the capital projectsfund will include which of the following?A) A debit to Equipment.B) A debit to Lease Expense.C) A credit to Obligations under Leases.D) A credit to Other Financing Sources—Lease Agreement.Answer:D
Difficulty: 2 MediumTopic:General Capital Assets Acquired Under Lease AgreementsLearning Objective:05-02 Account for general capital assets, including acquisition,maintenance, depreciation, impairment, and disposition.Bloom's:UnderstandAACSB:Knowledge ApplicationAICPA:FN Reporting68) Which of the following isnota requirement that must be met to elect the "modifiedapproach" to reporting certain eligible infrastructure assets?
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Answer:ADifficulty: 2 MediumTopic:Infrastructure AssetsLearning Objective:05-02 Account for general capital assets, including acquisition,maintenance, depreciation, impairment, and disposition.Bloom's:UnderstandAACSB:Knowledge ApplicationAICPA:FN Reporting
69) When a snowplow is purchased by a government, it should be recorded in thegovernmental activities general journal as a(an):A) Expenditure.B) Capital asset.C) Appropriation.D) Expense.Answer:BDifficulty: 2 MediumTopic:Capital Projects FundsLearning Objective:05-04 Prepare journal entries for a typical capital project, both thefund level and within the governmental activities category the government-wide level.Bloom's:UnderstandAACSB:Knowledge ApplicationAICPA:FN Reporting70) A general capital asset constructed several years ago by a capital projects fund was soldby the General Fund. Entries are necessary in the:A) General Fund only.B) General Fund and the capital projects fund.C) General Fund and governmental activities.D) Governmental activities only.Answer:CDifficulty: 2 Medium
Topic:Capital Projects FundsLearning Objective:05-04 Prepare journal entries for a typical capital project, both thefund level and within the governmental activities category the government-wide level.Bloom's:UnderstandAACSB:Knowledge ApplicationAICPA:FN Reporting71) In which of the following would it not be appropriate to record depreciation of capitalassets?
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Which of the following should not be recorded in a government's governmental activities accounts quizlet?
10) General capital assets acquired under lease agreements should not be recorded in the governmental activities accounts.In which funds is it appropriate to record depreciation of capital assets?
3.9. 6.70 Internal service funds are proprietary funds so depreciation of capital assets must be recorded.Is depreciation recorded in the general fund?
Depreciation Accounting and Reporting Expenditures are recognized in the governmental funds when payment is made.Which of the following types of Nonexchange transactions recognize revenue when all the eligibility requirements are met?
Which of the following types of nonexchange transactions recognize revenue when all the eligibility requirements are met? -Voluntary nonexchange transactions. Tải thêm tài liệu liên quan đến nội dung bài viết When a snowplow purchase by a government it should be recorded in governmental activities?