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modern advanced accounting
Modern Advanced Accounting 10th Edition E. John Larsen - Solutions
9. Is an annual budget always recorded by a governmental entity’s:Special Revenue Capital Projects Debt Service Funds? Funds? Funds?Yes Yes Yes Yes No Yes Yes Yes No Yes No No
8. To record the issuance of general obligation bonds at face amount to finance a governmental entity’s capital project fund, the accountant for that fund credits:a. Revenuesb. Other Financing Sourcesc. Unreserved and Undesignated Fund Balanced. General Obligation Bonds Payable
7. A Fund Balance Reserved for Encumbrances ledger account most likely is appropriate for a governmental entity’s:a. Special revenue fundb. Capital projects fundc. Debt service fundd. Three foregoing governmental funds
6. A capital projects fund of a governmental entity is:a. A governmental fundb. A proprietary fundc. A fiduciary fundd. An account group
5. The governmental funds of a governmental entity for which the statement of revenues, expenditures, and changes in fund balance typically displays both budgeted and actual amounts are:a. Special revenue fundsb. Capital projects fundsc. Debt service fundsd. None of the foregoing
4. The type of governmental fund of a governmental entity whose accounting most resembles that of the entity’s general fund is a:a. Capital projects fundb. Debt service fundc. Special revenue fundd. Special expenditures fund
3. An example of a governmental fund of a governmental entity is:a. An enterprise fundb. A special revenue fundc. An agency fundd. None of the foregoing
2. The governmental funds of a governmental entity include all the following except:a. Special revenue fundsb. Agency fundsc. Debt service fundsd. Capital projects funds
11. Under what circumstances, if any, is a liability for special assessment bonds recorded in a governmental entity’s voluntarily maintained general long-term debt account group?Explain.1. May funds other than the general fund be established by a governmental entity in response to:Legislative
10. Explain how each of the following accounting units of a governmental entity is affected by a capital lease for fire engines of the fire department: general fund, voluntarily maintained general long-term debt account group, voluntarily maintained general capital assets account group.
9. The following journal entry appeared in the accounting records of the Village of Marvell voluntarily maintained General Long-Term Debt Account Group:Amount to Be Provided 25,000 Amount Available in Debt Service Fund 25,000 To record amount received by Debt Service Fund from General Fund for
8. Is a balance sheet issued for a governmental entity’s voluntarily maintained general capital assets account group? Explain.
7. Explain the use of the Investment in General Capital Assets from Gifts ledger account of a governmental entity’s general capital assets account group.
6. Is the recognition of depreciation of plant assets appropriate for a governmental entity’s voluntarily maintained general capital assets account group? Explain.
5. The following journal entry (explanation omitted) appeared in the Charter County Debt Service Fund:Cash with Fiscal Agent 83,000 Cash 83,000 What is the probable explanation for this journal entry? Explain.
4. Is a separate debt service fund established for every issue of general obligation bonds issued by a governmental entity? Explain.
3. How are proceeds of general obligation bonds issued at face amount by a governmental entity to finance a construction project accounted for in a capital projects fund? Explain.
2. The following journal entry was prepared for the Town of Groman Special Revenue Fund, established to account for special assessments on selected property owners of the nearby Village of Angelus:Expenditures 42,000 Payable to General Fund 42,000 To record billings from General Fund for
1. Describe the taxes, fees, or other revenues of a governmental entity that often are accounted for in special revenue funds.
12. The appropriate format of the end-of-fiscal-year journal entry (explanation omitted) to close the Encumbrances ledger account of a governmental entity’s general fund is:a. Unreserved and Undesignated Fund Balance Encumbrancesb. Fund Balance Reserved for Encumbrances Encumbrancesc.
11. The appropriate ledger accounts to be credited by a governmental entity’s general fund for cash received from the entity’s enterprise fund are:Payments in Lieu of Property Taxes Subsidies Revenues Other Financing Sources Revenues Revenues Other Financing Sources Revenues Other Financing
10. Repairs that have been made for a governmental entity’s general fund, and for which an invoice has been received, are recorded in the general fund with a debit to:a. Expenditures.b. Encumbrances.c. Repairs Expense.d. Appropriations.e. Some other ledger account.
9. The ledger account debited in the journal entry of a governmental entity’s general fund crediting the Allowance for Uncollectible Current Taxes ledger account is:a. Doubtful Current Taxes Expense.b. Unreserved and Undesignated Fund Balance.c. Revenues.d. Taxes Receivable—Current.e. Some
8. In a governmental entity’s general fund journal entry on the date an invoice is received for a nonrecurring procurement under a purchase order for which encumbrance accounting was used, the appropriate entries to the following ledger accounts are:Encumbrances Expenditures Debit Debit Debit
7. Which of the following ledger accounts of a governmental entity’s general fund is credited when previously ordered supplies are received?a. Fund Balance Reserved for Encumbrances.b. Encumbrances.c. Expenditures.d. Appropriations.e. None of the foregoing.
6. Which of the following is a budgetary ledger account of a governmental entity’s general fund?a. Encumbrances.b. Other Financing Sources.c. Unreserved and Undesignated Fund Balance.d. Appropriations.
5. In the journal entry to record the annual budget of a governmental entity’s general fund, appropriate entries to the following general fund ledger accounts are:Estimated Other Estimated Revenues Appropriations Financing Uses Debit Debit Credit Debit Credit Credit Credit Debit Debit Credit
4. Is a fund of a governmental entity:a.b.c.d.Exercises(Exercise 17.1)A Fiscal Unit? An Accounting Unit?Yes Yes Yes No No Yes No No
3. GASB Statement No. 34, “Basic Financial Statements . . . for State and Local Governments,”identified:a. Eleven types of funds.b. Seven types of funds and two account groups.c. Two types of funds and seven account groups.d. Eight types of funds and two account groups.
2. Which of the following ledger accounts is debited by a governmental entity’s general fund that uses the encumbrances accounting technique when a purchase order is issued?a. Appropriations.b. Vouchers Payable.c. Fund Balance Reserved for Encumbrances.d. Encumbrances.e. None of the foregoing.
1. The Estimated Revenues ledger account of a governmental entity’s general fund is debited when:a. The budgetary accounts are closed at the end of the fiscal year.b. The budget is recorded.c. Actual revenues are recognized under the modified accrual basis of accounting.d. Actual revenues are
14.a. What are the financial statements issued for a governmental entity’s general fund?b. What are the principal differences between the financial statements of a governmental entity’s general fund and the financial statements of a business enterprise?
13. Differentiate between a reservation and a designation of the fund balance of a governmental entity’s general fund.
12. The accounting records for the City of Worthington General Fund include a ledger account titled Fund Balance Reserved for Inventory of Supplies. Explain the purpose of this account.
11. Explain the purpose of the Other Financing Sources and Other Financing Uses ledger accounts of a governmental entity’s general fund.
10. Distinguish between the Expenditures ledger account of a governmental entity’s general fund and the expense accounts of a business enterprise.
9. What revenues of a governmental entity’s general fund generally are accrued? Explain.
8. What does the reference to a governmental entity’s general fund as residual mean?Explain.
7. What is the function of the Budgetary Fund Balance ledger account for a governmental entity’s general fund?
6. The Estimated Revenues ledger account of a governmental entity’s general fund may be considered a pseudo asset, and the Appropriations account may be considered a pseudo liability. Why is this true?
5.a. Differentiate between a program budget and a performance budget.b. Differentiate between a budgetary deficit and a deficit budget.
4. What is the support for each of the following accounting standards for general funds of governmental entities?a. The modified accrual basis of accounting.b. The encumbrance accounting technique.c. Recording the budget in the accounting records.
3. What is a fund in accounting for governmental entities?
2. What characteristics of governmental entities have a significant influence on the accounting for governmental entities? Explain.
1. Does the Financial Accounting Standards Board establish accounting standards for governmental entities? Explain.
13. The statement of financial position of a nonprofit organization displays the organization’s assets, liabilities, and:a. Fund balance.b. Equity.c. Excess of assets over liabilities.d. Net assets.
12. The fund of a nonprofit university that is revolving is a(n):a. Annuity fundb. Life income fundc. Loan fundd. Endowment fund
11. An annuity fund of a nonprofit organization resembles the organization’s:a. Endowment fundsb. Restricted fundsc. Life income fundsd. Loan funds
10. The records of Rehab Hospital, a nonprofit organization, had the following amounts on June 30, 2006:Net patient service revenues for Rehab Hospital for the year ended June 30, 2006, amount to:a. $620,000.d. $430,000.b. $550,000.e. Some other amount.c. $500,000.
9. Does the current funds group of a nonprofit university include:Annuity Funds? Loan Funds?a. Yes Yesb. Yes Noc. No Nod. No Yes
8. The plant assets of a nonprofit hospital are accounted for as part of:a. The general fund.b. A restricted fund.c. A plant fund.d. Other nonoperating funds.
7. One characteristic of nonprofit organizations that is comparable with characteristics of governmental entities is:a. Stewardship of resources.b. Governance by board of directors.c. Measurement of cost expirations.d. None of the foregoing.
6. With respect to a nonprofit organization’s payments to beneficiaries of annuity funds and life income funds:a. Annuity fund payments are fixed in amount; life income fund payments vary in amount.b. Annuity fund payments vary in amount; life income fund payments are fixed in amount.c. Payments
5. The Contractual Adjustments ledger account of a nonprofit hospital is:a. An expense account.b. A revenue offset account.c. A loss account.d. An asset account.
4. The type of endowment fund that may be established only by the board of trustees of a nonprofit university is a:a. Permanent endowment fund.b. Term endowment fund.c. Quasi-endowment fund.d. Trustee endowment fund.
3. Costs of fund-raising dinners by a nonprofit organization are:a. Recognized as expense when incurred.b. Deferred and recognized as expense over the accounting periods expected to benefit from the fund-raising proceeds.c. Offset against the revenue received from the dinners.d. Offset against the
2. Caddy School, a nonprofit private elementary school, occupies its school building rent-free, as permitted by the building owner. The existence of rent-free facilities is recognized in Caddy School’s Unrestricted Fund as:a. Financial aid expense and other operating support.b. Rent expense and
1. Are fund-raising expenses of a nonprofit organization displayed in the statement of activity as:Program Services Supporting Services Expenses? Expenses?a. Yes Yesb. Yes Noc. No Yesd. No No
13. Identify the financial statements that are issued by a nonprofit organization.
12. Define the following terms applicable to nonprofit organizations:a. Designated Fund Balanceb. Third-party payorc. Pledged. Charity caree. Term endowment fund
11. Differentiate between an annuity fund and a life income fund of a nonprofit organization.
10. How are collections reported in the financial statements of a nonprofit museum?Explain.
9. Explain the accounting for pledges of grants that may be revoked by the board of trustees of a nonprofit performing arts organization.
8. How are expenses classified in the statement of activities of a nonprofit organization that receives significant support from the public? Explain.
7.a. Does a nonprofit organization recognize contributed material in its accounting records? Explain.b. Does a nonprofit organization recognize contributed services in its accounting records? Explain.
6. Nonprofit hospitals and universities often reduce their basic revenue charges to patients and students, respectively. How are these reductions reflected in the revenue accounting for the two types of nonprofit organizations? Explain.
5. What characteristics of nonprofit organizations resemble those of business enterprises?
4. What are three characteristics of nonprofit organizations that resemble those of governmental entities?
3. What role did the AICPA’s Accounting and Auditing Guides or Industry Audit Guides play in the establishment of accounting standards for nonprofit organizations? Explain.
2. List four types of nonprofit organizations in the United States.
1. What is a nonprofit organization?
17. On April 30, 2006, Carson Welles, trustee in bankruptcy liquidation for Lyle Company, paid $12,140 in full settlement of Lyle’s liability under product warranty, which had been carried in Welles’s accounting records at $10,000. The appropriate journal entry for Welles (explanation omitted)
16. A retained earnings deficit of a business enterprise undergoing bankruptcy reorganization typically is eliminated by its:a. Offset against gain from discharge of indebtedness in bankruptcy.b. Inclusion with costs of bankruptcy proceedings.c. Offset against legal capital.d. Offset against
15. The estimated amount available for free assets in a statement of affairs for a business enterprise undergoing bankruptcy liquidation is equal to the assets’:a. Carrying amounts less current fair values.b. Carrying amounts plus gain or less loss on realization.c. Carrying amounts plus loss or
14. The following journal entry (explanation omitted) was prepared by an enterprise that had filed a debtor’s petition in bankruptcy:Cash with Escrow Agent 100,000 Cash 100,000 Such a journal entry generally is related to:a. A liquidation only.b. A reorganization only.c. Either a liquidation or a
13. The sequence of listing (1) fully secured liabilities, (2) partially secured liabilities,(3) unsecured liabilities with priority, and (4) unsecured liabilities without priority in the liabilities and stockholders’ equity section of a statement of affairs is:a. (1), (2), (3), (4)b. (3), (1),
12. The period of time that must elapse before a debtor that has had a previous bankruptcy discharge may again be discharged is:a. Four yearsb. Five yearsc. Six yearsd. Seven years
11. Under the Bankruptcy Code, are creditors having priority:Secured Creditors? Unsecured Creditors?Yes Yes Yes No No Yes No No
10. The accounting records of a trustee in a bankruptcy liquidation are maintained:a. Under the accrual basis of accounting.b. Under the cost basis of accounting.c. Under an accountability technique.d. In accordance with the bankruptcy court’s instructions.
9. With respect to the terms bankrupt and insolvent as adjectives:a. Bankrupt refers to a legal state; insolvent refers to the financial condition of a person or a business enterprise.b. Bankrupt refers to the financial condition of a person or a business enterprise;insolvent refers to a legal
8. In journal entries for a bankruptcy reorganization, the difference between the carrying amount of a liability of the debtor and the amount accepted by the creditor in full settlement of the liability is credited to:a. Retained Earnings (Deficit).b. Paid-in Capital in Excess of Par or Stated
7. Regis Company is being liquidated in bankruptcy. Unsecured creditors without priority are expected to be paid 50 cents on the dollar. Sardo Company is the payee of a note receivable from Regis in the amount of $50,000 (including accrued interest), which is collateralized by machinery with a
6. In a statement of affairs (financial statement), assets pledged for partially secured liabilities are:a. Included with assets pledged for fully secured liabilities.b. Offset against partially secured liabilities.c. Included with free assets.d. Disregarded.
5. The bankruptcy trustee for Insolvent Company sold assets having a carrying amount of $10,000 for $8,500 cash. The journal entry (explanation omitted) to record the sale is:a. Cash 8,500 Loss on Realization of Assets 1,500 Assets 10,000b. Cash 8,500 Estate Administration Expenses 1,500 Assets
4. The Paid-in Capital in Excess of Par ledger account of a debtor corporation undergoing bankruptcy reorganization typically is debited or credited for:a. Costs of bankruptcy proceedings.b. Gain from discharge of indebtedness in bankruptcy.c. Retained earnings deficit.d. All the foregoing items.e.
3. The number of classes of creditors in a bankruptcy liquidation is:a. Twob. Threec. Fourd. Five
2. In a bankruptcy proceeding, the term statement of affairs refers to:a. A document containing a series of questions concerning all aspects of the debtor’s financial condition and operations.b. A financial statement prepared in lieu of a balance sheet.c. Both a and b.d. Neither a nor b.
1. A category of assets that typically has zero in the Estimated Amount Available column of a statement of affairs is:a. Factory supplies inventoryb. Toolsc. Short-term prepaymentsd. None of the foregoing
18. What is fresh-start reporting for a business enterprise reorganized under Chapter 11 of the Bankruptcy Code, and under what circumstances is it appropriate?
17. Must all classes of creditors accept a reorganization plan before the plan may be confirmed by the bankruptcy court? Explain.
16. What is the role of the Securities and Exchange Commission in a bankruptcy reorganization?
15. For what types of bankruptcy reorganizations might an examiner be appointed by the bankruptcy court?
14. Describe the accountability method of accounting used by a trustee in a bankruptcy liquidation.
13. What use is made of the accounting financial statement known as a statement of affairs? Explain.
12. What are the effects of a discharge in bankruptcy liquidation proceedings? Explain.
11. Describe the authority of a bankruptcy trustee with respect to a preference.
10. Describe the priority of claims for wages and salaries under the Bankruptcy Code.
9. List the unsecured debts having priority over other unsecured debts under the provisions of the Bankruptcy Code.
8. What is a statement of financial affairs under the Bankruptcy Code?
7. Who may file a creditors’ petition for bankruptcy liquidation?
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