Question: 5. The permanent fund should be the only fund that shows a positive unassigned fund balance amount. True / False 6. Which of the following

5. The permanent fund should be the only fund that shows a positive unassigned fund balance amount.

True / False

6. Which of the following is not true about bond of governmental accounting?

a. AIFA City issued General Obligation Bond(GOB) $50,000 at 110, and additional cash payment occurred as follow : Underwriter fee $500, Debt issue cost $1,000. Then, Underwriter fee $500 is expended, and debt issue cost $1,000 is deducted from GOB. Therefore, AIFA City will report this GOB to OFS category, at $54,000.

b. On 1/2/20X1, New York state issued $100 municipal bond, and 1/2/20X2, repaid

interest $10 and part of the principal $50. Journal entry are as follows : Date Debit Credit Jan 2, 20X1 Cash $100 OFS $100 Dec 31, 20X1 - No entry - c. In modified accrual, bond amortization cost is recognized as expenditure in full. d. Bond anticipation note is reported in other finance sources, because of accurate measurement of working capital.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Locate the center of gravity of the homogeneous cantilever beam and determine the reactions at the fixed support. The material has a density of . Units Used: Mg = 103 kg kN = 103 N Given: = 8 Mg/m3...

1. The enterprise funds provide goods or services to other departments on a cost-reimbursement basis. True / False 2. Under the accrual basis of accounting, expenditures are generally recognized when...

Agency Funds. Does the government operate a tax agency fund or participate in a tax agency fund operated by another government? Does the government act as an agent for owners of property within a...

1. In the government-wide statements, Internal Service Funds are a(n) ______ activity, whereas Enterprise Funds are typically a(n) ______ activity. A. business-type; governmental B. governmental;...

Choose the best answer. 1. The members of the Museum Board of the City of Springfield are appointed by the City of Springfield City Council, which has agreed to finance any operating deficits of the...

1 In 1996 (twenty five years ago) a family insurance policy cost ABC Company $3,500 per year. In 2021, that same family insurance policy cost ABC Company $27,600. Calculate the growth rate over this...

2-16. Multiple Choice. LO2-1) through LO2-4) Choose the best answer. 1. Government financial reports should be useful in assessing a government's accountability. Three objectives of government...

Pesco Processing uses weighted-average process-costing. All materials are introduced at the start of manufacturing, and conversion costs are incurred evenly throughout the process. The company's...

Using the concept of elasticity of demand, explain how a change in the price of a product affects its demand in the market. Analyze the factors that determine the price elasticity of supply for a...

BE17.5 (LO 2) Ismail Construction enters into a contract to design and build a hospital. Ismail is responsible for the overall management of the project and identifies various goods and services to...

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

4. It has been said that net neutrality is the most important issue facing the Internet since the advent of the Internet. Discuss the implications of this statement. What kind of Internet user are...

Youll advertise your position in the local newspaper(s), with area post-secondary schools, in newsletters circulated to members of the Professional Womens Network (see Part 5 feature) and similar...

The career fair was a very positive experience. Prepare the text of an e-mail thanking Sarah for suggesting you attend (sking09@redriver.edu).