Question: Question 3 : Why do governments classify cashflows by funds ( i . e . , general government fund, sewer fund, debt service fund, private

Question 3: Why do governments classify cashflows by funds (i.e., general government fund, sewer fund, debt service fund, private enterprise fund, etc.)? Why does GFOA state in its guidelines to Describe all funds that are subject to appropriation? Are their funds that are not subject, technically speaking, to appropriation? Please explain in detail.

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!

Q:

A 1 MVSMC 2 Balance Sheets B C 3 4 Assets 5 Current assets: 6 7 8 9 10 Total current assets 11 Long-term assets: 12 13 14 Property, plant and equipment, net 15 16 Total long-term assets 17 Total...

Q:

List Question 1 of 3 Total Fund Balance Total Liabilities and Fund Balances \begin{tabular}{|c|c|c|c|} \hline 266,000 & 1,499,000 & 106,000 & 1,871,000 \\ \hline$340,000 & $1,550,000 & $106,000 &...

Q:

answer was not complete. Please answer quesions 1 through 10 for 6-2. answer the best to ability EXERCISES AND PROBLEMS 139 b.net assets, restricted c.net sets, wrestricted d. capital assets 3. The...

Q:

1.A town transfers cash of 60,000 from its general fund to a debt service fund. What does the town report in its government-wide financial statement? a. No reporting is made b. Other Financing...

Q:

ust answer it like you answer a regular question, not essay style Prepare short, written answers to the following questions. You do not need to use complete sentences (bullet points are fine) but you...

Q:

Provide an analysis of at least 500 words on the 2011 Illinois State Budget. The analysis should include the state's revenues, expenditures, priorities as well as answers to the following questions:...

Q:

P. 5-7 How an acquisition is financed may dictate the annual reported expenditure. The Mainor School District is about to establish a 30machine computer lab. It is considering six alternative means...

Q:

I really just need this last part "preparation of fund financial statements and schedules" The scenario: Croton City started its calendar year 2013 with the following General Fund balances (all...

Q:

Questions 1-10 multiple choice. EXERCISES AND PROBLEMS 139 b.net assets, restricted c.net sets, wrestricted d. capital assets 3. The repayment of bond principal should be reported in the fund...

Q:

It uses the 2018 CAFR from the City of Pittsburgh found at www.pittsburghpa.gov QUESTION 1 What amount of long-term debt is classified as current in the governmental activities? There are no...

Q:

Please answer the following: Current Attempt in Progress Bonita issued an 9%,10-year $1,900,000 bond to build a monorail mass transit system. The city received $1,676,209 cash from the bond issuance...

Q:

Using supply-and-demand diagrams, show the effect of the following events on the market for sweatshirts. a. A hurricane in South Carolina damages the cotton crop. b. The price of leather jackets...

Q:

Suppose that the random variable X has the following c.d.f.: Verify that X has a continuous distribution, and determine the p.d.f. of X. for x 0 F(a)* for0 for 1

Q:

What does the Private Securities Litigation Reform Act's safe - harbor protection do ? Question 1 5 options: eliminates director and officer liability under Section 1 1 and allows selling of...

Q:

Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up...