A government retired a short-term note payable of a governmental fund by paying the $1,000 of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A government retired a short-term note payable of a governmental fund by paying the $1,000 of principal and $30 of interest that were due. The effect of this transaction on the governmental fund from which the payment was made is to reduce its fund balance by how much? A. $O B. $1000 C. SL030 D. $30 Fund accounting: A. groups funds for budgeting purposes. B. Is of limited usefulness in accounting for general government activities. C. Is the key allocation mechanism used in government. D. segregates resources according to the purposes or activities for which they are to be used. Submit Answun Which of the following increase net position in the GCA-GLTL accounts? O A. Issuance of general long-term debt B. Purchase of general government equipment for cash C. Purchase of general government office supplies for cash D. Sale of general government equipment at a gain Submit Answers A government retired a short-term note payable of a governmental fund by paying the $1,000 of principal and $30 of interest that were due. The effect of this transaction on the governmental fund from which the payment was made is to reduce its fund balance by how much? A. $O B. $1000 C. SL030 D. $30 Fund accounting: A. groups funds for budgeting purposes. B. Is of limited usefulness in accounting for general government activities. C. Is the key allocation mechanism used in government. D. segregates resources according to the purposes or activities for which they are to be used. Submit Answun Which of the following increase net position in the GCA-GLTL accounts? O A. Issuance of general long-term debt B. Purchase of general government equipment for cash C. Purchase of general government office supplies for cash D. Sale of general government equipment at a gain Submit Answers
Expert Answer:
Answer rating: 100% (QA)
1 Answer C 1030 To record repayment of note payables and interest t... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-0538480284
11th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Posted Date:
Students also viewed these accounting questions
-
Select the best answer to the following multiple-choice questions: 1. Which of the following statements is correct concerning a governmental entitys combined statement of cash flows? a. Cash flows...
-
Curtis & Company is an architectural firm specializing in home remodeling for private clients and new office buildings for corporate clients. Curtis & Company charges customers 125% of their total...
-
Select the best answer for each of the following multiple-choice items. 1. Which of the following statements is correct concerning a governmental entitys statement of cash flows? a. Cash flows from...
-
How can we measure a security's contribution to the risk of the market portfolio?
-
Freeway congestion (at certain times of the day) is the result of a disequilibrium price (below equilibrium price) being charged to drive on the freeway. Do you agree or disagree? Explain your answer.
-
For air at standard atmospheric pressure the values of the constants that appear in the Sutherland equation are \(C=1.458 \times 10^{-6} \mathrm{~kg} /\left(\mathrm{m} \cdot \mathrm{s} \cdot...
-
When fluid flows through an abrupt expansion as indicated in Fig. P5.125, the loss in available energy across the expansion, \(\operatorname{loss}_{\mathrm{ex}}\), is often expressed as \[...
-
The unadjusted trial balance for Sierra Corp. is shown in Illustration 4-4. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data. 1. Advertising...
-
What are the challenges associated with heat transfer in compact heat exchangers, and how do innovations in materials science and additive manufacturing contribute to overcoming these challenges ?
-
1. Ms. Jones now asks Rosa to look at the ratio analysis of Readers' Publishing's balance sheet for the last quarter and interpret the result. "Our balance sheet showed cash of $20,000, cash...
-
Describe three different barriers to effective listening and how they develop in the workplace. Describe some basic steps you could take to remove existing barriers in your current workplace....
-
Note - involve comparing recorded accounting data with historical information, budget expectations or external benchmarks. These procedures enable the auditors to assess the overall reasonableness of...
-
Table 8-4 Consumption expenditures $900 Investment expenditures 550 Government purchases 1100 Government transfer payments 500 Exports 200 Imports 350 Refer to Table 8-4. Consider the data above for...
-
2. Given the following information, what would be the value of M1? (4 points) Small time deposits $650 billion Checking deposits Savings-type accounts $300 billion $750 billion Money market mutual...
-
16. Using the limit as h goes to 0, find the slope of each of the following: [4 Marks, 5 Marks] a) f(x) = -6x + 7x-3 at x = -2 b) f(x) = x-8 2x+5 at x = 1
-
In an organisation, a small percentage of employees will be unwilling or unable to achieve a satisfactory level of performance or abide by the rules of conduct within the organisation. Performance...
-
How do cultural practices and traditions shape individuals' perceptions of identity, belonging, and meaning-making within diverse societies, and how do these cultural constructs evolve over time?
-
A police officer pulls you over and asks to search your vehicle because he suspects you have illegal drugs inside your car. Since he doesn't have reasonable suspicion to search your car, legally he...
-
Pederson Company acquires the net assets of Shelby Company by issuing 100,000 of its $1 par value shares of common stock. The shares have a fair value of $20 each. Just prior to the acquisition,...
-
Prepare journal entries in the general fund for the following 2018 transactions that represent inflows of financial resources to Tyler City: 1. To pay the wages of part-time city maintenance...
-
Distinguish between a corporate reorganization and a liquidation as provided for under bankruptcy law.
-
Why do organizations conduct marketing research?
-
Discuss an ethical issue in marketing research that relates to each of the following stakeholders: (1) client, (2) the supplier, and (3) the respondent.
-
What are some of the reasons for the increased need for marketing research?
Study smarter with the SolutionInn App