Governmental entities have one major advantage over nor-for-profit organizations, what is it? O a. All of the choices are valid reasons The fact that the budget gives them clear guidance O b. Oc. The right to collect real estate taxes Backing of the federal government O d. Oe. The right to compel resources

Governmental entities have one major advantage over nor-for-profit organizations, what is it? O a. All of the choices are valid reasons The fact that the budget gives them clear guidance O b. Oc. The right to collect real estate taxes Backing of the federal government O d. Oe. The right to compel resources

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter1: Role Of Accounting In Society

Section: Chapter Questions

Problem 9MC: A governmental agency can best be described by which of the following statements? A. has a primary...

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T/F questions 1) Government business type activities provide services to users for fees that are intended to recover all or a portion of the costs of providing the services. 2) General governmental activities provide goods and services to citizens without regard to their ability to pay. 3) Proprietary funds report revenues and expenses using a modified-accrual basis of accounting. 4) The governmental fund accounting equation is Current Assets - Current Liabilities = Fund Balance. 5) Enterprise funds are used to account for business-type activities that serve primarily internal customers. 27) A restricted fund balance represents amounts that can only be spent for the specific purposes stipulated by constitution, external resource providers, or through enabling legislation. 28) Government enter the annual budget in the journal by recording a debit to the appropriations account and a credit to estimated revenues. 29) Under accrual accounting, revenues are generally recognized in the…
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