Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Question
Chapter 4, Problem 3Q
To determine
Explain the way in which governments would manage
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What would be the appropriate account title for funds collected by a sales tax custodial fund?
A. Sales tax revenue
B. Other financing sources
C. Additions-tax collections for other governments
D. Sales taxes receivable
1. In many cases, property taxes comprise a significant source of revenue and cash receipts for a government. If prperty tax cash colletions typically occur during one or two collection periods, how do governments manage working capital needs?
2. while governments are not required to issue interim financial reports, what role does interim financial reporting play in local government administration?
Which of the following is an example of activities that are likely to be accounted for in a government's general fund?
a.
sales taxes collected by a state on behalf of counties within the state
b.
donations that must be kept intact, but whose income must be used to beautify parks
c.
property taxes levied and collected.
d.
electricity utilities of government that are financed by user charges
Chapter 4 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 4 - Prob. 1QCh. 4 - When preparing the statement or schedule of...Ch. 4 - Prob. 3QCh. 4 - During a recession citizens and governments see a...Ch. 4 - If the General Fund of a certain city needs...Ch. 4 - Prob. 6QCh. 4 - Explain why some governments may account for...Ch. 4 - Prob. 8QCh. 4 - Prob. 9QCh. 4 - Prob. 10Q
Ch. 4 - Prob. 12CCh. 4 - Prob. 14CCh. 4 - Choose the best answer. When equipment is...Ch. 4 - Goods for which a purchase order had been placed...Ch. 4 - Prob. 16.3EPCh. 4 - Garden City has calculated that General Fund...Ch. 4 - Prob. 16.5EPCh. 4 - Carroll City levies 200,000 of property taxes for...Ch. 4 - Prob. 16.7EPCh. 4 - Prob. 16.8EPCh. 4 - Prob. 16.9EPCh. 4 - Prob. 16.10EPCh. 4 - Prob. 17EPCh. 4 - Prob. 18EPCh. 4 - Prob. 19EPCh. 4 - At the end of fiscal year 2017, the City of...Ch. 4 - The City of Waterville applied for a grant from...Ch. 4 - Prob. 22EPCh. 4 - Prob. 23EPCh. 4 - Prob. 24EPCh. 4 - Prob. 25EP
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Similar questions
- What is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?arrow_forwardUsing loanable funds model, explain how tax cuts for businesses will impact the interest rate and supply & demand for funds.arrow_forwardIs accounting for the tax effects on project cash flows worth the effort? Please discuss and justify your answer.arrow_forward
- What is the purpose of enterprise funds? To account for operations that provide services to other departments within a government. To account for asset transfers. To account for ongoing activities such as the police and fire departments. To account for operations financed in whole or in part by outside user charges.arrow_forward1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund. A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house 2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements?arrow_forward1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund. A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house 2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements? 15 degrees.arrow_forward
- What is the purpose of enterprise funds? Choose the correct.a. To account for operations that provide services to other departments within a government.b. To account for asset transfers.c. To account for ongoing activities such as the police and fire departments.d. To account for operations financed in whole or in part by outside user charges.arrow_forwardGovernmental 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 The right to collect real estate taxes O b. Oc. O d. Oe. The right to compel resources Backing of the federal governmentarrow_forwardWhich of the following determine(s) the level of real interest rates? 1) The supply of savings by households and business firms II) The demand for investment funds III) The government's net supply and/or demand for funds O I, II, and III OI and II only O I only Oll onlyarrow_forward
- The government can by a. Raise revenue; reducing taxes b. create money; levying taxes. c. both a) and b) d. go into debt; issuing government bonds. e. finance deficit; spending morearrow_forwardPlease provide as much detail as possible. It must be a detailed explanation for each. What are some of the tax-factor benefits of capital budgeting? a) annual depreciation... how and why is it a benefit? b) interest on loans...why? c) investment tax credits...why?arrow_forwardAccording to PAS 20 Accounting for Government Grants and Disclosure of Government Assistance, which of the following is a government grant? a. Tax benefits Free technical or marketing advice Public improvements that benefit the entire community Provision of guarantees Noninterest-bearing loan from the government According to PAS 20 Accounting for Government Grants and Disclosure of Government Assistance, which of the following is not a government grant? Aid from the government to compensate for casualty losses already incurred. Cash received from the government to be used to acquire land. Government procurement policy that is responsible for a portion of the entity’s sales. Aid from the government to defray expenses which are yet to be incurred.arrow_forward
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