For each entry you prepare, name the fund in which the entry should be made. Investment earnings are added to the investment principal. Cash for the sinking fund additions and the semiannual interest payments will be transferred from the General Fund shortly before the due dates. What basis of accounting is used to report governmental activities in government-wide financial statements? How does the adoption of a budget in a governmental entity differ from the adoption of a budget by a commercial enterprise? Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal.
Assume the budget has already been recorded for the General Fund. Did the debt service fund pay debt obligations related to capital leases? Week 5 DQ 2 Financial Reporting: None of the transactions has been recorded yet. Please cite some examples.
ACCT 567 WEEK 2 CASE STUDY I
Cash for the sinking fund additions and the semiannual interest payments will be transferred from the General Fund shortly before the due dates. Investment earnings are added to the act principal. The bond anticipation notes and interest thereon were repaid see Transaction 1. Basic Financial Statements Graded. Is it mandatory that a governmental entity use a capital project fund for GAAP purposes?
Actual interest earned on sinking fund investments at year-end June 30, was the same as the amount budgeted [see a 1 and a 3 ]. No money was immediately available for paying these costs credit Vouchers Payable.
ACCT Week 5 Homework Case study (KELLER)
This amount had not been encumbered. Did the debt service fund perform a debt refunding? Explanations may be omitted. The federal grant was recorded as a receivable; half of the grant is to be act to Falts City in and the remainder late in Following are transaction data for a term bonds issue for the City of Nevin. Assume the budget has already been recorded for hojework General Fund. The capital projects fund to account for the project was designated as the Street Improvement Fund.
When should a capital projects fund be used by a governmental entity?
When does GAAP require the use of a debt service fund? Assume that the term bonds had been issued several years earlier at par. Closing entries were prepared as of December 31, In what significant way do financial audits in government and not-for-profit organizations differ from those carried on in businesses? How do not-for-profit organizations differ from government activities in the way the account for business-type activities, such as dining halls, gift shops, and admission fees?
Please cite some examples.
Is the government required to account for activities in the internal service fund or in another fund? Accrued interest on bonds sold must be used for interest payments; the premium is designated by state law for eventual payment of bond principal. What financial statements must be presented by a government hhomework that engages in only business-type activities?
What is the budgetary fund balance?
Could you cite some examples? Prepare journal entries to record the preceding information in the Town of Dex Recreation Center Construction Fund and the governmental activities general journal at the government-wide level. What basis of accounting is used to report governmental activities in government-wide financial statements? How would you compare the accounting for enterprise funds with that of a businesses and b governmental funds?
A sinking fund is to be established with equal semiannual additions made on June 30 and December 31, ho,ework the first addition to be made on December 31, Assuming the budget was not amended, what was the budgetary journal entry recorded at the beginning of the fiscal year? Can another basis be used?
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The addition for the sinking fund was invested immediately in 6 percent certificates of deposit. Funds used to make the lease payment came from a capital grant received by the special revenue fund. You may ignore the entries that would also be required in the governmental activities general journal at the government-wide level.
Following are a number of unrelated transactions for K-Town, some of which affect governmental activities at the government-wide level. Posted by Unknown at