Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 2Q
To determine
Classify the given government by their type.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Identify the following funding sources as primarily public or private.a. Municipal bondsb. Retained earningsc. Sales taxesd. Automobile license feese. Bank loansf. Savings accountsg. Engineer’s retirement planh. State fishing license revenuesi. Entrance fees to Disneylandj. State park entrance fees
The Village of Rebecca receives photocopy services from its central copy center operation. Which funds would be involved in this transaction?
O A) Capital Projects Fund & Internal Service Fund.
B) Agency Fund & Internal Service Fund.
Agency Fund & General Fund.
D) Internal Service Fund & General Fund.
Which of the following entities is least likely to be included as a blended component unit in a county government’s financial statements?
a.
County library, funded by general obligation bonds
b.
Tobacco settlement financing authority, whose board members are appointed by the county
c.
County water authority, funded by debt secured by water revenues
d.
County building authority, whose board members are appointed by the county
Chapter 1 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Explain the meaning and significance of...Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - What are the three sections of a comprehensive...Ch. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11CCh. 1 - Prob. 12CCh. 1 - Prob. 13CCh. 1 - Prob. 14CCh. 1 - Prob. 16CCh. 1 - Prob. 18EPCh. 1 - Prob. 19.1EPCh. 1 - Prob. 19.2EPCh. 1 - Prob. 19.3EPCh. 1 - Prob. 19.4EPCh. 1 - Prob. 19.5EPCh. 1 - Prob. 19.6EPCh. 1 - Prob. 19.7EPCh. 1 - Prob. 19.8EPCh. 1 - Prob. 19.9EPCh. 1 - The primary reason that not-for-profit (NFP)...Ch. 1 - Matching. (LO1-1, LO1-2, LO1-4, LO1-5) For each...Ch. 1 - Prob. 21EP
Knowledge Booster
Similar questions
- 1) State whether each of the following items should be classified as taxes, licences and permits, intergovernmental revenues, charges for services, fines and forfeits or miscellaneous revenue in a governmental fund. g) Charges to a local university for extra city police protection during sporting events. h) Barbers and hairdressers’ registration fees. i) Donation to government due to coronovirus. j) Parkingarrow_forwardAn employment agency for individuals with disabilities works closely with the City of Hanover. The employment agency is legally separate from the city but still depends on it for financial support, which leads to a potential financial burden for the city. How should Hanover report the employment agency in its comprehensive annual financial report? Choose the correct.a. Not at all because the agency is legally separate.b. As a part of the general fund.c. As a component unit.d. As a related organization.arrow_forwardthe commissioners court, the county tax collector, the county clerk, the district attorney, and the county sheriff. Which county official above is the most significant and why?arrow_forward
- What are the main sources of revenues for the City of Phoenix, including both governmental and business-type activities?arrow_forwardTaxes collected and held by Dunne County for a school district would be accounted for in which of the following funds? a. Trust b. Agency c. Special revenue d. Internal servicearrow_forwardWhich of the following is likely not a type of not-for-profit entity? A. public library B. community foundation C. university D. local movie theaterarrow_forward
- A city starts a public library that has separate incorporation and gets some of its money for operations from the state and some from private donations. Indicate whether each of the following independent statements is true or false and briefly explain each answer. If the city appoints 9 of the 10 directors, it must report the library as a component unit. If the library is a component unit and its financial results are shown as part of the governmental activities of the city, it is known as a blended component unit. If the library appoints its own board but the city must approve its budget, the library must be reported as a blended component unit.arrow_forwardDo some research: why is Comcast incorporated in Pennsylvania?arrow_forwardIn a county's ACFR, the basic financial statements are Select one: O O O O a. the government-wide and fund statements plus notes to the financial statements. b. the government-wide and fund statements. c. the government-wide and fund statements plus MD&A. d. the government-wide statements.arrow_forward
- Major sources of revenue for the local government units (LGUs) are the taxescollected under the Local Government Code of 1991 or what Republic Act? a. Republic Act No. 7160 b. Republic Act No. 7260 c. Republic Act No. 7150arrow_forward7 The City of Kastle purchased a vehicle for the parks department. If the operations of the parks department are financed by general revenues, an asset would be recorded in which journal(s)? A) B) C) D) General Fund Yes No No Yes Multiple Choice O O O Governmental Activities No Choice A. Choice B. Choice C. Choice D. No Yes Yesarrow_forwardThe primary revenue for local government is..... a. Income taxation b. Sales taxation c. Estate taxation d. Property taxationarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College