Advanced Accounting
12th Edition
ISBN: 9781305084858
Author: Paul M. Fischer, William J. Tayler, Rita H. Cheng
Publisher: Cengage Learning
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Chapter 16, Problem 1.5E
To determine
Concept Introduction:
Bonds: These are the instruments wherein the borrower promises to pay off the principal as well as the interest amount to the lender within the specified period.
To choose: The correct option.
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Students have asked these similar questions
For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses:
A. Governmental funds only.
B. Proprietary funds only.
Bond Proceeds
Long Term liability for Compensated Absences
Deferred Inflows/Outflows of Resources
Taxes Receivable
Estimated Revenues
Operating Revenues
Bonds are issued at a premium by a capital projects fund. The premium should bea. retained in the capital projects fund.b. credited directly to the restricted fund balance of the capital projects fund.c. transferred to the debt service funds.d. used to reduce the net cost of the project involved.
3. Which of the following accounts appears on both the interim and year-end balance
sheets of the General Fund?
a) Revenues.
b) Reserve for encumbrances.
c) Encumbrances.
d) Appropriations.
4. Which of the following would be considered a general capital asset?
a) A vehicle purchased from general fund revenues.
b) A vehicle purchased and maintained by an enterprise fund.
c) A computer purchased from revenues of an internal service fund and used by the
supplies department.
d) Real estate purchased with the assets of a pension trust fund.
5. A machine is sold for $500. It had originally been purchased for $8,000 using GF
It is fully depreciated. Gain on sale of equipment account
revenues.
should be
recorded in the General fund journal as:
a) Debit in 500S.
b) Credit in 500$.
c) Credit in 7500S.
d) Gain on sale of equipment account will not recorded in general fund journal.
Question Three: mini cases
Chapter 16 Solutions
Advanced Accounting
Ch. 16 - Prob. 1UTICh. 16 - If a capital projects fund has authority to...Ch. 16 - Prob. 3UTICh. 16 - The debt service fund does not use budgetary...Ch. 16 - When a debt service fund receives resources, it...Ch. 16 - Prob. 6UTICh. 16 - Prob. 7UTICh. 16 - Prob. 8UTICh. 16 - Prob. 9UTICh. 16 - Prob. 10UTI
Ch. 16 - Describe the difference between accounting for...Ch. 16 - Prob. 12UTICh. 16 - Prob. 1.1ECh. 16 - Prob. 1.2ECh. 16 - Prob. 1.3ECh. 16 - Prob. 1.4ECh. 16 - Prob. 1.5ECh. 16 - Prob. 1.6ECh. 16 - Prob. 1.7ECh. 16 - Prob. 1.8ECh. 16 - Prob. 1.10ECh. 16 - Prob. 2.1ECh. 16 - Prob. 2.2ECh. 16 - Prob. 2.3ECh. 16 - Prob. 2.4ECh. 16 - Prob. 2.5ECh. 16 - Prob. 2.6ECh. 16 - Prob. 2.7ECh. 16 - Prob. 2.8ECh. 16 - Prob. 2.9ECh. 16 - Prob. 2.10ECh. 16 - Prob. 3.1ECh. 16 - Prob. 3.2ECh. 16 - Prob. 3.3ECh. 16 - Prob. 3.4ECh. 16 - Prob. 4ECh. 16 - Special assessments levy, capital projects fund....Ch. 16 - Prob. 6ECh. 16 - Prob. 7ECh. 16 - Prob. 8ECh. 16 - Prob. 9ECh. 16 - Prob. 10ECh. 16 - Prob. 11ECh. 16 - Prob. 12ECh. 16 - Prob. 16.1.1PCh. 16 - Prob. 16.1.2PCh. 16 - Prob. 16.1.3PCh. 16 - Prob. 16.1.4PCh. 16 - Prob. 16.1.5PCh. 16 - Prob. 16.1.6PCh. 16 - Prob. 16.1.7PCh. 16 - Prob. 16.1.8PCh. 16 - Prob. 16.2.1PCh. 16 - Prob. 16.2.2PCh. 16 - Prob. 16.2.3PCh. 16 - Prob. 16.2.4PCh. 16 - Prob. 16.2.5PCh. 16 - Prob. 16.2.6PCh. 16 - Prob. 16.2.7PCh. 16 - Prob. 16.12.1PCh. 16 - Prob. 16.12.2PCh. 16 - Prob. 16.13.1PCh. 16 - Enterprise fund, general fund. In 2018, a city...Ch. 16 - Prob. 16.13.3PCh. 16 - Prob. 16.14PCh. 16 - Prob. 16.15PCh. 16 - Prob. 16.16PCh. 16 - Prob. 16.18.1PCh. 16 - Prob. 16.18.3PCh. 16 - Prob. 16.18.4PCh. 16 - Prob. 16.18.5PCh. 16 - Prob. 16.18.6PCh. 16 - Prob. 16.18.7PCh. 16 - Prob. 16.18.8PCh. 16 - Prob. 16.18.9PCh. 16 - Prob. 16.18.10PCh. 16 - Prob. 16.19.2PCh. 16 - Prob. 16.19.3PCh. 16 - Prob. 16.19.4PCh. 16 - Prob. 16.19.5PCh. 16 - Prob. 16.19.6PCh. 16 - Prob. 16.19.9PCh. 16 - Prob. 16.19.11PCh. 16 - Prob. 16.19.12PCh. 16 - Prob. 16.19.13PCh. 16 - Prob. 16.19.14PCh. 16 - Prob. 16.19.15PCh. 16 - Prob. 16.19.16PCh. 16 - Prob. 16.19.17PCh. 16 - Prob. 16.19.18PCh. 16 - Prob. 16.19.19PCh. 16 - Prob. 16.19.20PCh. 16 - Prob. 16.19.21PCh. 16 - Prob. 16.19.22P
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- All oI toe above are 3. Which of the following accounts appears on both the interim and year-end balance sheets of the General Fund? a) Revenues. b) Reserve for encumbrances. c) Encumbrances. d) Appropriations. 4. Which of the following would be considered a general capital asset? a) A vehicle purchased from general fund revenues. b) A vehicle purchased and maintained by an enterprise fund. c) A computer purchased from revenues of an internal service fund and used by the supplies department. d) Real estate purchased with the assets of a pension trust fund. 5. A machine is sold for S500. It had originally been purchased for $8,000 using GF It is fully depreciated. Gain on sale of equipment account should be revenues. recorded in the General fund journal as: a) Debit in 500$. b) Credit in 500$. c) Credit in 7500$. d) Gain on sale of equipment account will not recorded in general fund journal. الولايات المتحدة الأمريكية( hparrow_forwardWhich of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.arrow_forwardPrepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.arrow_forward
- Which of the following is an example of an interactivity transaction?a. Money is transferred from the general fund to the debt service fund.b. Money is transferred from the capital projects fund to the general fund.c. Money is transferred from the special revenue fund to the debt service fund.d. Money is transferred from the general fund to the enterprise fund.arrow_forwardIndicate the part [(a) through (e)] of the general fund statement of revenues, expenditures, and changes in fund balance affected by transactions (1) through (7).a. Revenuesb. Expendituresc. Other financing sources and usesd. Residual equity transferse. Statement of revenues, expenditures, and changes in fund balance is not affected.1. An unrestricted state grant is received.2. The general fund paid pension fund contributions that were recoverable (reimbursed) from an internal service fund.3. The general fund paid $60,000 for electricity supplied by the electric utility enterprise fund.4. General fund resources were used to subsidize the swimming pool enterprise fund.5. General fund resources of $90,000 were loaned to an internal service fund.6. A motor pool internal service fund was established by a transfer of $80,000 from the general fund. This amount will not be repaid unless the motor pool is disbanded.7. General fund resources were used to pay amounts due on an operating lease.arrow_forwardWhich of the following is an example of an interactivity transaction? Money is transferred from the general fund to the debt service fund. Money is transferred from the capital projects fund to the general fund. Money is transferred from the special revenue fund to the debt service fund. Money is transferred from the general fund to the enterprise fund.arrow_forward
- Which of the following funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.arrow_forwardAll proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements. a. True O b. Falsearrow_forwardIn a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets a.Yes Yes b.No No c.No Yes d.Yes Noarrow_forward
- TRUE or FALSE The liability resulting from the issue of serial bonds is accounted for in the general fund. A credit balance in the Fund balance – Unreserved, Undesignated account of a general fund represents the excess of inflows over out flows of financial resources available for expenditure. Each transaction affecting a governmental fund requires an entry in only one fund or account group.arrow_forwardRevenues that are legally restricted to expenditures for specified purposes should be accounted for in special revenue funds, includinga. accumulation of resources for payment of general long-term debt principal and interest.b. pension trust fund revenues.c. gasoline taxes to finance road repairs.d. proprietary fund revenues.arrow_forwardThis problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a: Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund. Problem b: Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed. Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…arrow_forward
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