Questions from Financial Accounting

Q: The following balances are included in the subsidiary records of Dogwood’s Parks

The following balances are included in the subsidiary records of Dogwood’s Parks and Recreation Department on March 31, 20X2: How much does the department have available to purcha...

Q: Select the correct answer for each of the following questions.

Select the correct answer for each of the following questions. (Note: The following information is for questions 1, 2, and 3.) The balance sheet for the partnership of Joan, Charles, and Tho...

Q: The board of commissioners of the City of Elgin adopted its budget

The board of commissioners of the City of Elgin adopted its budget for the year ending July 31, 20X2, which indicated revenue of $1,000,000 and appropriations of $900,000. If the budget is formally in...

Q: Which of the following accounts of a governmental unit is credited when

Which of the following accounts of a governmental unit is credited when the budget is recorded? a. Encumbrances. b. Budgetary Fund Balance—Assigned for Encumbrances. c. Estimated Rev...

Q: Which of the following accounts of a governmental unit is debited when

Which of the following accounts of a governmental unit is debited when supplies previously ordered are received? Encumbrances. Budgetary Fund Balance—Assigned for Encumbrances. Vouch...

Q: Which of the following situations will increase a governmental unit’s fund balance

Which of the following situations will increase a governmental unit’s fund balance at the fiscal year-end? Appropriations are less than expenditures and budgetary fund balance assigned for encu...

Q: Which of the following accounts of a governmental unit is credited to

Which of the following accounts of a governmental unit is credited to close it out at the fiscal year-end? Appropriations Control. Revenue—Property Tax. Budgetary Fund Balance—Assi...

Q: Matthews, Mitchell, and Michaels are partners in BG Land Development

Matthews, Mitchell, and Michaels are partners in BG Land Development Company and share losses in a 5:3:2 ratio, respectively. The balance sheet on June 30, 20X1, when they decide to liquidate the busi...

Q: This case focuses on a governmental unit’s general fund.

This case focuses on a governmental unit’s general fund. Required: Using the CAFR for a governmental entity chosen by your instructor, answer the following questions that relate to the ov...

Q: The primary focus in accounting and reporting for governmental funds is

The primary focus in accounting and reporting for governmental funds is Income determination. Flow of financial resources. Capital maintenance. Transfers relating to prop...