Questions from Financial Accounting

Q: Why do some governmental units not report small amounts of supply inventories

Why do some governmental units not report small amounts of supply inventories in their balance sheets?

Q: Why do some governmental units not report small amounts of supply inventories

Why do some governmental units not report small amounts of supply inventories in their balance sheets?

Q: When is the expenditure for inventories recognized under the purchase method?

When is the expenditure for inventories recognized under the purchase method? Under the consumption method?

Q: Where is an interfund transfer reported on the general fund’s financial statements

Where is an interfund transfer reported on the general fund’s financial statements?

Q: The general fund agrees to lend the enterprise fund $2,

The general fund agrees to lend the enterprise fund $2,000 for three months. How is this interfund loan reported on the general fund’s financial statements?

Q: Match the items in the left-hand column with the descriptions

Match the items in the left-hand column with the descriptions/explanations in the right-hand column.

Q: Required: Using the requirements of GASB 33, classify

Required: Using the requirements of GASB 33, classify each of the following independent transactions for the community of Fair Lake into the proper category of revenue presented in the right-hand col...

Q: In what circumstances would a governmental unit use a special revenue fund

In what circumstances would a governmental unit use a special revenue fund rather than a general fund?

Q: The initial transfer of cash from the general fund to establish an

The initial transfer of cash from the general fund to establish an internal service fund requires the general fund to credit Cash and debit Accounts Receivable—Internal Service Fund. Transf...

Q: Which governmental funds use operating budgets? Which use capital budgets?

Which governmental funds use operating budgets? Which use capital budgets?