advanced accounting Chapter 17Solution ManualWord格式文档下载.docx
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andcollectionofservicecharges.
Q17-2
Theelevenfundsgenerallyusedbylocalandstategovernmentsare:
Governmental
a.
Generalfund
b.
Specialrevenuefund
c.
Capitalprojectsfund
d.
Debtservicefund
e.
Permanentfund
Proprietary
f.
Internalservicefund
g.
Enterprisefund
Fiduciary
h.
Pensiontrustfund
i.
Investmenttrustfund
j.
Private-purposetrustfund
k.
Agencyfunds.
Thepurposeofeachfundisindividuallydiscussedbelow:
a.Generalfund:
Allfinancialresourcesexceptthoserequiredtobeaccountedforinanotherfundareaccountedforinthegeneralfund.
b.Specialrevenuefund:
Theproceedsofspecificrevenuesourcesthatarelegallyrestrictedforspecifiedpurposesareaccountedforinthespecialrevenuefund.
c.Capitalprojectsfund:
Financialresourcestobeusedfortheacquisitionorconstructionofmajorcapitalprojectsthatwillbenefitalargepopulationareaccountedforinthecapitalprojectsfund.
d.Debtservicefund:
Theaccumulationofresourcesforandthepaymentof,generallong-termdebtprincipalandinterestareaccountedforinthedebtservicefund.
Q17-2(continued)
e.Permanentfund:
Accountsforresourcesforwhichtheprincipalmustbemaintained,butforwhichtheearningsmaybeusedinsupportofgovernmentalprograms.
f.Internalservicefund:
Thefinancingofgoodsorservicesprovidedbyonedepartmentoragencytootherdepartmentsoragenciesofthegovernmentalunit,ortoothergovernmentalunits,areaccountedforininternalservicefunds.
g.Enterprisefund:
Operationsofgovernmentalunitsthatchargeforservicesprovidedtothegeneralpublicareaccountedforintheenterprisefunds.
h.Pensiontrustfund:
Resourcesheldbyagovernmentalunitinatrusteecapacityforthemembersandbeneficiariesofpensionplans,postemploymentplans,orotheremployeebenefitplans.
i.Investmenttrustfunds:
Accountsfortheexternalportionofinvestmentpoolsofgoverningunits.
j.Private-purposetrustfund:
Accountsfortrustarrangementsunderwhichbothprincipalandinterestmaybeusedtobenefitspecificindividuals,privateorganizations,orothergovernmentalunits.Notethattheseresourceshavespecificpurposesasstatedbythedonororgrantor,andarenotavailableforgeneralgovernmentalprograms.
k.Agencyfunds:
Assetsheldbyagovernmentalunitinanagencycapacityforemployeesorotherindividualsareaccountedforinagencyfunds.
Q17-3
Themodifiedaccrualbasisincludessomeaspectsofaccrualaccountingandsomeaspectsofcash-basisaccounting.Underthemodifiedaccrualbasis,theemphasisisonreportinghowwellthegovernmentperformedbyfocusingonwhentherevenueandexpendituresarerecognizedintheaccountsandreportedinthefinancialstatements.Theemphasisisnotonhowmuchwasearnedorontheamountofexpenses.
Q17-4
Themodifiedaccrualbasisisusedforfundsforwhichexpendabilityistheconcernbecausethegoverningentityisinterestedinthedeterminationoftheresourcesstillremainingtobeexpendedtocarryouttheobjectivesofthefund.
Q17-5
Propertytaxesarerecognizedasrevenueinthegeneralfundwhenthetaxesarelevied,providedtheyapplytoandarecollectiblewithinthecurrentfiscalperiod,orwithinashortperiod(<
60days)aftertheendofthefiscalperiod.
Q17-6
GASB33statesthattaxpayer-assessedincomeandsalestaxesshouldbeaccruedinthegeneralfundwhentheybecomebothmeasurableandavailabletofinanceexpendituresofthefiscalperiod.Salestaxesheldbyothergovernmentalunitsshouldberecognizedifthetaxesarebothmeasurableandavailableforexpenditure.Measurabilityinthiscaseisbasedonanestimateofthesalestaxestobereceived,andavailabilityisbasedontheabilityofthegoverningentitythatwillreceivethefuturedistributiontoobtaincurrentresourcesthroughcreditbyusingfuturesalestaxreceiptsascollateralfortheloan.
Q17-7
Budgetaryaccountingistheenteringofthebudgetedrevenue,appropriations,andnetincreaseordecreaseinfundbalanceintotheformalaccountingrecordsasaformalaccountingcontrolmechanism.Expectedrevenueisaccountedforasestimatedrevenue,ananticipatoryassetaccount.Thegovernmentalunitanticipatesreceivingresourcesfromtherevenuesourceslistedinthebudget.Anticipatedexpendituresareaccountedforasappropriations,ananticipatoryliabilityaccount.Thegovernmentalunitanticipatesincurringliabilitiesforthebudgetedamount.Boththeexpectedrevenueandtheappropriationsaccountsareclosedattheendofthefiscalperiod.
Q17-8
Allexpendituresarenotencumbered.Payrollcostsandothercostsforgoodsreceivedfromwithinthegovernmentalentityarenotencumberedbecausethesearenormalandrecurringcosts.
Q17-9
Somegovernmentalunitsdonotreportsmallamountsofinventoriesofsuppliesintheirbalancesheetsbecausetheamountofinventoryisnotmaterial.
Q17-10
UnderthelapsingmethodtheReserveforEncumbrancesaccountisshownasareservationofthefundbalanceonthefiscalyear-endbalancesheet.Theencumbranceaccountisanominalaccountthatisclosedattheendofthefiscalperiod.Theneteffectistocloseouttheremainingencumbrancesagainstthefundbalance-unassigned.Alternatively,theGASBdoesallowforjustfootnotedisclosureofthelapsingopenordersatyear-endthatareexpectedtobehonoredinthenextfiscalperiod.
Underthenonlapsingmethodtheexpenditureauthorityfrompriorperiodsiscarriedoverasnonlapsingencumbrances.Thebudgetforthenextfiscalperioddoesnotincludethesecarryoversandismorerealisticforsituationsinwhichordersplacedwithoutsidevendorscannoteasilybecanceled.Theencumbrancesaccountandthebudgetaryreserveforencumbrancesaccountarestillclosedattheendofthefirstperiod.
Whenaccountingfortheactualexpenditureinthesubsequentyear,thelapsingmethodrequiresthenewgoverningboardtodecideifitwillhonortheoutstandingencumbrancesfromthepreviousyearbyincludingtheminthecurrentbudgetedappropriations.Ifthegoverningboardacceptstheobligationtohonortheiroutstandingpurchaseordersfromtheprioryear,therecordingofthecurrentyear’sbudgetestablishestheexpenditureauthorityfortheprioryear-end’sopenencumbrance.Intheeventthenewgoverningboarddecidesnottohonortheoutstandingencumbrances,thereserveforoutstandingencumbrancesisclosedtotheunassignedfundbalanceandtheorderforthegoodsiscancelledwiththeexternalvendor.
Whenaccountingfortheactualexpenditureinthesubsequentyear,thenonlapsingmethodseparatesexpendituresmadefromspendingauthoritycarriedoverfrompriorperiods.Thisisdoneinareclassificationentrymadeonthefirstdayofthenextfiscalperiod,whichdatesthereserveforencumbrances.Whenthegoodsarereceivedinthesecondyear,theexpendituresaccountisalsodatedtonotethatitreferstoexpenditureauthorityoftheprioryear.
Q17-11
Theexpenditureforinventoriesisrecognizedintheperiodthesuppliesareacquiredunderthepurchasemethod.Undertheconsumptionmethod,theexpenditureforinventoriesisrecognizedforonlytheamountofinventoryusedintheperiod.
Q17-12
Interfundservicesprovidedandusedareinterfundactivitiesthatwouldbetreatedasrevenuesorexpendituresiftheyweremadewithpartiesexternaltothegovernmentalentity.Anexamplewouldbeifthegeneralfundpurchasedsuppliesfromtheinternalservice
Interfundtransfersoutorinaretransfersofresourcesbetweenfunds.Anexamplewouldbeatransferofresourcesfromthegeneralfund(aninterfundtransferout)tothecapitalprojectsfund(atransferin)toassistintheconstructioncostsofanewmunicipalbuilding.
Q17-13
Aninterfundtransferisreportedas"
OtherFinancingSourcesorUses"
inthegeneralfund'
sstatementofrevenues,expenditures,andchangesinfundbalance.
Q17-14
Theloanof$2,000fromthegeneralfundtotheenterprisefundisreportedonthefinancialstatementsofthegeneralfundonthebalancesheetasareceivable.Theloanisnotshownonthefund'
Q17-15
Governmentalaccountingplacesmanycontrolsoverexpenditures,andmuchofthefinancialreportingfocusesonthevariousaspectsofanexpenditure.Anexpenditurecanbemadeforafunctionofthegovernmentalentityoranactivitywithinafunction.Expendituresforanactivitycanbeclassifiedbyobject,whichisthetypeofexpenditure.Theextensivedetailrequiredtoaccountforandcrossreferenceanexpendituretoensureitisproperlyclassifiedatalllevelsrequiresaverycomprehensiveaccountingsystem.
SOLUTIONSTOCASES
C17-1BudgetTheory
a.Agovernmentalaccountingsystemmustmakeitpossibleto:
1.Presentfairlyandwithfulldisclosure,inconformitywithgenerallyacceptedaccountingprinciples,thefinancialpositionandresultsoffinancialoperationsofthe
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