EX 1-1\t2.\u00a0 If businesses are “governed by the marketplace,”\ufffd governments are governed by\t4.\u00a0 In governments, in contrast to businesses,\t6.\u00a0 The number of governmental units in the United States is approximately\t8.\u00a0 Interperiod equity refers to a condition whereby\t10. Which of the following is\u00a0not\u00a0one of the FASB’s financial reporting objectives?\tEX. 1″\ufffd3\u00a0Internet-based exercise\t1. \ufffd \ufffd \ufffd\u00a0\u00a0 Visit the GASB website (www.gasb.org)\ta) \ufffd What is the GASB?\tb)\u00a0\u00a0\u00a0\u00a0 What is the mission of GASB?\tBased on GASB’s White Paper,\u00a0Why Governmental Accounting and Financial Reporting Is and Should Be Different,\u00a0describe the key environmental differences between governments and for-profit business enterprises\t2. \ufffd \ufffd \ufffd\u00a0\u00a0 Visit the GFOA website (www.gfoa.org)\ta) \ufffd What is the GFOA, and what role does it play?\tEX. 2-2\t1. Oak Township issued the following bonds during the year:\tThe amount of debt to be reported in the general fund is\t3.\u00a0 Assuming that Bravo County receives all of its revenues from unassigned property taxes, it is most likely to account for the activities of its police department in its\t5.\u00a0 Grove City received the following resources during the year:\tThe amount that the city should most likely report as revenues in its special revenue funds is\t. During the year, Brian County collects $12 million of property taxes on behalf of Urton Township. Of this amount it remits $10 million to the township, expecting to remit the balance shortly after the end of its fiscal year. The amount of revenue that the county should report is\t\u00a0\t9.\u00a0 A city receives a $30 million contribution. The donor stipulates that the money is to be invested. The principal is to remain intact and the investment proceeds are to be used to provide scholarships for the children of city employees. The contribution should be reported as revenue of a\t\u00a0\tEX. 2-5\tE2-5 page 78\tFunds are separate fiscal and accounting entities, each with its own self-balancing set of accounts.\t\u00a0\tThe newly established Society for Ethical Teachings, a not-for-profit organization, maintains two funds”\ufffda general fund for operations and a building fund to accumulate resources for a new building. In its first year, it engaged in the following transactions:\t1. It received cash contributions of $200,000, of which $40,000 were restricted to the acquisition of the new building.\t2. It incurred operating costs of $130,000, of which it paid $120,000 in cash.\t3. It earned $3,000 of interest (the entire amount received in cash) on resources restricted to the acquisition of the new building.\tEX. 3-1\tSelect the\u00a0best\u00a0answer.\t\t\tAppropriation budgets are typically concerned with\t\t\tWhich of the following types of budgets would be most likely to include a line item “purchase of supplies”\ufffd?\t\t\tPer GASB Statement No. 34, a budget-to-actual comparison must include columns for the actual results and\t\t\tApportionments are made during which phase of the budget cycle?\t\t\tIn adopting and recording the budget a government should\t\t\tIn closing budgetary and expenditure accounts at year-end a government should\t\t\tThe prime function of budgetary entries is to\t\t\tA government should debit an expenditure account upon\t\t\tIf a government records the budget, and actual revenues exceed budgeted revenues, what would be the impact on the year-end financial statements?\t\t\tA “cash basis”\ufffd budget relative to a “modified accrual basis”\ufffd budget\tEX. 3-5\tBoth budgeted and actual revenues and expenditures are closed to the fund balance.\tThe budgeted and actual revenues and expenditures of Seaside Township for a recent year (in millions) were as presented in the schedule that follows.\t\t\tPrepare journal entries to record the budget.\t\t\tPrepare journal entries to record the actual revenues and expenditures. Assume all transactions resulted in increases or decreases in cash.\t\t\tPrepare journal entries to close the accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"
EX 1-1 2.\u00a0 If businesses are “governed by the marketplace,”\ufffd governments are governed by 4.\u00a0 In governments, in contrast to businesses, 6.\u00a0 The number of governmental units in the United States is approximately 8.\u00a0 Interperiod equity refers to a condition Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-200124","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200124","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=200124"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/200124\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=200124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=200124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=200124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}