True or False
1. Activities a local government can engage in are classified as
governmental, business-type,...
True or False
1. Activities a local government can engage in are classified as
governmental, business-type, or fiduciary.
2. Only those governmental and proprietary funds that meet the
GASB size criteria for major funds are reported in separate columns
of the governmental and proprietary fund financial statements.
3.Governmental funds account for assets but not the
liabilities.
4. The types of funds that may be used in governmental
accounting are classified into the three categories of
governmental, proprietary, and fiduciary.
The following information is available for the preparation of
the government-wide financial statements for the City...
The following information is available for the preparation of
the government-wide financial statements for the City of Southern
Springs as of April 30, 2020:
Cash and cash equivalents, governmental activities
$
610,000
Cash and cash equivalents, business-type activities
1,283,000
Receivables, governmental activities
726,000
Receivables, business-type activities
2,138,000
Inventories, business-type activities
842,000
Capital assets, net, governmental activities
21,852,000
Capital assets, net, business-type activities
11,493,000
Accounts payable, governmental activities
1,044,000
Accounts payable, business-type activities
904,000
General obligation bonds, governmental activities
12,610,000
Revenue...
For each of the items below, using the Model City financial
statements: Provide the $ and...
For each of the items below, using the Model City financial
statements: Provide the $ and state which statement you found the
information (i.e.Statement of Activities – Government-wide or
Governmental Funds Balance Sheets, etc):
Total Assets for Total Government Activities
Total Assets for Business-Type Activities
Total Net Position for Total Government
Activities
Total Net Position for Business-Type Activities
Fund balance ending for Governmental Funds
General Revenues: Property taxes, levied for general
purposes
Expenses for Total Governmental Activities
Total Assets in...
The following information is available for the preparation of
the government-wide financial statements for the City...
The following information is available for the preparation of
the government-wide financial statements for the City of Northern
Pines for the year ended June 30, 2017:
Expenses:
General government
$
9,740,000
Public safety
23,094,000
Public works
12,239,000
Health and sanitation
6,235,000
Culture and recreation
4,215,000
Interest on long-term debt, governmental type
1,025,000
Water and sewer system
11,596,000
Parking system
421,000
Revenues:
Charges for services, general government
1,115,000
Charges for services, public safety
1,216,000
Operating grant, public safety
701,000
Charges for...
Governmental Accounting
Funds used in state and local government accounting and
financial reporting are classified into...
Governmental Accounting
Funds used in state and local government accounting and
financial reporting are classified into three categories: (1)
governmental funds, (2) proprietary funds, and (3) fiduciary funds.
1.What measurement focus is used for each of these three
categories
2.what types of assets and liabili- ties are reported for each
measurement focus?