Ask Question, Ask an Expert


Ask Accounting Basics Expert

1) Which of the given statements is not needed in financial reports of a not-for-profit entity?

a. Statement of Position.
b. Statement of Restricted Funds.
c. Statement of Activities.
d. Statement of Cash Flows.

2) Review of Annie's books illustrates the following information:

1. $2,500 of outstanding vouchers payable

2. $3,000 of outstanding purchase order amounts

Which of these amounts will you expect to see in a general fund's encumbrance’s account?

a. $500
b. $5,500
c. $2,500
d. $3,000

3) The City of Lakeview accepts its budget on the basis of accounting which allows outstanding purchase commitments to be charged against budget in year that goods are ordered instead of in the year they are received. In the year City ordered and received $4,000 of supplies (of which $3,000 had been paid and $1,000 was unpaid) and had $500 of outstanding purchase commitments for supplies at year-end. In Statement of Budget to Actual, the expenditures for supplies will be:

a. $4,000.
b. $4,500.
c. $3,500.
d. $3,000.

4) A county general fund budget comprises budgeted revenues of $600 and budgeted expenditures of $595. Actual revenues for year were $610. To close an Estimated Revenues account at the end of the year

a. Debit Estimated Revenues $10
b. Credit Estimated Revenue $10
c. Debit Estimated Revenues $600
d. Credit Estimated Revenues $600

5) In 2006, a state has the given cash collections related to state income taxes

Payroll withholdings and estimated payments related to 2006 income $ 360

4/15/06 Balance of 2006 (net of $10 refunds) income taxes $ 40
1/15/07 payroll withholdings and estimated payments related to 2006 income $ 30
2/15/07 payroll withholdings and estimated payments related to 2006 income $ 35
3/15/07 payroll withholdings and estimated payments related to 2008 income $ 25
4/15/07 Balance of 2006 (net of $5 refunds) income taxes $ 45

Suppose that state defines available as the maximum period allowable for property taxes, what is the amount of revenue that will be recognized in the 2006 governmental fund financial statements associated to state income taxes?

a. $465.
b. $405.
c. $430.
d. $400.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99935

Have any Question? 

Related Questions in Accounting Basics

Consider that a company has excess cash flow google is a

Consider that a company has excess cash flow. Google is a good one to look at. Google invests in short term securities to earn something on the cash. What is another way the cash could be used to create wealth for the in ...

Assignment reorganizationtarget corporation holds assets

Assignment: Reorganization Target Corporation holds assets with a fair market value of $4 million (adjusted basis of $2.2 million) and liabilities of $1.5 million. It transfers assets worth $3.7 million to Acquiring Corp ...

Term paperfirmsteamsanadarko petroleumadams michaelaellis

Term Paper Firms Teams Anadarko Petroleum Adams, Michaela Ellis, Tatiana Jenkins, Jordan Samuel, Brittany Cheniere Energy Amaefule, Frankie Fields, Brittanie Johnson, Brandon Small, Devin Chevron Corporation Brown, Tori ...

Section i multiple choicemark one box only to indicate the

Section I: Multiple Choice Mark one box only to indicate the answer you consider correct for each question 1. Which of the following is the goal of the U.S. health care system? a. Access b. Cost c. Quality d. All of the ...

Fasb ongoing projectproject objectivedescribe the history

FASB Ongoing Project Project Objective Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project. Requirements The FASB has several ongoing projects that in ...

Question 1the following transactions occurred during july o

Question 1 The following transactions occurred during July: o Received $900 cash for services provided to a customer during July. o Received $2,200 cash investment from Barbara Hanson, the owner of the business. o Receiv ...

Discussion 1 and 2discussion 1select one of the following

Discussion 1 and 2 Discussion 1 Select one of the following tools: the nine steps in Ackerman and Anderson's roadmap for change, Cummings and Worley's five dimensions of leading and managing change, or the three componen ...

Accountingbullwatch a mursaus video titled accounts

Accounting • Watch A. Mursau's video titled "Accounts Receivable Bad Debt Expense (Direct Write Off Method Vs Allowance Method)": • Based on the information in ...

Assignmentsongo dealers sells clothing and began trading

Assignment SONGO DEALERS sells clothing and began trading operations on 1 April 20X3. All amounts are paid by cheque, unless otherwise stated. The entity uses the perpetual inventory system and maintains a gross profit p ...

Assignment gaap applicationsinternal controlrecall that in

Assignment: GAAP Applications Internal Control Recall that in Units 2 and 3, you completed the accounting cycle for Dustin Larkin of Quixote Consulting. Quixote Consulting is a part-time consulting business that recently ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro