Government and non-profit organization accounting treatment
Not what you're looking for?
Exercise 2-1
The following relate to the town of Coupland (dollar amounts in thousands):
Equipment used in a vehicle repair service that provides service to other departments on a cost-reimbursement basis; the equipment has a ten-year life with no salvage value $1,400
Property taxes levied and collected $6,300
Hotel taxes (restricted to promotion of
tourism) collected $1,200
Proceeds of bonds to build a parking
garage that must be repaid from user
charges $4,000
Proceeds of general obligation bonds to
finance construction of a new city hall;
the building, whichwas completed during
the year, has a useful life of thirty
years with no salvage value $9,000
Proceeds of a federal grant to hire additional
police officers $1,000
Fees charged to, and collected from,
customers by the electric utility $8,000
Match the fund items below with the amounts that
follow. An amount may be selected once, more than once,
or not at all.
1. Revenue to be recognized in an enterprise fund
2. Revenue to be recognized in special revenue funds
3. Bonds payable to be recognized in the general fund
4. Bonds payable to be recognized in enterprise funds
5. Depreciation expenditure to be recognized in the general
fund
6. Depreciation expense to be recognized in internal
service funds
7. Revenue to be recognized in an internal service funds
8. Revenue to be recognized in the general fund
9. Long-lived assets to be recognized in the general fund
10. Long-lived assets to be recognized in internal service
funds
a. $0
b. $140
c. $900
d. $1,260
e. $1,040
f. $1,400
g. $2,200
h. $4,000
i. $6,300
j. $8,000
k. $8,500
l. $10,400
Purchase this Solution
Purchase this Solution
Free BrainMass Quizzes
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Introduction to Finance
This quiz test introductory finance topics.
Lean your Process
This quiz will help you understand the basic concepts of Lean.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.