Discuss the fund accounting implications of the finance

Assignment Help Accounting Basics
Reference no: EM13867570

Each department in a large city maintains its own fleet of vehicles. The cost of purchasing and maintaining the vehicles is financed through the General Fund. One day  the mayor walks past the parking lot of the Parks Department and notices that many vehicles are not being used. The mayor calls her finance commissioner into the office and says Couldn, we save money by setting up a central motor pool and requiring each department to use a pool vehicle whenever they need one?,The finance commissioner replies Yes  that will save us lots of money, but we will need to change our accounting system a bit to handle it Discuss the fund accounting implications of the finance commissioner  reply.

Reference no: EM13867570

Questions Cloud

A typical agency fund shows assets and liabilities : The statement of net position for a typical Agency Fund shows assets and liabilities but no fund balance. When reporting on the resources of Pension Trust Funds equity securities held by the Funds are reported at original cost.
When a government sponsors an investment trust fund : When a government sponsors an Investment Trust Fund the portion that belongs to other governments is reported as assets of the Fund but the portion belonging to the sponsoring government is not.
How should the finance commissioner respond to the mayor : I promised to put more police patrols on the street. Let, use the bond proceeds to hire more police officers How should the finance commissioner respond to the mayor?
How would you respond to the press : I will abolish all the Special Revenue Funds and merge that money with the general operating resources of the city You are the successful candidate in that race  and now the local press is pressuring you to respond to the campaign promise of the o..
Discuss the fund accounting implications of the finance : The finance commissioner replies Yes  that will save us lots of money, but we will need to change our accounting system a bit to handle it Discuss the fund accounting implications of the finance commissioner  reply.
Calculate the amount of the adjustment to rowet company ''s : At the end of 2010, Rowet Company reported a deferred tax liability of $6,120 based on an income tax rate of 30%. On June 1, 2011 Congress changed the income tax rate to 35%.
Describe the fund accounting implications of adopting : The mayor likes the suggestion and wants to run the sanitation activity like a commercial business. Describe the fund accounting implications of adopting that suggestion.
Cooke company purchased an asset : At the beginning of 2010, its first year of operations, Cooke Company purchased an asset for $100,000. This asset has an eight-year economic life with no residual value, and it is being depreciated by the straight-line method for financial reporting ..
Type funds and briefly describe the use of each : type funds and briefly describe the use of each

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Cvpmulti cost-volume-profit analysis multiple products data

cvpmulti cost-volume-profit analysis multiple products data section month december selling variable price cost sales

  Perspective of the combination

During 2009, Von Co. sold inventory to its wholly-owned subsidiary, Lord Co. The inventory cost $30,000 and was sold to Lord for $44,000. From the perspective of the combination, when is the $14,000 gain realized?

  The equipment consisted of two machine machine a and

in the 30 june 2009 annual report of bruce ltd. the equipment was reported as follows equipment at cost

  New revenue source

A publicly-traded company manufactures and sells exclusive beauty products in it's own stores. It

  Which product or products should be processed further you

solex company manufactures three products from a common input in a joint processing operation. joint processing costs

  On january 1 2007 the calvert company issues 12 100000

on january 1 2007 the calvert company issues 12 100000 facevalue bonds for 103545.91 a price to yield 10. the

  Quinlan inc has two support departments maintenance and

quinlan inc. has two support departments maintenance and personnel and two operating departments tables and chairs. the

  Determine the results of both step 1 and step 2

Late in the current year, Brad Corporation's factory was destroyed by a tornado. Brad determined that it had a $200,000 unreimbursed loss on the building built ten years ago and a $75,000 gain on ten-year-old machinery (cost $100,000). Prior to th..

  Sales price variance for the two products

What is the sales price variance for the two products?

  The beginning balance sheet of segui corporation included

the beginning balance sheet of segui corporation included the following long-term investment in new software

  Jordan kyle and noah have equities in a partnership of

jordan kyle and noah have equities in a partnership of 100000 160000 and 140000 respectively and share income and

  Earnings and profits balances place the upper limit on the

earnings and profits balances place the upper limit on the amount of dividend that shareholders must recognize for tax

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd