User Account

All Pages

Explanation accounting and fixed assets for different funds

Assignment Help Accounting Basics
Reference no: EM131703378

Question: (Explanation of basis of accounting and fixed assets for different funds) The accounting system of the municipality of Kemp is organized and operated on a fund basis. Among the types of funds used are a General Fund, a Special Revenue Fund, and an Enterprise Fund.

1. Explain the basic differences in revenue recognition between the accrual basis of accounting and the modified accrual basis of accounting, as it relates to governmental accounting.

2. What basis of accounting should be used in fund-level accounting for each of the following funds and why?

• General Fund

• Special Revenue Funds

• Enterprise Funds

3. How should fixed assets and long-term liabilities related to the General Fund and to the Enterprise Fund be accounted for in the funds? (AICPA adapted)

Reference no: EM131703378

Questions Cloud

Budget for an internal service fund : (Budget for an Internal Service Fund) The City of Oscar uses an Internal Service Fund to provide printing services to its various departments.
What is the break-even level of work : The cost of material is $15 per unit of work and $.35 cents of labor per unit. What is the break-even level of work?
Discuss mergers and acquisitions in the health care system : Analyze and discuss mergers and acquisitions in the health care delivery system since President Clinton's National Health Care Reform Policy
What aspects reflect a deficit orientation : What aspects of the case scenario (including the interventions described) reflect a strength-based perspective? What aspects reflect a deficit orientation?
Explanation accounting and fixed assets for different funds : (Explanation of basis of accounting and fixed assets for different funds) The accounting system of the municipality of Kemp is organized and operated on a fund.
Discuss types of long term care : There are various types of long term care available for those in need. Some of these programs include: state Medicaid programs, medicare programs
What is the regular selling price of the tents : The store operates on a markup of 33 1/3% of the sale price and advertises that all merchandise sold at a discount of 20% of the regular selling price.
Financial statements for an enterprise fund : (Journal entries and financial statements for an Enterprise Fund) The Metro Central Railroad is a commuter railroad that stops at the Village of Katonah.
What plans might you make for jason to address : How does one bring strengths-based approaches into environments that may be pre-disposed to focus more on problems?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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