Restricted fund balance - Study guides, Class notes & Summaries

WGU C252 Practice Questions Chapter 13 | Questions with 100% Correct Answers | Verified | Latest Update 1. When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include a. Basic financial statements, management's discussion and analysis, and other required supplementary information. b. A comprehensive annual financial report. c. Basic financial statements only. d. Only the financial section o...

WGU C252 PA Questions | 60 Questions with 100% Correct Answers | Verified | Latest Update 1. Which activity is aligned with the actions of a governing body of a governmental and nonprofit organization? a. Resolving differences quickly for dissatisfied constituents b. Ensuring the constituents receive value for their equity shares c. Making decisions based on majority vote of the state legislature d. Providing services on a profitable basis through the private sector - Answer ️️ -Maki...

ACC 407 Govt. NFP Exam 2 Questions And Answers 100% Verified 2024/2025 What is included in nonspendable funds? - answer-Inventories and prepaid items. -government rqrd to maintain a permanent fund principal What is included in Restricted Fund Balance? - answer-resources with restrictions imposed by law or result of requirements by outside creditors. What is included in Committed Fund Balance? - answer-formally committed net resources for specific activities -contractual obligations outst...

WGU C252 Governmental Accounting | 60 Questions with 100% Correct Answers | Verified | Latest Update | 21 Pages Which Activity is aligned with the actions of a governing body of a governmental and nonprofit organization? A) Resolving differences quickly for dissatisfied constituents B) Ensuring the constituents receive value for their equity shares C) Making decisions based on majority vote of the state legislature D) Providing services on a profitable basis through the private sector - ...

WGU C252 Practice Questions Chapter 13 | Questions with 100% Correct Answers | Verified | Latest Update 1. When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include a. Basic financial statements, management's discussion and analysis, and other required supplementary information. b. A comprehensive annual financial report. c. Basic financial statements only. d. Only the financial section o...

CGFM EXAM 2 Study question with 100% correct answers(graded A+)Non-Spendable Fund Balance - correct answer Assets not in spendable form-Inventories and prepaid items, principal of a permanent fund which may not be spent, and assets held for sale and long-term receivables. Examples: Supplies, inventory, membership fees Restricted Fund Balance - correct answer Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constraints impo...

ACCY 407 M/C Ch 1 -4. Top Exam Questions and answers, RATED A+ A city received resources that the state indicates can only be used for public works projects, such as road construction. Assuming the resources have not been expended by year end, how would the resources the city received be shown in the city's fund balances? A. Spendable-Designated Fund Balance. B. Spendable-Committed Fund Balance. C. Spendable-Restricted Fund Balance. D. Spendable-Assigned Fund Balance. - -C. Spenda...

Purpose of Financial Reports - correct answer Purpose of Financial Reports The purpose of financial reports is to allow others to make determinations about the financial worthiness of an organization 3 key contributors of GAAP - correct answerThe SEC grants to FASB the authority to create GAAP. Other contributors to GAAP include The American Institute of Certified Public Accountants and other accounting organizations. Financial reports are governed by a variety of regulations, includin...

Which of the following is a characteristic of a Special Revenue Fund that differentiates it from a General Fund? correct answers A SRF is established only if a revenue source is restricted or committed to expenditure for a specific purpose other than debt service and capital outlay. The net revenue approach can be described as correct answers The approach used to account for uncollectible revenues in both governmental and proprietary funds. Which of the following statements is true concern...

What type of risk is unique to a specific industry, business enterprise, or investment type? - ANSWER-Nonsystematic risk Under which of the following circumstances is an investor in a position to acquire stock? - ANSWER-Buy a call, sell a call (The holder of a call has the right to buy stock at the strike price if exercised. The seller of a put is obligated to buy stock at the strike price if exercised) Options- a premium - ANSWER-the cost of an option contract, expressed in dollars per sh...