Acc 407 - Study guides, Class notes & Summaries

Under GASB Statement 34, accrual accounting is used for: A. government-wide financial statements only. B. government-wide financial statements and proprietary fund financial statements only. C. government-wide, proprietary fund, and fiduciary fund financial statements only. D. government-wide and all fund financial statements. - ANSWER C. government-wide, proprietary fund, and fiduciary fund financial statements only. The Governmental Accounting Standards Board is assigned responsibili...

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...

Under GASB Statement 34, accrual accounting is used for: A. government-wide financial statements only. B. government-wide financial statements and proprietary fund financial statements only. C. government-wide, proprietary fund, and fiduciary fund financial statements only. D. government-wide and all fund financial statements. - ANSWER C. government-wide, proprietary fund, and fiduciary fund financial statements only. The Governmental Accounting Standards Board is assigned responsibil...

T/F 1. Expenditures for a weight reduction program are deductible if recommended by a physician to treat a specific medical condition such as hypertension caused by excess weight. - ANSWER t T/F Cosmetic surgery is not deductible unless such surgery is necessary to correct a deformity arising from a congenital abnormality, a personal injury resulting from an accident or trauma, or a disfiguring disease. - ANSWER true T/F 3. Expenditures incurred in removing structural barriers in t...

T/F 1. Expenditures for a weight reduction program are deductible if recommended by a physician to treat a specific medical condition such as hypertension caused by excess weight. - ANSWER t T/F Cosmetic surgery is not deductible unless such surgery is necessary to correct a deformity arising from a congenital abnormality, a personal injury resulting from an accident or trauma, or a disfiguring disease. - ANSWER true T/F 3. Expenditures incurred in removing structural barriers in the home of...

Which of the following is true regarding the use of special revenue funds? - ANSWER Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources. Regarding interfund transactions, which of the following is not correct? - ANSWER Interfund transactions must be repaid The journal entry to record the budget of a special revenue fund would include - ANSWER a debit to estimated revenue control The ...

Why is it important to distinguish whether an individual is an employee or an independent contractor (self-employed)? – ANSWER A. Self-employed individuals receive an income tax deduction equal to 50% of their self-employment tax. Consideration should also be given to the hospital insurance portion of the FICA tax, which continues to apply without limit at a 1.45% rate for both employees and employers and at a 2.9% rate for self-employed individuals. B. It is important to distin...

Which of the following is true regarding the use of special revenue funds? - ANSWER Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources. Regarding interfund transactions, which of the following is not correct? - ANSWER Interfund transactions must be repaid The journal entry to record the budget of a special revenue fund would include - ANSWER a debit to estimated revenue control The city of Pine Cov...

Why is it important to distinguish whether an individual is an employee or an independent contractor (self-employed)? – ANSWER A. Self-employed individuals receive an income tax deduction equal to 50% of their self-employment tax. Consideration should also be given to the hospital insurance portion of the FICA tax, which continues to apply without limit at a 1.45% rate for both employees and employers and at a 2.9% rate for self-employed individuals. B. It is important to distinguish w...