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

  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.

  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!

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