User Account

All Pages

What basis of accounting should be used in fund

Assignment Help Accounting Basics
Reference no: EM13871209

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? 

Reference no: EM13871209

Questions Cloud

What are the possible consequences of longer credit periods : When customers experience economic difficulties, companies consider extending longer credit periods. What are the possible consequences of longer credit periods on Sales, Accounts Receivable, Allowance for Doubtful Accounts, Net Income, and the recei..
Seaver company sold land with a book value : On January 1, 2010, Seaver Company sold land with a book value of $23,000 to Bench Company. Bench Company paid $15,000 down and signed a $15,000 non interest bearing note, payable in two $7,500 annual installments on December 31, 2010 and 2011.
Prepare consolidation journal entry at the date : Nick Ltd acquired 100% of the issued capital of Wing Ltd on 1 July 2011 for $270000. The statements of financial position of the companies immediately after the acquisition are provided below. All assets have been reported following fair value.
Concept of market efficiency fit into this distinction : Distinguish between the intrinsic price of a share of common stock and its current market price.   Why might they differ? How does the concept of market efficiency fit into this distinction? (This question is related to question 7-4 above. Note that ..
What basis of accounting should be used in fund : 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
What are the disadvantages of write off method accounts : Describe how (and when) the direct write-off method accounts for uncollectible accounts. What are the disadvantages of this method?
Determine the capacitance : Problem: A 50kW load operates from a 60 Hz 10 kV line with a power factor of 60% lagging. Determine the capacitance that must be placed in parallel with the load to achieve a 90% lagging power factor.
Draw two force diagrams showing all the forces : Choose axes- Draw a diagram, marking clearly your choice of coordinate axes and draw force diagrams! Modelling the blocks as particles, draw two force diagrams showing all the forces acting on the two particles
Accrues interest on the revenue bonds as of december : Accrues interest on the revenue bonds as of December 31, 2013 Records one year depreciation on the depreciable assets. The depreciable assets are estimated to have a useful life of 20 years.

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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