Start New Topic
  
  
  
  
Top Posters
Since Sunday
40
32
32
31
31
30
29
29
28
27
27
27
New Topic  
wrote...
Posts: 990
Rep: 6 0
3 months ago
Listed below in the left column are events that may or may not be expenditures for the General Fund. Listed in the right column are the classifications of expenditures for governmental funds. Correctly match each event with the appropriate expenditure classification. Unless specifically stated otherwise, assume all amounts have been incurred. If the event is not an expenditure, state how the event would be reported in the current year General Fund financial statements. Each classification of expenditure may be used once, more than once, or not at all.

Event
1.   Interest on short-term debt.
2.   Purchase of a vehicle that will be used in the Library (which is accounted for using a Special Revenue Fund).
3.   Signing a capital lease.
4.   Claim against the government to be paid in a future year.
5.   Borrowing money with a short-term note.
6.   Interest on long-term debt that is due in the next year.
7.   Compensated absences earned and paid during the year.
8.   Salaries and wages.
9.   Amounts withheld from salaries and wages for taxes and Social Security/Medicare.
10.   Ordering supplies and materials (assume the purchases method is used).
11.   Receiving supplies (assume the purchases method is used).
12.   Using supplies (assume the purchases method is used).
13.   Ordering supplies and materials (assume the consumption method is used).
14.   Issuing long-term debt.
15.   Receiving supplies (assume the consumption method is used).
16.   Using supplies (assume the consumption method is used).
17.   Capital lease principal payment.
18.   The General Fund reimbursed the Special Revenue Fund (SRF) for salaries paid originally from SRF resources.
19.   Capital lease interest payment.
20.   Repayment of a short-term note.
21.   The General Fund received a payment from the Library Fund (SRF) for its portion of the government electricity bill.
22.   Year-end accrual of interest on short-term note.
23.   Compensated absences incurred in the current year but to be paid in future years.
24.   Claim against the government to be paid in the current year.
25.   The General Fund received an electric bill for the entire government. The General Fund paid the bill.
26.   The General Fund transferred money to the Capital Projects Fund to provide financing for the construction of a major facility.   Classification of Expenditure
A.   Expenditures – Operating
B.   Expenditures – Intergovernmental
C.   Expenditures – Capital Outlay
D.   Expenditures – Debt Service – Principal
E.   Expenditures – Debt Service – Interest
F.      Not a General Fund expenditure
G.   Event reduces expenditure (also identify which of above expenditures would be reduced)
Read 22 times
1 Reply
Using: Governmental and Nonprofit Accounting: Theory and Practice, 11e (Freeman)
Replies
Answer verified by a subject expert
wrote...
Staff Member
Top Poster
Posts: 1331
2 months ago
Sign in or Sign up in seconds to unlock everything on Biology Forums.
This verified answer contains over 190 words.
Answers:
1.   E
2.   F – reported as a capital outlay expenditure by the SRF
3.   C
4.   F – reported as a general long-term liability until paid
5.   F – Balance Sheet liability
6.   F – not accrued
7.   A
8.   A
9.   F – Balance Sheet liability
10.   F – reported as an encumbrance until received
11.   A
12.   F – expenditure reported when received
13.   F – reported as an encumbrance until received
14.   F – Other financing source
15.   F – Balance Sheet asset
16.   A
17.   D
18.   A
19.   E
20.   F – reduction of Balance Sheet liability
21.   G – A
22.   E
23.   F – general long-term liability
24.   A
25.   A
26.   F – Other financing use – transfer
Thank you for using Biology-Forums.
New Topic      
    
Share This Topic
Similar topics that might interest you...
Economics   3 years ago   Loraine   Chimelo46   3 Replies   126 Views
Computer Studies   11 months ago   btpsand   KriKa   1 Reply   33 Views
Geography and Earth Sciences   8 months ago   SapphireSmoke   Wilkinson   1 Reply   10 Views
Geography and Earth Sciences   8 months ago   Brapbrap   Amc3010   1 Reply   4 Views
Accounting   2 months ago   derro   bolbol   1 Reply   26 Views

Explore
Post homework questions online and get free homework help from tutors.
Learn More
Improve Grades
Help Others
Save Time
Accessible 24/7
  303 People Browsing
 1153 Signed Up Today
Related Images
 1934
 1160
 53
Poll
Do you trust social media networks with protecting your privacy?
Yes
No
Not sure
If you would like to vote in this poll, please login or register

Previous poll results: What's your favorite coffee beverage?