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Flashcards: Encumbrance Accounting

During the current year, a city spends $5 million to construct a new highway. The highway will be a toll road that can only be used by paying a fee. What is the difference between the fund-based financial statements and the government-wide financial statements in regards to the reporting of this $5 million outflow?

There is no difference

It is reported as an expenditure in the government-wide statements and as an asset in the fund statements

It is reported as an asset in the government-wide statements and not reported at all in the fund statements

It is recorded as an asset in the government-wide statements and as an expenditure in the fund statements

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Flashcards: Encumbrance Accounting

Your answer:

It is reported as an expenditure in the government-wide statements and as an asset in the fund statements

Your answer:

It is reported as an asset in the government-wide statements and not reported at all in the fund statements

Your answer:

It is recorded as an asset in the government-wide statements and as an expenditure in the fund statements

Correct answer:

There is no difference

Explanation:

Because users of the road must pay a fee, the road is accounted for as an enterprise fund. Enterprise funds are accounted for the same way (that is, using standard accrual accounting) in both the fund statements and the government-wide statements.

Flashcards: Encumbrance Accounting

Harrison County is currently preparing its government-wide financial statements. The Harrison Public Airport is legally separate from the county but is viewed as a component unit because the county appoints a majority of the commission and has guaranteed certain debts held by the airport. In Harrison County's government-wide financial statements, how is the information for the airport reported?

The airport's financial information should be included as a business-type activity because it charges users a fee

The airport's financial information may be discreetly presented on the financial statements or blended as if it were part of the county

The airport's financial information should not be included as part of the county's financial statements because it is a legally separate entity

The airport's financial information must be included as a separate schedule in the notes to the government-wide financial statements of the county

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Flashcards: Encumbrance Accounting

Your answer:

The airport's financial information should be included as a business-type activity because it charges users a fee

Your answer:

The airport's financial information should not be included as part of the county's financial statements because it is a legally separate entity

Your answer:

The airport's financial information must be included as a separate schedule in the notes to the government-wide financial statements of the county

Correct answer:

The airport's financial information may be discreetly presented on the financial statements or blended as if it were part of the county

Explanation:

Component units must be included in the government-wide statements, but if that component is very intertwined with the government as a whole, the government can choose to present that unit separately or blended with the rest of the government.

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All CPA Financial Accounting and Reporting (FAR) Resources

Flashcards: Encumbrance Accounting

Flashcards: Encumbrance Accounting

Flashcards: Encumbrance Accounting

Flashcards: Encumbrance Accounting

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All CPA Financial Accounting and Reporting (FAR) Resources

Flashcards: Encumbrance Accounting

Flashcards: Encumbrance Accounting

Flashcards: Encumbrance Accounting

Flashcards: Encumbrance Accounting

Report an issue with this question

DMCA Complaint

Contact Information

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Complaint Details

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