Continous Problem - City of Everlasting Sunshine
Continuous Problem – City of Everlasting Sunshine
Continuous Problem – City of Everlasting Sunshine
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT ORGANIZATIONS: TENTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4). Each chapter requires the preparation of journal entries to record the events and transactions of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds, use separate accounts for each type of revenue and expenditure/expense. At appropriate stages, preparation of the fund and government-wide statements are required. The following funds are included in this series of problems: Governmental Funds General Special revenue—Street and Highway Fund Capital projects—City Hall Annex Construction Fund Debt service—City Hall Annex Debt Service Fund Debt service—City Hall Debt Service Fund Proprietary Funds Internal service—Stores and Services Fund Enterprise—Water and Sewer Fund Fiduciary Funds Private-purpose—Student Scholarship Fund Pension trust—Fire and Police Retirement Fund
1
Continuous Problem – City of Everlasting Sunshine
Chapter 3 – Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority & Chapter 4 – Accounting for the General and Special Revenue Funds
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Everlasting Sunshine as of
Continuous Problem – City of Everlasting Sunshine
TO ACCOMPANY
ESSENTIALS OF ACCOUNTING FOR GOVERNMENTAL AND NOT-FOR-PROFIT ORGANIZATIONS: TENTH EDITION
Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4). Each chapter requires the preparation of journal entries to record the events and transactions of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds, use separate accounts for each type of revenue and expenditure/expense. At appropriate stages, preparation of the fund and government-wide statements are required. The following funds are included in this series of problems: Governmental Funds General Special revenue—Street and Highway Fund Capital projects—City Hall Annex Construction Fund Debt service—City Hall Annex Debt Service Fund Debt service—City Hall Debt Service Fund Proprietary Funds Internal service—Stores and Services Fund Enterprise—Water and Sewer Fund Fiduciary Funds Private-purpose—Student Scholarship Fund Pension trust—Fire and Police Retirement Fund
1
Continuous Problem – City of Everlasting Sunshine
Chapter 3 – Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority & Chapter 4 – Accounting for the General and Special Revenue Funds
The Balance Sheets of the General Fund and the Street and Highway Fund of the City of Everlasting Sunshine as of