ZuoTi.Pro
Question

If a government has more than one Internal Service Fund, they are reported in the basic...

If a government has more than one Internal Service Fund, they are reported in the basic financial statements

a. In separate columns for each fund

b. In separate columns for each major Internal Service Fund

c. As a single column by fund type

d. Not included in the basic financial statements

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

b. In separate columns for each major Internal Service Fund

For external reporting purposes internal service fund financial information is aggregated and reported as a separate column in the statement of net position— proprietary funds; statement of revenues, expenses, and changes in net position—proprietary funds; and statement of cash flows—proprietary funds

In the government-wide statement of net position and statement of activities, internal service fund financial information is “collapsed” and reported in the Governmental Activities column of both government-wide financial statements, unless enterprise funds are the predominant participants in an internal service fund

0 0
Add a comment
Know the answer?
Add Answer to:
If a government has more than one Internal Service Fund, they are reported in the basic...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 1.) Hannah Township has a General Fund, two Capital Projects Funds, one Permanent Fund, two Enterprise...

    1.) Hannah Township has a General Fund, two Capital Projects Funds, one Permanent Fund, two Enterprise Funds, two Internal Service Funds, three Pension Trust Funds, and one Private-Purpose Trust Fund. Assuming all governmental and enterprise funds meet the major fund criteria, how many columns will the proprietary fund statement of net position have? Select one: a. Two (2). b. Three (3). c. Four (4). d. Five (5). 2.) In the proprietary fund statements, a government should include a separate column...

  • 1.) Which governmental fund must always be reported in a separate column in the governmental fund...

    1.) Which governmental fund must always be reported in a separate column in the governmental fund financial statements? Select one: a. Capital Projects Fund. b. Debt Service Fund. c. General Fund. d. Special Revenue Fund. 2.) Major fund reporting is required for which of the following fund types? Select one: a. Enterprise Funds. b. Internal Service Funds. c. Agency Funds. d. Private-Purpose Trust Funds.

  • Which of the following statements is false? A)With respect to fund basis financial statements, a government...

    Which of the following statements is false? A)With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful. B)When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds. C)When preparing fund basis financial statements, any funds not reported separately are reported by function. D)In addition to the government-wide statements, governments are...

  • 8. The City of Madison, a general purpose government, reported fund balances in the amount of...

    8. The City of Madison, a general purpose government, reported fund balances in the amount of $19,700,000 in the governmental funds balance sheet dated December 31, 2017. In addition, the following information is relevant: A. General government capital assets amounted to $28,000,000. Accumulated depreciation of those capital assets amounted to $13,000,000. Enterprise fund capital assets amounted to $ 17,000,000 with accumulated depreciation of $ 8,400,000. B. Internal service fund's net assets amounted to $2,500,000. These were reported in the proprietary...

  • The City of Madison, a general purpose government, reported fund balances in the amount of $24,300,000 in the government...

    The City of Madison, a general purpose government, reported fund balances in the amount of $24,300,000 in the governmental funds balance sheet dated December 31, 2018. In addition, the following information is relevant: A. General government fixed assets amounted to $37,000,000. Accumulated depreciation of those fixed assets amounted to $18,000,000. B. General long-term liabilities of the government amounted to $ 6,000,000. C. Property taxes, which should be recognized as receivables in the government-wide statements, amounted to $3,000,000. Property taxes recognized...

  • Internal service funds are most commonly reported in which section of the Government-wide financial statements? Multiple...

    Internal service funds are most commonly reported in which section of the Government-wide financial statements? Multiple Choice None of the above. Governmental Activities. Component Unit. Business-type Activities.

  • An internal service provided and used by a state or local government Requires recognition of an o...

    An internal service provided and used by a state or local government Requires recognition of an other financing source by the transferee fund and an other financing use by the transferor fund. Normally is displayed in the financial statements as a reimbursement. Results in expenditures or expenses to buyer funds and revenues to seller funds. Is the internal counterpart to a nonexchange transaction. An internal service provided and used by a state or local government Requires recognition of an other...

  • Indicate whether the item in each column is reported in the financial statements of the fund...

    Indicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Statement Capital assets Long-term liabilities Encumbrances 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service funds 8. Pension (and other...

  • 1 question 2 parts thanks Which fund type is not included in Government Wide Financial Statements?...

    1 question 2 parts thanks Which fund type is not included in Government Wide Financial Statements? 1) Trust Fund 2) Enterprise Fund 3) Internal Service Fund O 1) and 3) 2) and 3) O2) Only 1) Only Question 10 4 pts When would the Estimated Revenues Account be Credited? Record Amend Budget Budget to Increase Revenue Close Budget at Year End A) Yes Yes Yes B) Yes Yes No C) Yes No No D) No No Yes B ОА Ос

  • 1 question 2 parts thanks Which fund type never has financial statements produced for it but...

    1 question 2 parts thanks Which fund type never has financial statements produced for it but still is included in government wide financial statements? O Trust Fund Permanent Fund Internal Service Fund Enterprise Fund Which of the following is a primary difference between governmental entities and for profit entities? 1) Absence of defined ownership interests. 2) Lack of external stakeholders. 3) Primary purpose is something other than long-term profit maximization. 3) only 1) only 1), 2), and 3) O 1)...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT