What are the criteria for determining if a governmental or enterprise fund must be reported as...
What are the criteria for determining if a governmental or enterprise fund must be reported as a major fund? What other funds should or may be reported as major funds?
Homework Answers
Criteria for determining if a governmental or enterprise fund must be reported as a major fund:
As per the rule of Governmental funds, "if a fund has revenues, expenditures, total assets or total liabilities are at least 10% of the total Governmental or enterprise fund of the same categories (revenues, expenses, total assets or total liabilities) and also at least 5% of total of the combined governmental and enterprise fund of the same categories is treated as Major Fund".
General Fund is usually reported as major funds as it is the main operating fund which satisfies the above two categories.
Add Answer to:
What are the criteria for determining if a governmental or
enterprise fund must be reported as...
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.
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. With respect to the preparation of fund basis financial statements, enterprise funds are considered to...
1. With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist? Multiple Choice Both When total assets, liabilities, revenues, or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise fund category and When total assets, liabilities, revenues, or expenses of that individual enterprise fund are 5% of the total of the governmental and enterprise categories, combined required to be a major...
maning Marked out of 7.00 Major Funds Lenox County provides the following information on its governmental...
maning Marked out of 7.00 Major Funds Lenox County provides the following information on its governmental and enterprise funds: Expenditures Expenses Fund Assets Liabilities Revenues General fund 1680.000 s80.000 $72.000 $783000 Grants special revenue fund 55.000 43500 200,000 97,000 Parks and recreation spedal revenue fund 2.000 1,300 40,000 42,000 Licensed gaming special revenue fund 65,000 62,000 8,000 7,000 Roads capital projects fund 200,000 203.000 14.000- 12,000 120.000 Bridges capital projects fund 30.000 115,000 35.000 Buildings capital projects fund 40,000 30,000...
As was true for governmental funds, major enterprise funds are to be presented, along with columns...
As was true for governmental funds, major enterprise funds are to be presented, along with columns for non major funds and total enterprise funds, where appropriate. True or False
Forest City has recently implemented GAAP reporting and is attempting to determine which of the following...
Forest City has recently implemented GAAP reporting and is attempting to determine which of the following special revenue funds should be classified as “major funds” and, therefore, be reported in separate columns on the balance sheet and statement of revenues, expenditures, and changes in fund balances for the governmental funds. As the city’s external auditor, you have been asked to provide a rationale for either including or excluding each of the following funds as a major fund. Determine which of...
With respect to the preparation of fund basis financial statements, enterprise funds are considered to be...
With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist? Multiple Choice Wh o l es, labies, revenues or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise find category Both When total se b qurato m , leben over or expenses of the individual enterprise fund constitutes 10% of the total for the enterprise fund category and When a ve...
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...
Which of the following is true with respect to the General Fund? Multiple Choice The General...
Which of the following is true with respect to the General Fund? Multiple Choice The General Fund funds considered to be a major fund only if the total of assets, l e s revenues, or expenditures exceeds 10% of the total of all governmental The General Fund is always considered a major fund The General Fund is considered to be a major fund when preparing fund basis financial statements only if the total assets, liabilities, revenues, or expenditures of that...
Forest City has recently implemented GAAP reporting and is attempting to determine which of the following...
Forest City has recently implemented GAAP reporting and is attempting to determine which of the following special revenue funds should be classified as “major funds” and, therefore, be reported in separate columns on the balance sheet and statement of revenues, expenditures, and changes in fund balances for the governmental funds. As the city’s external auditor, you have been asked to provide a rationale for either including or excluding each of the following funds as a major fund. Determine which of...
maning Marked out of 7.00 Major Funds Lenox County provides the following information on its governmental and enterprise funds: Expenditures Expenses Fund Assets Liabilities Revenues General fund 1680.000 s80.000 $72.000 $783000 Grants special revenue fund 55.000 43500 200,000 97,000 Parks and recreation spedal revenue fund 2.000 1,300 40,000 42,000 Licensed gaming special revenue fund 65,000 62,000 8,000 7,000 Roads capital projects fund 200,000 203.000 14.000- 12,000 120.000 Bridges capital projects fund 30.000 115,000 35.000 Buildings capital projects fund 40,000 30,000...
With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist? Multiple Choice Wh o l es, labies, revenues or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise find category Both When total se b qurato m , leben over or expenses of the individual enterprise fund constitutes 10% of the total for the enterprise fund category and When a ve...
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...
Which of the following is true with respect to the General Fund? Multiple Choice The General Fund funds considered to be a major fund only if the total of assets, l e s revenues, or expenditures exceeds 10% of the total of all governmental The General Fund is always considered a major fund The General Fund is considered to be a major fund when preparing fund basis financial statements only if the total assets, liabilities, revenues, or expenditures of that...
Most questions answered within 3 hours.
-
Many people don't understand that most employment in America is
"at will", which means you can...
asked 17 minutes ago -
1) A solution of rubbing alcohol is 69.0 % (v/v) isopropanol in
water. How many milliliters...
asked 26 minutes ago -
Please I need help with that , thank you very much
Discussion Question Chapter 10: Product...
asked 19 minutes ago -
What is the total SPL that results from combining one source
that produces 80 dB SPL...
asked 22 minutes ago -
Mercury, also known as quicksilver, is a metallic element and a
liquid at room temperature. Calculate...
asked 26 minutes ago -
Python code question - you are given the grand prize(in USD) and
the winning numbers.
Your...
asked 36 minutes ago -
A particle executes harmonic motion described by x= 2.5 sin
(3.5πT). Where x is in meters...
asked 43 minutes ago -
Write a function called
expensiveBooks which receives a double
array of book prices and the number...
asked 44 minutes ago -
A company produces and ships 12 personal computers knowing that
3 of them have defective wiring....
asked 59 minutes ago -
An Olympic skier moving down a 30.0⁰ slope encounters a region
of wet snow, of coefficient...
asked 58 minutes ago -
Stevenson has operating income of $99,000, sales of $660,000,
and $550,000 in invested assets. The company...
asked 58 minutes ago -
A researcher is interested in how diet affects athletic
performance. She instructs one group of participants...
asked 1 hour ago