1. General Fund = Capital Fund
2. Special Revenue funds = Encumbrances
3. Capital Projects Fund = Capital Assets & Encumbrances
4. Debt Service funds = Long-term liabilities
5. Permanent funds = Capital Fund & Encumbrances
6. Enterprise funds = Capital Fund
7.Internal Service funds = Blank
8.Pension Trust funds = Long-term liabilities & Encumbrances
9.Investment trust funds = Capital Fund
10. Private-purpose trust funds = Long-term liabilities & Encumbrances
11. Custodial Funds = Long -term liabilities Encumbrances
1 2 3 4 5 Indicate whether the item in each column is reported in the...
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...
Exercise 18-2
The following transactions take place. Indicate the name of the
fund(s) in which each of the transactions or events should be
recorded.
(a)
A commitment was made to transfer general revenues to the entity in
charge of providing transportation for all government
agencies.
General Fund
Agency Funds
Special Revenue Funds
Enterprise Funds
Pension and Other Employee Benefit Trust Funds
Permanent Funds
Capital Projects Funds
Investment Trust Funds
Private-Purpose Trust Funds
Debt Service Funds
Internal Service Funds
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each of the transactions or events should be recorded. (a) A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. o Capital Projects Funds Enterprise Funds O Pension and Other Employee Benefit Trust Funds Agency Funds Investment Trust Funds Permanent Funds O Private-Purpose Trust Funds Debt Service Funds o General Fund Internal Service Funds Special...
CES 1 x Your answer is incorrect. Try again. A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. General Fund udy ✓ Capital Projects Funds Pension and Other Employee Benefit Trust Funds Permanent Funds Enterprise Funds Investment Trust Funds Private-Purpose Trust Funds Agency Funds Special Revenue Funds Debt Service Funds ✓ Internal Service Funds
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.
Exercise 18-1
Your answer is incorrect. Try again.
The following transactions take place. Indicate the name of the
fund in which each of the transactions or events should be
recorded.
1.
A cement mixer was purchased with resources of the general
fund.
Investment Trust FundsPermanent FundsCapital Projects FundsPension
and Other Employee Benefit Trust FundsSpecial Revenue
FundsPrivate-Purpose Trust FundsEnterprise FundsAgency FundsDebt
Service FundsGeneral FundInternal Service Funds
2.
A contract was signed for the construction of a new civic
center.
Capital Projects...
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 of the following funds would be reported as a fiduciary fund in Lancaster City’s financial statements? A. Special Revenues Fund. B. Permanent Fund. C. Private-purpose Trust Fund. D. Internal Services Fund 2. Which of the following funds of a governmental unit uses the modified accrual basis of accounting? A. Internal services fund. B. Enterprise funds. C. Special revenues funds. D. Non-expendable trust funds.
1 question 2 parts thanks
Which of the following funds includes both current and non current assets? All of these funds include current and non current assets Special revenue fund Internal service fund Capital projects fund Which of the following is not an example of a fiduciary fund? O All of the Above are Fiduciary Funds Pension Trust Fund Tax Agency Fund Permanent Fund
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...