Question

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 for

Select one:

a. Each major Enterprise Fund only.

b. Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, and Enterprise Funds total only.

c. Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, Enterprise Funds total, and Internal Service Funds in the aggregate.

d. Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, Enterprise Funds total, Internal Service Funds in the aggregate, and Proprietary Funds total.

Answer 1

1) (a).Two(2)

there are Two(2) columns in the proprietary fund statement of net position which is prepared by the governmental and enterprise funds who meets the major fund criteria.

2) (a) Each major Enterprise Fund only

The separate column should record or show only the major enterprise fund.