The private purpose trust funds share the same measurement focus and basis of accounting with all...
The private purpose trust funds share the same measurement focus and basis of accounting with all of the following funds, except:
a. Pension funds.
b. General funds.
c. Internal service funds.
d. Investment trust funds
Homework Answers
Answer B general funds .
General funds have different measurement focus and basis of accounting compared to other.
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The private purpose trust funds share the same measurement focus
and basis of accounting with all...
The term "fiduciary funds" applies to: Multiple Choice enterprise, internal service, and private-purpose trust funds. private-purpose...
The term "fiduciary funds" applies to: Multiple Choice enterprise, internal service, and private-purpose trust funds. private-purpose trust, investment trust, pension trust and agency funds. enterprise and internal service funds. pension, investment trust and enterprise funds.
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds...
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds. O Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place. se by a gover Fiduciary funds use the current financial resources measurement focus and accrual accounting Fiduciary funds must be adjusted when preparing...
Measurement focus and accrual basis of accounting The economic resources measurement focus and the accrual basis of acc...
Measurement focus and accrual basis of accounting The economic resources measurement focus and the accrual basis of accounting are appropriate for which of the following funds: Select one: o Capital projects fund o Internal service fund O Debt service fund o Special revenue fund Reporting objectives Which of the following is not one of the GASB's reporting objectives? Select one: O Providing assurance that the governmental entity is solvent O Providing information on the extent of the governmental entity's service...
10. Fiduciary funds use the: A) economic resources measurement focus and modified accrual basis of accounting...
10. Fiduciary funds use the: A) economic resources measurement focus and modified accrual basis of accounting B) current financial resources measurement focus and accrual basis of accounting C) economic resources measurement focus and accrual basis of accounting. D) none of the above, the fiduciary funds have no revenues.
Which basis of accounting is used by funds that have a current financial resources measurement focus?...
Which basis of accounting is used by funds that have a current financial resources measurement focus? Select one: O A. Modified cash basis B. Modified accrual basis C. Cash basis D. Full accrual basis Which of the following is an example of activities that are likely to be accounted for in a government's General Fund? Select one: A. Business-type activities of a government that are financed by user charges B. Property taxes to be used to provide basic government services...
7–C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust...
7–C. Part 1. Private Purpose Trust Fund Transactions The City of Monroe Scholarship Foundation private-purpose trust fund had the following account balances on January 1, 2017: Debits Credits Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 50,500 Accrued Interest Receivable . . . . . . . . . . . ....
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each...
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
CES 1 x Your answer is incorrect. Try again. A commitment was made to transfer general...
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 of the following funds would be reported as a fiduciary fund in Lancaster City’s...
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.
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each...
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...
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds. O Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place. se by a gover Fiduciary funds use the current financial resources measurement focus and accrual accounting Fiduciary funds must be adjusted when preparing...
Measurement focus and accrual basis of accounting The economic resources measurement focus and the accrual basis of accounting are appropriate for which of the following funds: Select one: o Capital projects fund o Internal service fund O Debt service fund o Special revenue fund Reporting objectives Which of the following is not one of the GASB's reporting objectives? Select one: O Providing assurance that the governmental entity is solvent O Providing information on the extent of the governmental entity's service...
10. Fiduciary funds use the: A) economic resources measurement focus and modified accrual basis of accounting B) current financial resources measurement focus and accrual basis of accounting C) economic resources measurement focus and accrual basis of accounting. D) none of the above, the fiduciary funds have no revenues.
Which basis of accounting is used by funds that have a current financial resources measurement focus? Select one: O A. Modified cash basis B. Modified accrual basis C. Cash basis D. Full accrual basis Which of the following is an example of activities that are likely to be accounted for in a government's General Fund? Select one: A. Business-type activities of a government that are financed by user charges B. Property taxes to be used to provide basic government services...
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
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
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...
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