Homework Answers
Answer -
The General Fund is always considered a major fund.
Hence, Option - (B) is Correct.
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Which of the following is true with respect to the General Fund? Multiple Choice The General...
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...
Directions: Select the best answer for the following multiple choice questions. 1. Which of the f...
Directions: Select the best answer for the following multiple choice questions. 1. Which of the following is not part of the basic financial statements? a. Governmental funds statement of revenues, expenditures, and changes in fund balances. b. Budgetary comparison schedules - general and special revenue funds. c. Government-wide statements of activities. d. Notes to the financial statements. 2. Which statement is true regarding the "major" funds? a. The general fund is considered major if it is large enough. b. Other...
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...
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...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt...
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...
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...
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...
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...
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...
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...
W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt...
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...
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...
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