Question

1.) Assume that an Enterprise Fund contributed $85,000 to the General Fund for operations. The money...

1.) Assume that an Enterprise Fund contributed $85,000 to the General Fund for operations. The money is not intended to be a loan. Which of the following statements is true?

Select one:

a. The Enterprise Fund will report capital contributions of $85,000.

b. The Enterprise Fund will report expenses of $85,000.

c. The Enterprise Fund will report other financing uses of $85,000

d. The Enterprise Fund will report advances of $85,000.

e. The Enterprise Fund will report transfers out of $85,000.

2.) Which of the following statements is true about transfers into an Enterprise Fund?

Select one:

a. They are always reported as capital and related financing activities in the statement of cash flows.

b. They are always reported after operating income in the statement of revenues, expenses, and changes in net assets.

c. They do not affect changes in net assets of the proprietary fund.

d. They are always reported as noncapital financing activities in the statement of cash flows.

0 0
Add a comment Improve this question Transcribed image text
Answer #1

1. Option E

The Enterprise Fund will report transfers out of $85,000.

2. Option B

They are always reported after operating income in the statement of revenues, expenses, and changes in net assets.

Add a comment
Know the answer?
Add Answer to:
1.) Assume that an Enterprise Fund contributed $85,000 to the General Fund for operations. The money...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • 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...

  • 8. Which statement is incorrect with respect to prop A) The required financial statements of proprietary...

    8. Which statement is incorrect with respect to prop A) The required financial statements of proprietary funds include a Stac Position, a Statement of Revenues, Expenses, and Changes in Fund Net Position, and a Statement of Cash Flows. B) The net position (i.e., fund equity) section of the Statement of Net Position is displayed within three categories: (1) Net Investment in Capital Assets, (2) Restricted, and (3) Unrestricted Net Position. C) The Statement of Cash Flows must be prepared using...

  • 1.) If an Enterprise Fund transfers employer contributions to the Pension Trust Fund, which of the...

    1.) If an Enterprise Fund transfers employer contributions to the Pension Trust Fund, which of the following best describes the effect of the transaction on each fund? Select one: a. The Enterprise Fund will report expenses and the Pension Trust Fund will report revenues. b. The Enterprise Fund will report deductions and the Pension Trust Fund will report additions. c. The Enterprise Fund will report expenses and the Pension Trust Fund will report additions. d. The Enterprise Fund will report...

  • Which of the following statements is correct with respect to the Statement of Cash Flow for...

    Which of the following statements is correct with respect to the Statement of Cash Flow for a Proprietary Fund on the CAFR? Multiple Choice GASB permits the statement to be prepared using the indirect method The reconciliation of income to cash flows begins with total change in net position Non-cash investing and financing transactions are not reported in the statement. The statement has four sections: Operating, Noncapital-related financing activities, Capital and related financing and Investing activities

  • 1. Which of the following is true regarding the Comprehensive Annual Financial Report? a.The basic financial...

    1. Which of the following is true regarding the Comprehensive Annual Financial Report? a.The basic financial statements consist of the government-wide, the governmental fund, the proprietary fund, and the fiduciary fund financial statements (and the notes to the financial statements). b.The government-wide financial statements include the Statement of Net Position, the Statement of Activities, and the Statement of Cash Flows. c. Both are true d. Neither is true 2. Which of the following is true regarding the proprietary fund financial...

  • 1.) Which of the following statements are required for a Tax Agency Fund? Select one: a....

    1.) Which of the following statements are required for a Tax Agency Fund? Select one: a. Statement of revenues, expenditures and changes in net assets b. Statement of revenues, expenses, and changes in net assets c. Statement of cash flows d. None of the above 2.) The General Fund transfers $25,000 withheld from employee's gross pay during the last quarter to the Pension Trust Fund. Which of the following statements regarding this transaction is true? Select one: a. The General...

  • 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...

  • The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31,...

    The Village of Seaside Pines prepared the following enterprise fund Trial Balance as of December 31, 2020, the last day of its fiscal year. The enterprise fund was established this year through a transfer from the General Fund. Debits Credits Accounts payable $ 119,000 Accounts receivable $ 32,900 Accrued interest payable 36,100 Accumulated depreciation 54,500 Administrative and selling expenses 56,500 Allowance for uncollectible accounts 14,100 Capital assets 736,000 Cash 100,100 Charges for sales and services 583,000 Cost of sales and...

  • The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...

    The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The...

  • (Government and Not-for-Profit Accounting: Concepts and Practices, Chapter 9, continuing problem) You can take a help...

    (Government and Not-for-Profit Accounting: Concepts and Practices, Chapter 9, continuing problem) You can take a help from this book 1. Indicate the activities accounted for in both internal service funds and major enterprise funds. Comment on whether any of these activities could also have been accounted for in a general or other governmental fund. 2.   How are the internal service fund activities reported in the government-wide statement of net position? How are they reported in the proprietary funds statement of...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT