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For fund-level financial reporting, a statement of cash flows is required for Enterprise Internal Service Funds...
Q.) Major fund reporting is required for which of the following fund types? Select one: a....
Q.) 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.
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...
1.) Which governmental fund must always be reported in a separate column in the governmental fund...
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.
The following is a Statement of Cash Flows for the risk management internal service fund of...
The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. $ 930,000 (125,000) (729,100) 260,500 26,000 (15,500) 346,900 CITY OF WRIGHTVILLE Risk...
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...
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...
What differentiates internal service funds from enterprise funds is the: o Type of customers they serve. O Different basis of accounting they use. O Different kinds of financial statements used t...
What differentiates internal service funds from enterprise funds is the: o Type of customers they serve. O Different basis of accounting they use. O Different kinds of financial statements used to present their financial information O All of the above.
What differentiates internal service funds from enterprise funds is the: o Type of customers they serve. O Different basis of accounting they use. O Different kinds of financial statements used to present their financial information O All of the above.
Prepare a Statement of Cash Flows from following information related to Internal Service Fund of City...
Prepare a Statement of Cash Flows from following information related to Internal Service Fund of City of Riyadh. (2 Marks) Purchase of Capital Assets $ 50,000 Receipts from Customers 400,000 Payment to Suppliers 85,000 Cash Balance at the Beginning of the year 25,000 Operating Income 9,000 Depreciation 8,000 Decrease in Inventories 2,000 Increase in Account Payable 4,000 Interest Received 12,000
Prepare a Statement of Cash Flows from following information related to Internal Service Fund of City...
Prepare a Statement of Cash Flows from following information related to Internal Service Fund of City of Riyadh. Purchase of Capital Assets $ 50,000 Receipts from Customers 400,000 Payment to Suppliers 85,000 Cash Balance at the Beginning of the year 25,000 Operating Income 9,000 Depreciation 8,000 Decrease in Inventories 2,000 Increase in Account Payable 4,000 Interest Received 12,000 please, writen answer
3. Prepare a Statement of Cash Flows from following information related to Internal Service Fund of...
3. Prepare a Statement of Cash Flows from following information related to Internal Service Fund of City of Riyadh. (2 Marks) Purchase of Capital Assets $ 50,000 Receipts from Customers 400,000 Payment to Suppliers 85,000 Cash Balance at the Beginning of the year 25,000 Operating Income 9,000 Depreciation 8,000 Decrease in Inventories 2,000 Increase in Account Payable 4,000 Interest Received 12,000
The following is a Statement of Cash Flows for the risk management internal service fund of the City of Wrightville. An inexperienced accountant prepared the statement using the FASB format rather than the format required by GASB. All long-term debt was issued to purchase capital assets. The transfer from the General Fund was to establish the internal service fund and provide the initial working capital necessary for operations. $ 930,000 (125,000) (729,100) 260,500 26,000 (15,500) 346,900 CITY OF WRIGHTVILLE Risk...
What differentiates internal service funds from enterprise funds is the: o Type of customers they serve. O Different basis of accounting they use. O Different kinds of financial statements used to present their financial information O All of the above.
What differentiates internal service funds from enterprise funds is the: o Type of customers they serve. O Different basis of accounting they use. O Different kinds of financial statements used to present their financial information O All of the above.
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