maning Marked out of 7.00 Major Funds Lenox County provides the following information on its governmental...
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 City of Fox is evaluating which of its funds it will present as a major fund in its fund financial statements at December 31, Year 1. The city presents the following partial listing of asset data at December 31, Year 1: Total Governmental Fund Type Assets $ 3,000,000 Total Enterprise Fund Assets 2,000,000 General Fund Assets 280,000 Community Development Special Revenue Fund 290,000 Sales Tax Special Revenue Fund 350,000 General Revenue Bonds Debt Service Fund 120,000 Faberville River Bridge...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
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...
Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures/expenses Governmental funds $ 45,000,000 16,000,000 250,000,000 242,000,000 Enterprise funds $ 12,000,000 8,000,000 40,000,000 39,000,000 The county has four special revenue funds, with the following characteristics: Beach preservation Health education Community protection Emergency call service $ 5,000,000 $ 2,000,000 $ 4,800,000 $3,000,000 Total assets and deferred outflows Total liabilities and deferred inflows Total revenues Total expenditures 3,000,000 21,000,000 19,000,000 1,400,000 10,000,000 9,000,000 30,000,000 25,000,000 2,000,000 27,000,000 23,000,000...
I need help with this Just journal entry for government funds accounts used: No Journal Entry Required Accumulated Depreciation Appropriations Budgetary Fund Balance Buildings Capital Lease Obligations Payable Cash Construction Expenditures Construction Work in Progress Encumbrances Encumbrances Outstanding Estimated Revenues Expenditures—General Government Expenses—General Government Expenses—Public Safety Fund Balance—Assigned Fund Balance—Unassigned Gain on Sale of Machinery Interfund Transfers Out Land Loss on Sale of Machinery Machinery and Equipment Other Financing Sources—Capital Lease Agreements Other Financing Sources—Proceeds of Capital Asset Sale Other...
Major Funds. (L02-4) 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 Page 67auditor, you have been asked to provide a rationale for either including or excluding each of the following funds as a major...
Prepare journal entries for the City of Pudding's governmental funds to record the following transactions, first for fund financial statements and then for government-wide financial statements. A new truck for the sanitation department was ordered at a cost of $113,000. The city print shop did $3,600 worth of work for the school system (but has not yet been paid). An $10 million bond was issued to build a new road. Cash of $193,000 is transferred from the general fund to...
In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for...
In Fulbright County, the Culture and Recreation Department constructed a library in one of the county’s high-growth areas. The construction was funded by a number of sources. Below is selected information related to the Library Capital Project Fund. All activity related to the library construction occurred within the current fiscal year. The county operates on a calendar-year basis. Required Prepare a journal entry for capital projects fund and governmental activities at the government-wide level. (If no entry is required for...