ZuoTi.Pro
Question

Listed below are the typical funds that might be used by a state or local government to maintain appropriate accounting for the various transactions that could occur. TYPICAL FUNDS USED BY STATE AND LOCAL GOVERNMENTS GF SRF CPF DSF ISF EF PF General Fund Special Revenue Fund Capital Projects Fund Debt Service Fund Internal Service Fund Enterprise Fund Permanent Fund REQUIRED: For each of the attached transactions, indicate into which fund, from the given list, the transaction would be entered.
1 Bonds were issued by the fund used to account for providing water to the residents of a city. 2. The fund that finances the citys day to day operating activities lent S50,000 to the fund that will provide city agencies with supplies that are billed to these agencies on a user charge basis. The city charter requires all hotel taxes to be accounted for in a separate fund that maintains the downtown business district. Hotel tax collections for the period were $500,000 The state lottery, which operates like a business entity, sent a check for its net revenues (after paying lottery prizes) to the state. The state will add these revenues to general state revenues as part of the states program for financing elementary and secondary education 4. 5. Interest and principal on the citys general obligation debt were paid, using 6. The city sold general obligation bonds to buy land as part of a city hall 7. The citys central office supplies billed each city department for supplies 8. A wealthy taxpayer donated securities to a village, requiring that the donation resources accumulated specifically for that purpose expansion program. requested be kept intact in perpetuity and that income from the investments be used only to support the activities of the village library 9 The state operated toll road collected tolls of S1 milion. 10 Expenditures for the day to day operations of the Police Department were recorded.
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

1.Debt service fund

2.General fund

3. Special fund

4. Special revenue fund

5.Debt service fund

6.Capital project fund

7.Internal service fund

8.Special revenue fund

9.Special revenue fund

10.Enterprise fund

0 0
Add a comment
Know the answer?
Add Answer to:
Listed below are the typical funds that might be used by a state or local government...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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

  • Listed below are the typical funds that might be used by a state or local government...

    Listed below are the typical funds that might be used by a state or local government to maintain appropriate accounting for the various transactions that could occur. TYPICAL FUNDS USED BY STATE AND LOCAL GOVERNMENTS GF SRF CPF DSF ISF EF PF General Fund Special Revenue Fund Capital Projects Fund Debt Service Fund Internal Service Fund Enterprise Fund Permanent Fund REQUIRED: For each of the attached transactions, indicate into which fund, from the given list the transaction would be entered....

  • ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 1 Score Name Section Problem (10 points). Listed...

    ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ORGANIZATIONS HANDOUT PROBLEM 1 Score Name Section Problem (10 points). Listed below are the typical funds that might be used by a state or local government to maintain appropriate accounting for the various transactions that could occur. TYPICAL FUNDS USED BY STATE AND LOCAL GOVERNMENTS GF SRF CPF DSF ISF EF PF General Fund Special Revenue Fund Capital Projects Fund Debt Service Fund Internal Service Fund Enterprise Fund Permanent Fund O e ACCA351 Acctg for...

  • P2-45/ LO 2 EF Mon Tulle livestments made in the previous activity. (Identification of activities with...

    P2-45/ LO 2 EF Mon Tulle livestments made in the previous activity. (Identification of activities with particular governmental and proprietat: the following events. governmental- and proprietary type funds, indicate which would be used to record each of GF General Fund SRF Special Revenue Fund DSF Debt Service Fund CPF Capital Projects Fund PF Permanent Fund Enterprise Fund ISF Internal Service Fund 1. Bonds were issued by the fund used to account for providing water to the residents of a municipality....

  • An internal service provided and used by a state or local government Requires recognition of an o...

    An internal service provided and used by a state or local government Requires recognition of an other financing source by the transferee fund and an other financing use by the transferor fund. Normally is displayed in the financial statements as a reimbursement. Results in expenditures or expenses to buyer funds and revenues to seller funds. Is the internal counterpart to a nonexchange transaction. An internal service provided and used by a state or local government Requires recognition of an other...

  • 2. A large city uses certain governmental-type funds (General, Special Revenue, Debt Service, and Capital Projects)...

    2. A large city uses certain governmental-type funds (General, Special Revenue, Debt Service, and Capital Projects) and proprietary-type funds (Internal Service and Enterprise). State the fund or funds that would be used to record the following transactions 1. The city sent property tax bills to all taxpayers. Most of the taxes were to be used to finance the day-to-day activities of the city. A portion of the tax, however, was levied for the specific purpose of financing operations of the...

  • FundType of Fiduciary Fund ype Tri-Centennial Fund. Accounts for money raised or contributed by s...

    FundType of Fiduciary Fund ype Tri-Centennial Fund. Accounts for money raised or contributed by several local area a. governments and other organizations. The purpose is to ensure availability of resources to elebrate the United States Tri-Centennial in 2076 Perpetual Care Fund. Accounts for endowed gifts and investment earnings dedicated to rpetual care of the city's cemeteries Poudre River Public Library District Fund. Accounts for cash and investments held by the ity on behalf of Poudre River Public Library District. School...

  • I need help with this Just journal entry for government funds accounts used: No Journal Entry Re...

    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...

  • Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual...

    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...

  • Accounting for State and Local Government homework

    The following information pertains to the City of Williamson for 2017, its first year of legal existence. For convenience, assume that all transactions are for the general fund, which has three separate functions: general government, public safety, and health and sanitation. Receipts:Property taxes$428,000Franchise taxes43,800Charges for general government services7,000Charges for public safety services3,400Charges for health and sanitation services47,400Issued long-term note payable289,000Receivables at end of year:Property taxes (90% estimated to be collectible)105,400Payments:Salary:General government69,200Public safety41,200Health and sanitation30,000Rent:General government20,400Public safety19,200Health and sanitation4,800Maintenance:General government35,500Public safety7,800Health and...

  • Option #1: State and Local Government Reporting The information below should be used to prepare a...

    Option #1: State and Local Government Reporting The information below should be used to prepare a Public Transportation column for the proprietary fund Statement of Revenues, Expenses, and Changes in Fund Net Position for the fiscal year ending May 31, 2018. Operating Revenue (Services) $25,705,000 Interest Revenue $36,000 Intergovernmental Revenue $140,000 Capital Contributions $1,200,000 Operating Expenses: Employee Wages $8,654,000 Temporary Labor $750,000 Repairs and Maintenance $6,425,000 Depreciation $4,532,000 Utilities $948,000 Interest Expense $475,000 Transfer to General Fund $315,000 Net position,...

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