Homework Answers
- The Correct Option is (B), Yes and No
- A city or a government should require one or more General funds rather than special revenue funds
- General funds can be used for any required purpose but special revenue fund serves only the particular need in specific. So it is better to maintain general fund.
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A city or county always will have One or more A General Fund Special Revenue Funds...
Journal entries for Special Revenue Fund transactions The Library Special Revenue Fund commenced calendar year 2019...
Journal entries for Special Revenue Fund transactions The Library Special Revenue Fund commenced calendar year 2019 with a cash balance of $5, no liabilities, and a restricted fund balance of $5. Prepare journal entries to record these transactions in the Library Special Revenue Fund and, where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) 1. The General Fund transferred $100 cash to the Library Special Revenue Fund to help...
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 Library Special Revenue Fund commenced calendar year 2019 with a cash balance of $5, no...
The Library Special Revenue Fund commenced calendar year 2019
with a cash balance of $5, no liabilities, and a restricted fund
balance of $5. Prepare journal entries to record these transactions
in the Library Special Revenue Fund and, where appropriate, in the
General Fund. (We suggest you post opening balances and the journal
entries to general ledger T-accounts.)
The General Fund transferred $100 cash to the Library Special
Revenue Fund to help the library finance its activities for the
year....
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...
Winter County enacted a law establishing a Highway Special Revenue Fund, effective January 1, 2020. The...
Winter County enacted a law establishing a Highway Special Revenue Fund, effective January 1, 2020. The fund expenditures were to be financed by a special gasoline tax. Prepare journal entries to record the following transactions for the calendar year 2020. 1. Winter County adopted the following budget for the fund: Estimated revenues-gasoline taxes 855,000 Appropriations-maintenance salaries 745,000 90,000 Appropriations-maintenance supplies Budgeted increase in fund balance 20,000 2.The county collected gasoline taxes of $825.000. 3.The county paid maintenance salaries of $730,000.
Determination of major funds Tilker Springs has five governmental funds and one enterprise fund. The following...
Determination of major funds Tilker Springs has five governmental funds and one enterprise fund. The following table shows the total assets, liabilities, revenues, and expenditures/expenses in each of the funds. (Amounts are in thousands.) General Fund Grant Special Revenue Fund Community Special Revenue Fund Capital Projects Fund Debt Service Fund Water Enterprise Fund Total Assets 366,022 3,559 13,185 95,558 1,400 148,512 Total Liabilities 35,706 1,144 856 13,065 0 10,345 Total Revenues 560,698 13,432 12,282 16,208 0 19,228 Total Expenditures 531,110...
The City of Fox is evaluating which of its funds it will present as a major...
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...
The following transactions relate to Newport City's special revenue fund. 1. In 2020, Newport City created...
The following transactions relate to Newport City's special revenue fund. 1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $489,000. Of this amount, $444,000 has been received in cash and the remainder will be received within 60 days of...
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...
Depreciation of capital assets is not recognized as an expense in a Special Revenue Fund, but...
Depreciation of capital assets is not recognized as an expense in a Special Revenue Fund, but it is recognized as an expense in an Internal Service Fund. Select one: True False Revenue is recognized in governmental-type funds when it is earned. Select one: True False Under the modified accrual basis of accounting, expenditures are generally recognized in the period that goods and services are received, but there are a number of exceptions to that rule. Select one: True False
Journal entries for Special Revenue Fund transactions The Library Special Revenue Fund commenced calendar year 2019 with a cash balance of $5, no liabilities, and a restricted fund balance of $5. Prepare journal entries to record these transactions in the Library Special Revenue Fund and, where appropriate, in the General Fund. (We suggest you post opening balances and the journal entries to general ledger T-accounts.) 1. The General Fund transferred $100 cash to the Library Special Revenue Fund to help...
The Library Special Revenue Fund commenced calendar year 2019
with a cash balance of $5, no liabilities, and a restricted fund
balance of $5. Prepare journal entries to record these transactions
in the Library Special Revenue Fund and, where appropriate, in the
General Fund. (We suggest you post opening balances and the journal
entries to general ledger T-accounts.)
The General Fund transferred $100 cash to the Library Special
Revenue Fund to help the library finance its activities for the
year....
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...
Winter County enacted a law establishing a Highway Special Revenue Fund, effective January 1, 2020. The fund expenditures were to be financed by a special gasoline tax. Prepare journal entries to record the following transactions for the calendar year 2020. 1. Winter County adopted the following budget for the fund: Estimated revenues-gasoline taxes 855,000 Appropriations-maintenance salaries 745,000 90,000 Appropriations-maintenance supplies Budgeted increase in fund balance 20,000 2.The county collected gasoline taxes of $825.000. 3.The county paid maintenance salaries of $730,000.
The following transactions relate to Newport City's special revenue fund. 1. In 2020, Newport City created a special revenue fund to help fund the 911 emergency call center. The center is to be funded through a legally restricted tax on cellular phones. No budget is recorded. 2. During the first year of operations, revenues from the newly imposed tax totaled $489,000. Of this amount, $444,000 has been received in cash and the remainder will be received within 60 days of...
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...
Depreciation of capital assets is not recognized as an expense in a Special Revenue Fund, but it is recognized as an expense in an Internal Service Fund. Select one: True False Revenue is recognized in governmental-type funds when it is earned. Select one: True False Under the modified accrual basis of accounting, expenditures are generally recognized in the period that goods and services are received, but there are a number of exceptions to that rule. Select one: True False
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