Homework Answers
Part1: which fund type is not included in government wide financial statements?
Answer: Trust Fund ( i.e., option -1 only)
Analysis: Enterprises fund, internal service fund are some of the types of funds include in the government wide financial statements.
Part2:
When would the estimated account is credited?
Answer: B ( option also- B)
Analysis: estimated account is credited when they record budget to analyse and due to escalation, budget may increase so that revenue credited and finally at the end it is Debited by application of budget..
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1 question 2 parts thanks
Which fund type is not included in Government Wide Financial Statements?...
1 question 2 parts thanks Which fund type never has financial statements produced for it but...
1 question 2 parts thanks
Which fund type never has financial statements produced for it but still is included in government wide financial statements? O Trust Fund Permanent Fund Internal Service Fund Enterprise Fund Which of the following is a primary difference between governmental entities and for profit entities? 1) Absence of defined ownership interests. 2) Lack of external stakeholders. 3) Primary purpose is something other than long-term profit maximization. 3) only 1) only 1), 2), and 3) O 1)...
1 question 2 parts thanks For government wide financial statements, what is the budgetary entry to...
1 question 2 parts thanks
For government wide financial statements, what is the budgetary entry to record estimated revenues? Debit Estimated Revenues Credit Budgetary Fund Balance Debit Estimated Revenues Credit Appropriations Credit Budgetary Fund Balance Debit Budgetary Fund Balance Credit Estimated Revenues None of these entries is correct Government wide financial statements are concerned with which of the following? Operational accountability Fiscal accountability Budgetary compliance Internal Controls
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 question 2 parts thanks Which of the following funds includes both current and non current...
1 question 2 parts thanks
Which of the following funds includes both current and non current assets? All of these funds include current and non current assets Special revenue fund Internal service fund Capital projects fund Which of the following is not an example of a fiduciary fund? O All of the Above are Fiduciary Funds Pension Trust Fund Tax Agency Fund Permanent Fund
The City of Southern Pines maintains its books so as to prepare fund accounting statements and...
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City's internal service fund, a motor pool fund, is included in the proprietary funds statements. 1. Balance sheet asset accounts include: Cash. $92.000; Investments, $135,400; Due from the General Fund, $16,300; Inventories. $353,000; and Capital Assets (net). $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund. $654.000. 2. The...
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...
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each...
Exercise 18-2
The following transactions take place. Indicate the name of the
fund(s) in which each of the transactions or events should be
recorded.
(a)
A commitment was made to transfer general revenues to the entity in
charge of providing transportation for all government
agencies.
General Fund
Agency Funds
Special Revenue Funds
Enterprise Funds
Pension and Other Employee Benefit Trust Funds
Permanent Funds
Capital Projects Funds
Investment Trust Funds
Private-Purpose Trust Funds
Debt Service Funds
Internal Service Funds
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each...
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each of the transactions or events should be recorded. (a) A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. o Capital Projects Funds Enterprise Funds O Pension and Other Employee Benefit Trust Funds Agency Funds Investment Trust Funds Permanent Funds O Private-Purpose Trust Funds Debt Service Funds o General Fund Internal Service Funds Special...
2. (Preparation of government-wide financial statements - capital asset elements) The following information is extracted from...
2. (Preparation of government-wide financial statements - capital asset elements) The following information is extracted from the City of Jeddah’ government-wide statement of net position at December 31, 2018: Capital assets 3,000,000 Accumulated depreciation, capital assets 1,600,000 Annual depreciation rate on capital assets 10 % Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2018. Expenditures...
Indicate whether the item in each column is reported in the financial statements of the fund...
Indicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Statement Capital assets Long-term liabilities Encumbrances 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service funds 8. Pension (and other...
1 question 2 parts thanks
Which fund type never has financial statements produced for it but still is included in government wide financial statements? O Trust Fund Permanent Fund Internal Service Fund Enterprise Fund Which of the following is a primary difference between governmental entities and for profit entities? 1) Absence of defined ownership interests. 2) Lack of external stakeholders. 3) Primary purpose is something other than long-term profit maximization. 3) only 1) only 1), 2), and 3) O 1)...
1 question 2 parts thanks
For government wide financial statements, what is the budgetary entry to record estimated revenues? Debit Estimated Revenues Credit Budgetary Fund Balance Debit Estimated Revenues Credit Appropriations Credit Budgetary Fund Balance Debit Budgetary Fund Balance Credit Estimated Revenues None of these entries is correct Government wide financial statements are concerned with which of the following? Operational accountability Fiscal accountability Budgetary compliance Internal Controls
1 question 2 parts thanks
Which of the following funds includes both current and non current assets? All of these funds include current and non current assets Special revenue fund Internal service fund Capital projects fund Which of the following is not an example of a fiduciary fund? O All of the Above are Fiduciary Funds Pension Trust Fund Tax Agency Fund Permanent Fund
The City of Southern Pines maintains its books so as to prepare fund accounting statements and records worksheet adjustments in order to prepare government-wide statements. As such, the City's internal service fund, a motor pool fund, is included in the proprietary funds statements. 1. Balance sheet asset accounts include: Cash. $92.000; Investments, $135,400; Due from the General Fund, $16,300; Inventories. $353,000; and Capital Assets (net). $1,042,700. Liability accounts include: Accounts Payable, $54,500; Long-Term Advance from Enterprise Fund. $654.000. 2. The...
Exercise 18-2
The following transactions take place. Indicate the name of the
fund(s) in which each of the transactions or events should be
recorded.
(a)
A commitment was made to transfer general revenues to the entity in
charge of providing transportation for all government
agencies.
General Fund
Agency Funds
Special Revenue Funds
Enterprise Funds
Pension and Other Employee Benefit Trust Funds
Permanent Funds
Capital Projects Funds
Investment Trust Funds
Private-Purpose Trust Funds
Debt Service Funds
Internal Service Funds
Exercise 18-2 The following transactions take place. Indicate the name of the fund(s) in which each of the transactions or events should be recorded. (a) A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. o Capital Projects Funds Enterprise Funds O Pension and Other Employee Benefit Trust Funds Agency Funds Investment Trust Funds Permanent Funds O Private-Purpose Trust Funds Debt Service Funds o General Fund Internal Service Funds Special...
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