The correct answer will be Special Revenue Funds. It is because a special revenue fund is a fund set aside by a government entity to record the proceeds from a particular revenue source for which fund usage is restricted. Other examples of special revenue funds include the funding of parks and other government expenses. They are used to make it easier to reconcile cash inflows and outflows.
CES 1 x Your answer is incorrect. Try again. A commitment was made to transfer general...
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...
Exercise 18-1
Your answer is incorrect. Try again.
The following transactions take place. Indicate the name of the
fund in which each of the transactions or events should be
recorded.
1.
A cement mixer was purchased with resources of the general
fund.
Investment Trust FundsPermanent FundsCapital Projects FundsPension
and Other Employee Benefit Trust FundsSpecial Revenue
FundsPrivate-Purpose Trust FundsEnterprise FundsAgency FundsDebt
Service FundsGeneral FundInternal Service Funds
2.
A contract was signed for the construction of a new civic
center.
Capital Projects...
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 2 3 4 5 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. Capital assets Long-term liabilities Encumbrances Statement 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service...
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 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.
1) An internal service fund received an interfund transfer of $50,000 cash from the general fund. This transfer should be reported in the statement of revenues, expenses, and changes in fund net position as a) An account payable. b) An item below non-operating revenues and expenses. c) A revenue. d) An other financing source. 2) If the government is merely a cash conduit, grants that are to be transferred to secondary recipients by a local government should be accounted for...
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....
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....