1) An internal service fund received an interfund transfer of $50,000 cash from the general fund....
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 in which funds?
a) Custodial funds.
b) Internal service funds.
c) Investment trust funds.
d) Special revenue funds.
Homework Answers
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1) An internal service fund received an interfund
transfer of $50,000 cash from the general fund....
The general fund of a local government lends $100,000 to an internal service fund that provides...
The general fund of a local government lends $100,000 to an internal service fund that provides transportation services. In the government-wide statement of financial position, this internal transaction is An elimination. An interfund service provided and used. An interfund transfer. A financing source and use.
26) The best fund in which to account for the interest and dividends from an endowment...
26) The best fund in which to account for the interest and dividends from an endowment to purchase library books would be a(n) (4p Agency Fund. Endowment Fund. O Private-Purpose Trust Fund Nonexpendable Trust Fund. 27) If a county collects taxes on behalf of the city and school district, it would record the taxes (4p in the ■ Trust Fund. a Agency Fund. General Fund. Special Revenue Fund. 28) Interfund transactions include all of the following except for: (4pts) interfund...
CES 1 x Your answer is incorrect. Try again. A commitment was made to transfer general...
CES 1 x Your answer is incorrect. Try again. A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. General Fund udy ✓ Capital Projects Funds Pension and Other Employee Benefit Trust Funds Permanent Funds Enterprise Funds Investment Trust Funds Private-Purpose Trust Funds Agency Funds Special Revenue Funds Debt Service Funds ✓ Internal Service Funds
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...
Moving cash from the General Fund to a debt service fund for payment of debt service...
Moving cash from the General Fund to a debt service fund for payment of debt service is an example of a (an): Multiple Choice Interfund transfer. Interfund loan. Interfund reimbursement. Quasi-external transaction.
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...
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...
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...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer...
2-17 A city’s General Fund transfers resources to the Debt Service Fund. How should the transfer out of the General Fund and into the Debt Service Fund be reported in the governmental funds statement of revenues, expenditures and changes in fund balance? a. As expenditures of the General Fund and revenues of the Debt Service Fund b. As adjustments of the beginning of year fund balances of both funds c. They should not be reported because the transfers out and...
26) The best fund in which to account for the interest and dividends from an endowment to purchase library books would be a(n) (4p Agency Fund. Endowment Fund. O Private-Purpose Trust Fund Nonexpendable Trust Fund. 27) If a county collects taxes on behalf of the city and school district, it would record the taxes (4p in the ■ Trust Fund. a Agency Fund. General Fund. Special Revenue Fund. 28) Interfund transactions include all of the following except for: (4pts) interfund...
CES 1 x Your answer is incorrect. Try again. A commitment was made to transfer general revenues to the entity in charge of providing transportation for all government agencies. General Fund udy ✓ Capital Projects Funds Pension and Other Employee Benefit Trust Funds Permanent Funds Enterprise Funds Investment Trust Funds Private-Purpose Trust Funds Agency Funds Special Revenue Funds Debt Service Funds ✓ Internal Service Funds
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...
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...
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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