Which of the following is not an example of the function of a custodial fund? A....
Which of the following is not an example of the function of a custodial fund?
A. Payment of pension benefits to retired government employees
B. Collection of local government sales taxes by the state government
C. Collection of property taxes for the school district by an elected county government official
D. Periodic distribution by the state government of county sales taxes
Homework Answers
Solution:
"Payment of pension benefits to retired government employees" is not an example of the function of a custodial fund
Hence option A is correct.
Add Answer to:
Which of the following is not an example of the function of a
custodial fund?
A....
The tax collection custodial fund of Fair Haven County collected $1,050,000 for the Fair Haven School...
The tax collection custodial fund of Fair Haven County collected $1,050,000 for the Fair Haven School District, $500,000 for the Village of Fair Haven, $600,000 for the Fair Haven Park District, and $375,000 for Fair Haven County. County General Fund employees handle the collections, and a 3.5% collection fee is charged all units except the county. How much revenue should be recognized by the General Fund as a result of these collection activities? $70,875. $75,250. $67,375. $88,375.
Utilizing the city of Jackson 2018 CAFR follow the instructions and answer the questions Custodial Funds....
Utilizing the city of Jackson 2018 CAFR follow the instructions and answer the questions Custodial Funds. Note that depending on the CAFR fiscal year, agency funds rather than custodial funds may be reported. Does the government operate a tax custodial fund or participate in a tax custodial fund operated by another government? Does the government act as a custodian for owners of property within a special assessment district and for the creditors of those property owners? Does the government operate...
FundType of Fiduciary Fund ype Tri-Centennial Fund. Accounts for money raised or contributed by s...
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Chapter 8 Recording Transactions Affecting a Fiduciary Fund—a Tax Custodial Fund [Para. 8-b-2] Delinquent taxes and related interest and penalties were collected during the year for the taxing authorities shown below: Governments/Funds: Delinquent Taxes Interest and Penalties Total City of Smithville General Fund $ 387,201 $ 34,270 $ 421,471 Smithville CSD 722,650 57,810 780,460 Smith County 459,980 41,400 501,380 Smith County FPD 162,560 13,050 175,610 Total collected $1,732,391 $146,530 $1,878,921 Required: Record the collections of delinquent taxes and interest and...
Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and dis...
Jefferson County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2018, the following taxes were levied: 1. $6,300,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $3,450,000 in property taxes were levied for the school district. 3. $3,150,000 in property taxes were levied for a...
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record...
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2017, the following tax y. In the year 2017, the following taxes were levied: 1. $9,000,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $5,830,000 in property taxes were levied for the school district....
Which of the following statements is false? A)With respect to fund basis financial statements, a government...
Which of the following statements is false? A)With respect to fund basis financial statements, a government may designate any fund to be a major fund if reporting that fund separately would be useful. B)When preparing fund basis financial statements, any funds not reported separately are aggregated and reported in a single column under the label non-major funds. C)When preparing fund basis financial statements, any funds not reported separately are reported by function. D)In addition to the government-wide statements, governments are...
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...
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...
D 9. There can be large differences in funding among public schools because most school funding...
D 9. There can be large differences in funding among public schools because most school funding comes from... local property taxes. local sales taxes. the state general fund. the federal government. state lotteries.
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...
3. Onondaga County maintains a tax agency fund for use by the County Treasurer to record receivables, collections, and disbursements of all property tax collections to all units of government in the county. In the year 2017, the following tax y. In the year 2017, the following taxes were levied: 1. $9,000,000 in property taxes were levied for the General Fund, of which 2% are deemed to be uncollectible. 2. $5,830,000 in property taxes were levied for the school district....
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...
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...
D 9. There can be large differences in funding among public schools because most school funding comes from... local property taxes. local sales taxes. the state general fund. the federal government. state lotteries.
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