If a state incurs the cost of monitoring grant recipients, which of the following funds would...
If a state incurs the cost of monitoring grant recipients, which of the following funds would most likely account for the pass-through grant funds provided to local governments?
A. Private-purpose trust fund.
B. Custodial Fund.
C. General Fund.
D. Special revenue fund.
Homework Answers
If the state incurs the cost of monitoring grant recipients, special revenue fund would most likely account for the pass-through grant funds provided to local governments.
Option 'D' Special Revenue Fund is the correct answer.
Special revenue fund is created to pool money to get used it for a specific project. It provides an extra level of accountability and transparency to taxpayers.
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If a state incurs the cost of monitoring grant recipients, which of the following funds would...
Which of the following is incorrect with respect to the determination of the appropriate fund in...
Which of the following is incorrect with respect to the determination of the appropriate fund in which to report the trust activities? C ) If the trust is to benefit the government or its citizenry and the principal may be expended, the appropriate trust would be a special revenue fund. C ) If the trust benefits private organizations or other governments and the principal must be maintained, the appropriate fund would be a custodial fund. C ) If the trust...
A state government establishes an investment pool and invites local governments to participate. It is not...
A state government establishes an investment pool and invites local governments to participate. It is not governed by a formal trust agreement which fund of the state government would report balances contributed by the local governments? Multiple Choice O Custodial Special Revenue vestment True
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...
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...
1. Which of the following funds would be reported as a fiduciary fund in Lancaster City’s...
1. Which of the following funds would be reported as a fiduciary fund in Lancaster City’s financial statements? A. Special Revenues Fund. B. Permanent Fund. C. Private-purpose Trust Fund. D. Internal Services Fund 2. Which of the following funds of a governmental unit uses the modified accrual basis of accounting? A. Internal services fund. B. Enterprise funds. C. Special revenues funds. D. Non-expendable trust funds.
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...
26) The best fund in which to account for the interest and dividends from an endowment...
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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...
Listed below are the typical funds that might be used by a state or local government...
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....
Which of the following is incorrect with respect to the determination of the appropriate fund in which to report the trust activities? C ) If the trust is to benefit the government or its citizenry and the principal may be expended, the appropriate trust would be a special revenue fund. C ) If the trust benefits private organizations or other governments and the principal must be maintained, the appropriate fund would be a custodial fund. C ) If the trust...
A state government establishes an investment pool and invites local governments to participate. It is not governed by a formal trust agreement which fund of the state government would report balances contributed by the local governments? Multiple Choice O Custodial Special Revenue vestment True
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...
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...
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....
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