to and from which funds or component units have there been general fund transfers
General funds transfers were to, from and through interfund transactions which are reflected as loans, service provided, reimbursement or transfers. The fund's financial statements referred to these loans as due to / from other funds.
to and from which funds or component units have there been general fund transfers
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...
General Fund Closing Entries LO 8 Following is the preclosing trial balance for the General Fund of the City of Doyle. Doyle City The General Fund General Ledger Trial Balance December 31, 2016 Cash 400,000 Certificates of Deposit 350,000 Due from State Government 112,000 Due from Other Funds 30,000 Taxes Receivable 774,000 Estimated Revenue 3,110,000 Expenditures 1,960,000 Encumbrances 734,000 Transfers to Other Funds 90,000 Expenditures-2015 55,000 Estimated Uncollectible Taxes $ 30,000 Vouchers Payable 64,000 Due to Other Funds 27,000 Fund...
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...
1.) If an Enterprise Fund transfers employer contributions to the Pension Trust Fund, which of the following best describes the effect of the transaction on each fund? Select one: a. The Enterprise Fund will report expenses and the Pension Trust Fund will report revenues. b. The Enterprise Fund will report deductions and the Pension Trust Fund will report additions. c. The Enterprise Fund will report expenses and the Pension Trust Fund will report additions. d. The Enterprise Fund will report...
Computation of a village’s operating margin
The following information is extracted from a village’s
governmental funds statement of revenues, expenditures, and changes
in fund balances (amounts in thousands). Compute the village’s
operating margin (a) for the General Fund and (b) for the General,
Debt Service, and Library Funds aggregated. (Hint: The transfers
out are routine transfers to the other two funds, so the entire net
change in fund balance is the numerator in calculating the General
Fund’s operating margin. Because...
Cash is considered to be a component of funds in fund flow statement. You are required to discuss how increase in cash is considered as use of funds and decrease in fund are considered as Source of fund?
The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city). The General Fund general journal entry to record the transaction will include: Question 37 options: A) A debit to Due to Other Funds. B) A debit to Expenses. C) A debit to Interfund Transfers Out. D) A debit to Expenditures.
A city or county always will have One or more A General Fund Special Revenue Funds Select one: 3 yes yes B. yes no O o oo & oé no yes no no
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...
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...