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E 19-4 Multiple choiceWhich of the following is not a governmental fund?Special revenue fundDebt service fundTrust fundGeneral fundWhich of these funds generally follows the accrual basis of accounting?General fundInternal service fundDebt service fundSpecial revenue fundWhich of the following funds will report fixed assets in the fund financial statements?General fundSpecial revenue fundDebt service fundNone of the aboveWhich of the following funds would not be included in governmental fund financial statements?Debt service fundGeneral fundPension trust fundPermanent fundWhich of the following funds would be used to account for an activity that provides goods or services to other funds?General fundEnterprise fundDebt service fundInternal service fund

Question

E 19-4 Multiple choice

  1. Which of the following is not a governmental fund?

    1. Special revenue fund

    2. Debt service fund

    3. Trust fund

    4. General fund

  2. Which of these funds generally follows the accrual basis of accounting?

    1. General fund

    2. Internal service fund

    3. Debt service fund

    4. Special revenue fund

  3. Which of the following funds will report fixed assets in the fund financial statements?

    1. General fund

    2. Special revenue fund

    3. Debt service fund

    4. None of the above

  4. Which of the following funds would not be included in governmental fund financial statements?

    1. Debt service fund

    2. General fund

    3. Pension trust fund

    4. Permanent fund

  5. Which of the following funds would be used to account for an activity that provides goods or services to other funds?

    1. General fund

    2. Enterprise fund

    3. Debt service fund

    4. Internal service fund

check_circleAnswer
Step 1

As the student has posted multiple questions and not specified which questions to be answered, the solutions to the first 3 questions are being provided. Student can repost the unanswered questions as a separate question.

Step 2

The different types of Governmental funds are

(a)    General Fund- It is the chief operating fund for the entire government.

(b)    Special Revenue Fund – It is a fund operated for a specific project. The revenue earned from certain specific projects is set aside as Special Revenue fund.

(c)     Debit Service Fund – It is a cash reserve that is used for repayment of debt i.e. interest and principle.

(d)    Capital Project Fund – It contains resources relating to construction of major capital projects.

(e)    Permanent Fund – It is a restricted endowment fund used to generate and disburse money for persons entitled to receive.

From the above explanation, it can be concluded that trust fund is not a Governmental Fund.

Answer: Option 3 – Trust Fund

 

Step 3

Fund Accounting is a system of accounting used by Not-for-profit organizations. The main purpose of fund accounting is to track resources allocated for different purposes and utilization of such resources in its specified purpose. The entities that follow fund accounting are Charitable organizations, Educational Institutions, Government and Hospitals.

The focus of fund accounting is accountability than profitability, that’s t...

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