Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?

Q: The modified accrual foundation of accounting is used by which fund category? Under the modified…

A: Introduction: Another accounting approach that combines accumulation premise bookkeeping and cash…

Q: The long-term assets and liabilities are not generally accounted under general funds however it…

A: Long term assets are assets that a company uses in its production process and with a useful life of…

Q: Proprietary fund financial statements are prepared based on which one of the following basis of…

A:

Q: accounts o

A: Modified accrual basis of accouting is generally used by the government agency or say government. it…

Q: When do liabilities show up in a fund's financial statements based on current financial resources…

A: Introduction Government liabilities include pension payments, salary payments, payments for…

Q: Explain a typical ADI’s sources and uses of funds

A: A commercial bank may be a financial institution that accepts deposits, provides bank account…

Q: What are the two different ways that supplies and prepaid items can be recorded on fund financial…

A: There are two different methods to record supplies and prepaid items on fund financial statements:…

Q: carry the right to a fund recorded in th How should the pre answer. Your answer to this

A: Firstly, let us understand who fund Managers and preference shares are. Fund Managers are investment…

Q: What is the difference between a permanent fund and a private-purpose trust fund?

A: A private purpose fund refers to trust agreements where a principal or income benefits individuals,…

Q: What is the appropriate accounting for each of the phases, Capital projects funds and Debt services…

A: Investing in a built environment represents short-term costs that return only benefits on long-term…

Q: Which of the following information should be disclosed in the summary of significant accounting…

A: Significant accounting policies are the policies used in preparation and presentation of financial…

Q: mutual funds,

A: Mutual Funds: A mutual fund is a company that mobilizes the savings of various investors into…

Q: Which of the following accounts are used as income statement-like accounts in investment trust…

A: An income statement is one of the important financial statements of the company. It can be defined…

Q: What are the two fund types within the proprietary funds? What types of events does each report?

A: Two Fund Types with in the Proprietary funds: 1) The Enterprise Fund. 2) The Internal Service funds.

Q: Which of the following funds are classified as proprietary funds? Group of answer choices a.)…

A: The fund which is used to account for the business transactions are proprietary funds. These…

Q: What is discretionary distribution in trust fund? And Give (1) example that is easy to understand

A: A trust fund is a legal entity that holds property on behalf of some other person or some other…

Q: Hame the Sub-headings under which Shareholder's Funds shall be classified in pany's Balance Sheet,

A: Solution Concept In a balance sheet there are two sides , assets and liabilities and equity In…

Q: Show the treatment of items of Income and Expenditure Account whenthere is a specific fund for those…

A: There are various sources of receipts like donations, subscriptions and government grants. Donations…

Q: In applying the current financial resources measurement focus, when are liabilities recognized in…

A: Introduction Liabilities of Government includes pension payments, salary payments, payments for…

Q: Describe the disclosure requirements for an Enterprise Fund. Explain how disclosure assists users of…

A: Agencies reporting enterprise funds (a type of proprietary fund) or using enterprise fund accounting…

Q: To assist users better comprehend "Transfers in" to the General Fund, describe the types of note…

A: `1This question explains about the "Transfers in" to the General Fund

Q: State the kinds of note disclosures that need to be made to help users understand the nature of…

A: Question is answered based on Government Accounting. A general fund is a primary fund used by a…

Q: From the following details prepare statement of proprieta funds with as many details as possible.

A: Proprietary funds are the funds which are related to the owners of the business which is actually…

Q: Fiduciary fund financial statements are prepared based on which one of the following basis of…

A: Assets that are held in trust for others are to be reported in the fiduciary funds of the business.…

Q: Which of the following is an example of an interactivity transaction? Money is transferred from the…

A: Interactivity transactions:   The transactions which occur between the government funds and the…

Q: ow core deposits and purchased funds work ?

A: Commercial banks: It is the financial institution that accepts deposits from the public and gives…

Q: To assist users better comprehend "Transfers in" to the General Fund, describe the types of note…

A: The following is an answer based on government accounting: A general fund is a kind of leading fund…

Q: Does the modified accrual accounting method apply to this kind of fund? What are the requirements…

A: Introduction: Another accounting approach is adjusted gathering bookkeeping, which combines…

Q: How are interfund transfers reported in fund financial statements?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: What kinds of expenses do mutual funds incur? How are expense ratios calculated?

A: Mutual funds are referred to as the investment vehicle which provides access to investors to…

Q: recognition, an item is captured for inclusion in a. The Fund Flow statement b. The Journal c. The…

A: An item is captured for inclusion in the journal,cash flow ,fund flow and the statement of financial…