Fiduciary Funds includes: O a. Agency Fund b. Special Revenue Fund c. Debt Service Fund d. Internal Service Fund
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- Which of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.Accounting for permanent funds closely resembles the accounting for a. internal service funds. b. general funds. c. enterprise funds. d. agency funds.Options are Agency Fund Capital Projects Fund Capital Projects Fund and Debt Service Fund Debt Service Fund Enterprise Fund Enterprise FUnd and the General Fund The General Fund The General Fund and the Internal Service Fund Internal Service Fund and the General Fund Internal Service Fund Trust Fund (Propietary)
- What are the four fund types within the fiduciary funds? What types of events does each report?Which of the following is not a fiduciary fund? a. Permanent fund b. Agency fund c. Investment trust fund d. Pension trust fundThe modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust funds
- Identify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.Explain the distinction/s between custodial funds and trust funds. What financial statements prepared for each?1. Expenditures are used for which type of fund? A. Fiduciary B. Governmental C. Proprietary D. All of the above
- Which of the following is an example of an interactivity transaction?a. Money is transferred from the general fund to the debt service fund.b. Money is transferred from the capital projects fund to the general fund.c. Money is transferred from the special revenue fund to the debt service fund.d. Money is transferred from the general fund to the enterprise fund.Fiduciary fund financial statements are prepared based on which one of the following basis of accounting? a. None of the options b. Modified accrual basis of accounting c. Cash basis of accounting d. Accrual basis of accountingWhich of the following funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.