Governments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in: a. the general fund b. governmental funds c. proprietary funds d. special revenue funds
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Governments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in:
a. the general fund
b. governmental funds
c. proprietary funds
d. special revenue funds
Step by step
Solved in 2 steps
- Which of the following funds provides goods and services only to other departments or agencies of the government on a cost-reimbursement basis? Group of answer choices a.) Internal service funds b.) Enterprise funds c.) Special revenue fundsDiscuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?Governmental funds are identical to governmental activities, proprietary funds are identical to business-type activities, and fiduciary funds are identical to fiduciary activities of a government. True or False
- What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?Government-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Choose the correcta. Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.b. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.c. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.d. General revenues are broken down by type; program revenues are reported as a single figure for the government.V6. What is the entity in charge of creating and ensuring accounting standards for government organizations? Do you understand that government accounting standards offer some benefit to users of financial statements? Explain Distingue entre fondos gubernamentales y fondos de propietario Name and explain the two types of owner funds.
- Which of the following is true regarding government-wide financial statements? a. Internal service funds are normally included with governmental-type activities. b. Component units and fiduciary funds are not included. c. Both of the above d. Neither of the aboveWhich governmental fund includes resources that are legally restricted so that the governmental entity must maintain the principal and can use only the earnings from the fund's resources to benefit the government's programs for all of its citizens? Group of answer choices a.) Capital projects fund b.) Permanent fund c.) Agency fundWhich of the following is a governmental fund? Special revenue fund Internal service fund Capital projects fund Debt service fund
- Government-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income. General revenues are broken down by type; program revenues are reported as a single figure for the government.Which of the following is an example of activities that are likely to be accounted for in a government's general fund? a. sales taxes collected by a state on behalf of counties within the state b. donations that must be kept intact, but whose income must be used to beautify parks c. property taxes levied and collected. d. electricity utilities of government that are financed by user charges2-Discuss the measurement focus used in governmental accounting and the financial transactions reported in different governmental funds. How do revenues and expenditures of governmental funds differ from the revenues and expenses of other funds?