Please describe a special revenue fund you find particularly beneficial.
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Please describe a special revenue fund you find particularly beneficial.
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- Which of the following is a governmental fund? Special revenue fund Internal service fund Capital projects fund Debt service fundIf an internal service fund is intended to operate on a cost-reimbursement basis, then user charges should a. cover the full costs, both direct and indirect, of operating the fund. b. cover the full costs of operating the fund and provide for future expansion and replacement of capital assets. c. cover at a minimum the direct costs of operating the fund. d. do all of the above.What is the difference between a permanent fund and a private-purpose trust fund?
- The funds allocated to products and services used to satisfy citizens' needs are classified as ___________________ expenditures. a. Capital expenditure b. Consumption c. Utilization d. Transfer paymentsWhat is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally or externally restricted as an operating expenditure.b. To account for ongoing activities.c. To account for gifts when only subsequently earned income can be expended.d. To account for the cost of long-lived assets bought with designated funds.Which of the following is true regarding the use of Special Revenue Funds? Multiple Choice Special Revenue Funds are appropriate if the sole source of resources are assigned funds. Once a Special Revenue Fund is established, it will continue to be a Special Revenue Fund until all resources are exhausted, even if the only source of funds is transfers from the General Fund. Special Revenue Funds are used whenever a government wishes to segregate income for specific purposes. Special Revenue Funds are used when a substantial portion of the resources are provided by restricted or committed revenue sources..
- What mechanism ensure that funds have been properly allocated and spent?Which of the following is not a governmental fund? Choose the correct.a. Special revenue fundb. Internal service fundc. Capital projects fundd. Debt service fundShow the treatment of items of Income and Expenditure Account whenthere is a specific fund for those items.
