Сapital Projects Fund Government-wide Special Revenue Internal Service Financial Statements Fund Fund A) No Yes No Yes в) Yes No Yes No C) Yes NO Yes Yes D) Yes Yes No No
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Indicate which of the following use Modified Accrual Accounting?
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- QUESTION 8 Match the following options - Debt Services - Permanent Fund - Current financial resources - Statement of net assets -Government-wide - Statement of net assets - Proprietary funds 1. Principal and interest payments on general long-term debt. 2. Gifts in which the principal must be invested and preserved but the investment earnings can be used for public purposes. 3. Modified Accrual Accounting 4. Economic Resources 5. Accrual AccountingThe focus of governmental funds in fund accounting is a(n): a. Economic Resource Measurement Focus. b. Financial Resources Measurement Focus. c. Cash Flow Measurement Focus. d. Accrual Measurement Focus.Which of the following is an example of an interactivity transaction? Money is transferred from the general fund to the debt service fund. Money is transferred from the capital projects fund to the general fund. Money is transferred from the special revenue fund to the debt service fund. Money is transferred from the general fund to the enterprise fund.
- 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.The financial statements of an Enterprise fund are prepared using the Full Accrual Modified Accrual Economic Resources Current Financial Resources Basis Basis Measurement Focus Measurement Focus A.) No Yes Yes No B.) Yes No No Yes C.) No Yes No Yes D.) Yes No Yes NoInterperiod equity measurement for governmental funds determines whether a. there is a positive cash flow. b. there is a profit. c. current-year revenues are sufficient to pay for current-year services. d. actual amounts exceed budgeted amounts.
- 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.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)Explain the Importance of FFO (Funds from Operations)
- 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.Unreserved Fund Balance in Governmental entities is equal to which of the following in commercial entities: a. Bond sinking Fund b. Retained earnings c. Capital Stock d. Unearned revenueV5. Explain the following types of superannuation funds . accumulation benefit funds • defined benefit funds • Public sector funds • private sector funds