Show how items in the Income and Expenditure Account are handled when they are part of a separate fund

Q: What is the purpose of reporting fund balance in five classifications? What is the difference…

A: A fund balance refers to the difference between the assets and liabilities of a government fund. If…

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: accounts o

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

Q: budgetary

A: Budgetary accounts can be defined as those accounts which are prepared in order to reflect the…

Q: Which of the following is budgetary account: a. Budgetary fund balance b. Revenue- fines and fees c.…

A: Budgetary accounts are those accounts that are used to reflect the operations in budget and budget…

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

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

Q: Provide example of an internal service funds, describe the services provided and received within the…

A: Introduction:- An Internal Service Fund is one that primarily offers benefits, commodities, or…

Q: What is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally…

A: Special revenue fund refers to fund used within governmental body to record proceeds from certain…

Q: rces in the general fund get assigned to a specific

A: Resource  allocation is considered to  important  part of business and investment . it is important…

Q: What costs necessitate the reporting of an expenditure by a governmental fund?

A: In a government fund, expenditures are recognised in the accounting period in which goods and…

Q: It is important to understand the difference between custodial and trust funds. How many financial…

A: However, custodial funds are not covered in any trust fund types under the GASB criteria. People,…

Q: Explain the distinction/s between custodial funds and trust funds. What financial statements…

A:

Q: Which of the financial statements described below is prepared by the general fund of a state or…

A: The annual financial reports prepared by the government bodies are referred as governmental…

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: True or False questions H. According to the Governmental Accounting Standards Board, there are three…

A: Solution Concept As per GASB Fund categories Fund types Restricted general fund…

Q: The funds allocated to products and services used to satisfy citizens' needs are classified as…

A: Solution: Government spends money from its treasuries to fulfil various needs for people in economy.

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 purpose and financial reporting requirements for the General and Special Revenue Funds?…

A: The general fund is the primary operating fund of a government, and it is responsible for anything…

Q: A gift to a government company is recorded to Select one: a Permanent fund b. Special revenue fund…

A: Solution- Special Revenue Funds - these are used to account for those types of revenues that are…

Q: services only to other departments or agencies of the government on a cost-reimbursement basis?…

A: Meaning of Inter Departmental Transactions Interdepartmental transactions are those transactions…

Q: The Appropriations account of a governmental fund is credited when: O a. The budgetary accounts are…

A: Appropriation account can be defined the form of general ledger being prepared for the special…

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: What is the purpose of a special revenue fund? To account for revenues legally or externally…

A: Special revenue fund refers to fund used within governmental body to record proceeds from certain…

Q: Fiduciary Funds includes: O a. Agency Fund b. Special Revenue Fund c. Debt Service Fund d. Internal…

A: Fiduciary funds are those funds which state and local government carry out for the benefit of other…

Q: What are the four fund types within the fiduciary funds? What types of events does each report?

A: Definition:   A fiduciary fund is required in legislative bookkeeping to give an account of benefits…

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: Which of the following accounts of a governmental unit is debited when a purchase order is…

A: Given: The account of the governmental unit that is to be debited on the approval of purchase order.…

Q: According to GASB standards, expenditures are classified by: a. Fund, function or program,…

A: GASB: GASB ( Governmental accounting standard board) This is the governing body or statutory body…

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: 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: Which of the following funds accounts for legally restricted resources for which only the earnings…

A: Governmental funds are classified as: General funds Special revenue funds Capital projects funds…

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

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

Q: Which one of the following fund accounting required to prepare a statement of cash flow?  a.…

A: Fund accounting refers to the accounting system used for keeping a record of the resources received…

Q: What are types of activities are reported in Custodial Funds?

A: Custodial funds Custodial funds are classified as fiduciary funds under GASB rules when they are not…