Show the treatment of items of Income and Expenditure Account whenthere is a specific fund for those items.

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: Which among the following process is related to fund allocation for different activities? a.…

A: The fund is a fiscal and bookkeeping substance with a self-adjusting set of accounts recording cash…

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: Required: Prepare journal entries to record the transactions under imprest fund system and…

A: In the imprest system of petty cash funds the balance of petty cash is fixed whereas in the…

Q: mechanism ensure that funds have been properly allocated and spent

A: Proper Allocation of Funds: Proper allocation of fund is very important for the effective and…

Q: What is the purpose of emergency fund?

A: Emergency Fund: An emergency fund is a vital corpus that must be set up in case of unforeseen…

Q: carry the right to a fund recorded in th How should the pre answer. Your answer to this

A: Firstly, let us understand who fund Managers and preference shares are. Fund Managers are investment…

Q: Explain the difference between asset allocation funds and lifecycle funds

A: Asset allocation Funds make investments in different asset classes based on the efficient frontier…

Q: Fund financial statements have separate columns for each activity. Which activities are reported in…

A: Governmental funds: This is the fund category which includes governmental activities in the…

Q: Which fund category uses modified accrual basis of accounting? What are the recognition rules of…

A: The government uses a different way to report their financial statements than the private sector…

Q: Please describe a special revenue fund you find particularly beneficial.

A: A special revenue fund is a govt account that gathers money for a specific project. Special revenue…

Q: Accounting for permanent funds closely resembles the accounting for a. internal service funds. b.…

A: Fund: Funds refer to an amount of money which is set aside or saved by individuals, government, and…

Q: Defines the meaning of Capital Projects Fund and Debt Service Funds.

A: Capital Project Fund means a fund used to account for financial resources to be used for the…

Q: . The following activities determine the fund efficiency of the enterprise. O Operations activities…

A: Cash flow: It implies to the net increase or decrease in company's cash position as a result of…

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: Define electronic funds transfer (EFT)

A: Internet Banking:   Internet banking is the term used to describe conducting financial transaction…

Q: Net Income is a ( SOURCE / USE) of funds.

A: Net income is the amount of profit that is arrived by paying all expences from sales or revenue. In…

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: 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: ör Fålšé questions E. Resources flowing into and out of a fund means that the fund is an accounting…

A: An individual, association, or organization that engages in economic activities and controls…

Q: From the following details prepare statement of proprieta funds with as many details as possible.

A: Proprietary funds are the funds which are related to the owners of the business which is actually…

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: Explain acquisition, utilization of fund and assets management with example. Explain in details.

A: Acquisition:-It is a situation where a stronger company takes over the company which is less strong…

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

A: Recipients may be obtained from a variety of sources, including contributions, subscriptions, and…

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: Distinguish between revenue and capital expenditures, and account for them.

A: Meaning of Expenditure Expenditure is the amount of various expenses incurred for the operations of…

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

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

Q: Required: Prepare Sta tement of revenues, expenditures & changes in fnd balances Capital Project…

A: Capital Project fund It is  financed by public funds. Eg: Capital projects are infrastructure…

Q: An inter-fund transfer out should be reported in a governmental fund operating statement as a (an)

A: Inter fund transfer is the transfer included as an accounting transaction which shows transfer of…

Q: How are the sources of funds indicated?

A: firms can be evaluated using three financial statements: balance sheet income statement cashflow…