Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events. GF General Fund SRF Special Revenue Fund DSF Debt Service Fund CPF Capital Projects Fund PF Permanent Fund 1. Property taxes were received directly by the fund used to accumulate resources to pay bond principal and interest. 2. The city received its share of a state sales tax that is legally required to be used solely to finance library operations. 3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs. 4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets.
Identification of activities with particular governmental-type funds
Using only the governmental-type funds, indicate which would be used to record each of the following transactions and events.
GF General Fund
SRF Special Revenue Fund
DSF Debt Service Fund
CPF Capital Projects Fund PF Permanent Fund
1. Property taxes were received directly by the fund used to accumulate resources to pay bond principal and interest.
2. The city received its share of a state sales tax that is legally required to be used solely to finance library operations.
3. The city sent property tax bills to homeowners to help pay for day-to-day operating costs.
4. The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets.
5. The city received a grant from the state to build an addition to the city hall.
6. The city received the proceeds of general obligation bonds to finance the construction of a new police station.
7. The mayor was paid his monthly salary.
8. Expenditures for the day-to-day operations of the Police Department were recorded.
9. Parks admissions fees, dedicated for use in day-to-day maintenance of the city park system, were collected.
10. The city paid a contractor who had completed a report on the potential for improving police deployment as a way to reduce the crime rate.
11. The city workers were paid their weekly salaries.
12. The city retired some of its outstanding bonds, using money accumulated for that purpose.
13. A federal grant was received to help pay for the cost of constructing the new city hall.
14. he city received a donation from a taxpayer with the stipulation that it be invested and kept in perpetuity, so that the income from the investments could be used to buy library books.
15. The city received income from the investments made in the previous activity.
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