What are some similarities and differences between a General Fund and a Special Revenue 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: 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: Which of the following is not a governmental fund? Choose the correct.a. Special revenue fundb.…

A:

Q: What is the difference between an enterprise fund and an internal service fund?

A: Fund: It can be defined as a sum of money that is made available or kept aside for a specified…

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: how may resources in the general fund can be assigned to a specific purpose (if that is the intent…

A: The gap between assets as well as liabilities throughout the government expenditures balance sheet…

Q: plain the difference between a f

A: Fund of funds : A mutual fund strategy that engages in other mutual fund schemes is known as a Fund…

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: 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: 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: Define tapping fund assets

A: Fund asset: It can be defined as the value of cash, securities, and other holdings related to a…

Q: Is there a connection between regulatory accounting and enterprise fund accounting

A: This is a set of accounting rules that only apply to a particular firm known as the RAP. Federal…

Q: What’s the difference between a call for sinking fund purposes and a refunding call?

A: Sinking fund: A sinking fund is a fund comprising money keep back or saved to settle a debt or bond.…

Q: Why are special revenue funds restricted and what would happen if they were used for other purposes?

A: As the special revenue fund is a special revenue that are specific or specified to a project in…

Q: What is the effective utilization of funds

A: Introduction: While all aspects of money planning are critical, special emphasis is placed on fund…

Q: What are the two fund types within the proprietary funds? What types of events does each report?

A: Two Fund Types with in the Proprietary funds: 1) The Enterprise Fund. 2) The Internal Service funds.

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

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

Q: Which of the following is a governmental fund? Special revenue fund Internal service fund Capital…

A: The different types of Governmental funds are explained below: General Fund- This fund is used to…

Q: what is the difference between imprest fund system and fluctuating fund system?

A: Petty cash funds are funds established for the purpose of small petty expenses in the business.…

Q: What federal fund is most like a custodial fund used by state and local governments?

A: Here given the details of the federal fund which is treated as the custodial fund which can be used…

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: What types of special revenue funds are beneficial?

A: Funds are the balance that has been kept by the company or the government so that any contingencies…

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

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