Which of the following are most likely to be internal service fund activities? (multiple answers allowed, incorrect answers will reduce correct answers) Da workers compensation fund Ob. IT department at Mcneese O Gravity drainage district Dd. Fleet and equipment services fund Oe University bookstore Of Mallard golf course
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- The board of directors of Earth Rock's!, a nonprofit organization focused on environmental protection, hypothesizes that individuals are more likely to donate if they see evidence that their donations are used primarily for program activities rather than administrative and fund-raising costs. To get a sense of how its own cost structure compares to other groups, the board decides to benchmark the financial performance of Earth Rocks! against several other environmental organizations. The data for Earth Rocks! and the other environmental organizations appear below Program Expenditures Fund-raising Costs Administrative Costs Total Costs Earth Rocks 374,900 98,000 121,400 594,300 Weed Lovers 421,000 104,300 98,350 623,650 Flora and Fauna 353,000 97,600 71,840 522,840 Leaf It Be 501,900 89,000 109,750 700,650 Nature's Gift 455,470 71,000 82,450 608,920 Use these data to benchmark Earth Rocks! against the other environmental organizations. How does Earth Rocks! compare to…This problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a: Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund. Problem b: Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed. Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…What type of fund would typically be used to account for a municipal bus operation where users are charged a fee to ride the bus, and the fees collected are used to pay for the daily operation? Group of answer choices a.) Enterprise fund b.) Agency fund c.) General fund
- A voluntary health and welfare entity produces a statement of functional expenses. What is the purpose of this statement? Choose the correct.a. Separates current unrestricted and current restricted funds.b. Separates program service expenses from supporting service expenses. c. Separates cash expenses from noncash expenses.d. Separates fixed expenses from variable expenses.Which of the following is not a criterion that must be met under FASB ASC 958-605-25-16 for contributed services? a. They are provided by persons possessing required skills. b. They are provided by licensed professionals. c. They create or enhance nonfinancial assets. d. They would typically have to be purchased if not provided by the donors/volunteers.A public university ordered the 2 vehicles for the use of students and staff. Upon ordering the vehicles the university should a. Expenditure Account Dr, Account Payable Cr b. Encumbrance Control Account Dr, Budgetary Fund Balance Reserve A/c (BFBR) Cr c. Budgetary Fund Balance Reserve A/c (BFBR) Dr, Encumbrance Control Account Cr, d. None of the options
- onation received for specific purpose is: a. Credited to income and expenditure account b. Shown on liabilities side of Balance sheet as Donation Fund c. Debited to income and expenditure account d. Shown as asset side of Balance sheet as Donation Fund Question 14 Question text Which among the following is not an enterprise fund in a school district? a. Athletic stadium that sell tickets to events b. Bookstores c. Public parking spaces d. Cafeteria Question 15 Question text Rule by people is referred to as: a. Republic b. Oligarchy c. Democracy d. MonarchyA public university ordered the 2 vehicles for the use of students and staff. Upon receiving vehicles ordered previously been encumbered the university should a. Encumbrance Control Account Dr, Budgetary Fund Balance Reserve A/c (BFBR) Cr b. Budgetary Fund Balance Reserve A/c (BFBR) Dr, Encumbrance Control Account Cr, c. None of the options d. Expenditure Account Dr, Account Receivable CrA voluntary health and welfare entity produces a statement of functional expenses. What is the purpose of this statement? Separates current unrestricted and current restricted funds. Separates program service expenses from supporting service expenses. Separates cash expenses from noncash expenses. Separates fixed expenses from variable expenses.
- Which is an example of a fiduciary fund? Group of answer choices a.) a pension fund, where resources are held in financial trust until an employee retires. b.) a signa fund, which accounts for all government signas for every unit c.) an internal service fund, which accounts for services provided to one governmental unit by anotherA local citizen gives a not-for-profit entity a cash donation that is restricted for research activities. The money should be recorded in: Choose the correct: a. Unrestricted Net Assets.b. Temporarily Restricted Net Assets.c. Permanently Restricted Net Assets.d. Deferred Revenue.A private not-for-profit entity sends a direct mail solicitation for monetary donations. Other information is included with the mailing. Under what conditions can the organization report part of the cost of this mailing as a program service cost rather than as purely a fund-raising cost?