Which of the following fund types does not report the payment of bond principal as an expenditure? a. Special revenue fund b. Enterprise fund c. Debt service fund d. General fund
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QUESTION 4
-
Which of the following fund types does not report the payment of bond principal as an expenditure?
a. Special revenue fund
b. Enterprise fund
c. Debt service fund
d. General fund
Step by step
Solved in 2 steps
- QUESTION 8 Match the following options - Debt Services - Permanent Fund - Current financial resources - Statement of net assets -Government-wide - Statement of net assets - Proprietary funds 1. Principal and interest payments on general long-term debt. 2. Gifts in which the principal must be invested and preserved but the investment earnings can be used for public purposes. 3. Modified Accrual Accounting 4. Economic Resources 5. Accrual Accounting11) A fund A) has its own accounting equation. B) has consolidated financial statements for all funds. C) must follow GAAS. D) always uses modified accrual accounting8 The basis of accounting that should be used in preparing fund financial statements is: Governmental funds Proprietary funds Fiduciary funds A) Modified accrual Accrual Modified accrual B) Modified accrual Modified accrual Modified accrual C) Modified accrual Accrual Accrual D) Accrual Accrual Accrual Multiple Choice Choice A Choice B Choice C Choice D
- TRUE or FALSE The liability resulting from the issue of serial bonds is accounted for in the general fund. A credit balance in the Fund balance – Unreserved, Undesignated account of a general fund represents the excess of inflows over out flows of financial resources available for expenditure. Each transaction affecting a governmental fund requires an entry in only one fund or account group.6 Which of the following should not be reported on the balance sheet of the General Fund? Multiple Choice Equipment. Vouchers payable. Tax anticipation notes payable. Due from federal government.Ch4 5 Whenever a significant revenue source is restricted for a specific operating purpose, a special revenue fund should be established. True or False 6 Which of the following should not be reported on the balance sheet of the General Fund? Multiple Choice Equipment. Vouchers payable. Tax anticipation notes payable. Due from federal government.
- Fiduciary fund financial statements are prepared based on which one of the following basis of accounting? a. None of the options b. Modified accrual basis of accounting c. Cash basis of accounting d. Accrual basis of accounting5-3. What are the major sources of funds for capital project and debt service funds, and how are the sources classified in the Statement of Revenues, Expenditures and Changes in Fund Balance?Unreserved Fund Balance in Governmental entities is equal to which of the following in commercial entities: a. Bond sinking Fund b. Retained earnings c. Capital Stock d. Unearned revenue
- Ch3 3 Budgetary accounts used in the General Fund include Estimated Revenues, Estimated Other Financing Sources, Appropriations, Estimated Other Financing Uses, and Encumbrances. True or False 4. An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract. True or FalseProprietary fund financial statements are prepared based on which one of the following basis of accounting? a. Cash basis of accounting b. None of the options c. Modified accrual basis of accounting d. Accrual basis of accountingBonds are issued at a premium by a capital projects fund. The premium should bea. retained in the capital projects fund.b. credited directly to the restricted fund balance of the capital projects fund.c. transferred to the debt service funds.d. used to reduce the net cost of the project involved.
