Which of the following funds of a government uses the same basis of accounting as a proprietary fund?
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Which of the following funds of a government uses the same basis of accounting as a proprietary fund?
Permanent fund.
Special revenue fund.
Capital projects fund.
Investment trust fund.
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- Which of the following is not a governmental fund? Choose the correct.a. Special revenue fundb. Internal service fundc. Capital projects fundd. Debt service fundWhich of the following is a governmental fund? Special revenue fund Internal service fund Capital projects fund Debt service fundWhat is the purpose of the capital projects fund, debt service fund, and permanent fund. Please describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments' accounting standards?
- Which of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure revenues and expenditures based on modified accrual accounting.b. Government-wide financial statements measure revenues and expenses based on modified accrual accounting.c. Fund financial statements measure revenues and expenses based on accrual accounting.d. Government-wide financial statements measure revenues and expenditures based on accrual accounting.Discuss the purpose of the capital projects fund, debt service fund, and permanent fund. Describe the difference between government-wide financial statements and fund-basis financial statements. Why is it necessary for the federal government accounting standards to differ from state and local governments accounting standards?For a government, what kinds of operations are accounted for using a proprietary fund? Give three examples.
- Which of the following statements is correct about the reporting of governmental funds? Choose the correct.a. Fund financial statements measure economic resources.b. Government-wide financial statements measure only current financial resources.c. Fund financial statements measure both economic resources and current financial resources.d. Government-wide financial statements measure economic resources.Which of the financial statements described below is prepared by the general fund of a state or local government? Group of answer choices a.) A statement of revenues, expenses, and changes in retained earnings. b.) An income statement. c.) A statement of revenues, expenditures, and changes in fund balance.Which governmental fund includes resources that are legally restricted so that the governmental entity must maintain the principal and can use only the earnings from the fund's resources to benefit the government's programs for all of its citizens? Group of answer choices a.) Capital projects fund b.) Permanent fund c.) Agency fund
- Which of the following statements is correct about the reporting of governmental funds? Fund financial statements measure revenues and expenditures based on modified accrual accounting. Government-wide financial statements measure revenues and expenses based on modified accrual accounting. Fund financial statements measure revenues and expenses based on accrual accounting. Government-wide financial statements measure revenues and expenditures based on accrual accounting.Does the report reflect fund financial statements for governmental, proprietary, and fiduciary funds? List those statements. List the major governmental and proprietary funds (the funds that have separate columns in the governmental and proprietary fund statements).Which of the following funds of a governmental unit recognizes revenues in the accounting period only when they are both available and measurable? General Fund Enterprise Fund a. Yes No b. No Yes c. Yes Yes d. No No