Question

Which of the following statements is incorrect concerning special revenue funds? A. Special revenue funds use...

Which of the following statements is incorrect concerning special revenue funds?

A.

Special revenue funds use the current resources measurement focus and modified accrual basis of accounting.
B.

The use of a special revenue fund enhances accountability and enables greater transparency in reporting how specific resources were used.
C.

A government may have more than one special revenue fund.
D.

All primary governments must have at least one special revenue fund.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
For each of the following funds, choose a basis of accounting from the menu provided by...
For each of the following funds, choose a basis of accounting from the menu provided by clicking the indicated cell. Choices are: Current financial resources measurement focus and modified accrual basis of accounting Economic resources measurement focus and accrual basis of accounting 1. Debt Service 2. Enterprise 3. Pension Trust 4. Capital Projects 5. General 6. Internal Service 7. Permanent 8. Special Revenue
Fund Financial Statements for funds other than the proprietary and fiduciary funds differ from the Government-Wide...
Fund Financial Statements for funds other than the proprietary and fiduciary funds differ from the Government-Wide financial statements for which reasons? a.The modified accrual accounting approach is used with fund accounting. b.The current financial resources measurement basis is used with fund accounting. c.Measurement focus is on government as a whole for fund financial statements d.Fund Financial Statements differ from the Government-Wide financial statements for all of the above reasons.
The Township of Spring Lake, NJ’s General Fund prepared and invoiced the Spring Lake Water Department,...
The Township of Spring Lake, NJ’s General Fund prepared and invoiced the Spring Lake Water Department, an enterprise fund, for the fair value of the cost of providing services. In the General Fund, this billing is called: A. An in-kind contribution. B. An exchange revenue. C. A general revenue. D. A payment in lieu of taxes. Special revenues fund does not have which of the following: A. Economic resources focus. B. Modified Accrual. C. Fiscal Accountability. D. Prepares a balance...
1.Which of the following statements regarding the financial reporting of custodial funds is not true? Multiple...
1.Which of the following statements regarding the financial reporting of custodial funds is not true? Multiple Choice GASB standards allow reporting on individual custodial funds in a government’s combining fiduciary fund financial statements. Custodial funds are included in the statement of changes in fiduciary net position. Custodial fund financial information is reported in a separate column of the government-wide statement of activities. Custodial activities are reported only in the fiduciary fund financial statements. 2. Billing and collection of special assessments...
11. Which of the following funds has an indefinite life? A)    General Fund B)    Special revenue...
11. Which of the following funds has an indefinite life? A)    General Fund B)    Special revenue C)    Capital projects D)    Debt Service 13.   With respect to financial reporting for governmental funds, which of the following statements is true? A)    A fund must be reported as a major fund if total assets, liabilities, revenues or expenses of the fund are at least 5% of the corresponding total for all governmental and enterprise funds combined. B)    GASB Statement 34 requires a balance...
The beginning balances as of 1/1/2017 for the City of Monroe's Special Revenue Fund are listed...
The beginning balances as of 1/1/2017 for the City of Monroe's Special Revenue Fund are listed below. The City follows the modified accrual accounting method for its special revenue fund journal entries and financial statements. The following steps are required for this project. Beginning balances: Cash $23,000; Investment $59,000; Due from State Government $107,000; Accounts Payable $9,000; Total Fund Balance $180,000 Step 1) Record journal entries for the transactions below for FY2017 in Tab #1. Step 2) Create a trial...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A) A debit to Cash for $1,584,000. B) A debit to Revenues for $1,584,000. C) A credit to Allowance for Uncollectible Current Taxes for $16,000. D) A credit to Estimated Revenues for $1,600,000. The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that...
The Town of Greenburg levied property taxes in the amount of $1,600,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include A) A debit to Cash for $1,584,000. B) A debit to Revenues for $1,584,000. C) A credit to Allowance for Uncollectible Current Taxes for $16,000. D) A credit to Estimated Revenues for $1,600,000. The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the...
Regarding the​ ledger, which of the following statements is​ incorrect? A. The ledger provides more detail...
Regarding the​ ledger, which of the following statements is​ incorrect? A. The ledger provides more detail than the chart of accounts. B. Companies use the ledger to fulfill the task of showing all of the increases and decreases in each account. C. Both the chart of accounts and the ledger list the account names and numbers of the business. D. Both the chart of accounts and the ledger provide the balance of each account at a specific point in time....
The Nizwa Municipality created some funds for the management of its activities, each one of the...
The Nizwa Municipality created some funds for the management of its activities, each one of the fund has a distinct fiscal and accounting entry, they are as follows: A capital project fund - earnings of bond issued to support the monetary need to construct a sports complex. A general fund - for common operating resources that are unrestricted. An internal service fund – This is a centralized motor vehicle maintenance and repairs service fund. The objective of this fund /unit...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT