Question

1.5. The following funds and account groups are recommended for use in accounting for state and...

1.5. The following funds and account groups are recommended for use in accounting for state and municipal governmental financial operations:

(1 point per question; 10 points total)

A.    General Fund.

B.    Special Revenue Fund.

C.    Debt Service Fund.

D.    Capital Projects Fund.

E.    Agency Fund.

F.    Enterprise Fund.

G.   Internal Service Fund.

H.    Trust Fund.

I.     Government-wide Statement of Activities.

J.    Government-wide Statement of Net Assets.

Identify, by the letters given above, the funds and account groups in which each of the ac-count titles below might properly appear.

______ 1. Bonds Payable.

______ 2. Reserve for Encumbrances

______ 3. Equipment

______ 4. Appropriations

______ 5. Estimated Revenue

______ 6. Property Taxes Receivable

______ 7. Construction Work in Progress

______ 8. Accumulated Depreciation

______ 9. Depreciation Expense

______ 10. Required Earnings

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Here, in the given problem we are required to determine in which of the funds and account groups each of the titles will appear. So, following is the annswer:-

Account Titles Funds and Accounts group
Bonds Payable Debt service fund
Reserves for encumbrances Enterprise fund
Equipment Government-wide Statement of Net Assets
Appropriation Trust fund
Estimated revenue Government-wide Statement of Activities
Property taxes receivable Special Revenue Fund
Construction work in progress Capital Projects Fund

Accumulated depriciation

 Government-wide Statement of Net Assets
Depriciation Government-wide Statement of Activities
Required Earnings Enterprise fund
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
Characteristics of Proprietary Funds. (LO7-1) For each of the phrases below, indicate whether the statement is...
Characteristics of Proprietary Funds. (LO7-1) For each of the phrases below, indicate whether the statement is consistent with an Enterprise Fund (“EF”), an Internal Service Fund (“ISF”), both (“B”), or neither (“N”). _____1. Uses accrual accounting. _____2. Uses modified accrual accounting. _____3. Generally reported within the Business-type activities column of the government-wide statement of net position. _____4. Generally reported within the Governmental Activities column of the government-wide statement of net position. _____5. Required by the GASB to prepare a statement...
Impact of Government Events Indicate how each of the following transactions impacts the fund balance of...
Impact of Government Events Indicate how each of the following transactions impacts the fund balance of the general fund for fund-based financial statements, and what the impact is on the net asses balance for the governmental finds for government-wide financial statements. Fund A transfers $20,000 to Fund B. For each of the following, indicate whether the statement is true or false and, if false, explain why. a.If Fund A is the general fund and Fund B is an enterprise fund,...
Prepare the reconciliation of total fund balance to net assets for governmental activities for the following...
Prepare the reconciliation of total fund balance to net assets for governmental activities for the following City, given the following information. All governmental funds' fund balances $13,000,000 Deferred revenue related to property taxes 2,000,000 Accrued interest on long-term liabilities 1,200,000 General capital assets 10,800,000 Accumulated depreciation on capital assets 4,100,000 General long-term liabilities: Bonds payable for capital assets 5,700,000 Liability for compensated absences 3,200,000 Internal service fund serving governmental activities Net assets 3,000,000 Capital assets net of accumulated depreciation 1,700,000...
In order to get a good rating, please explain how you arrived at each answer. Thank...
In order to get a good rating, please explain how you arrived at each answer. Thank you. EX. 9-2 Select the best answer. A city’s general fund has an outstanding payable to its electric utility, which is accounted for in an enterprise fund. The utility has a corresponding receivable from the general fund. In the city’s government-wide statement of net position, which would be correct? The payable and the corresponding receivable would be eliminated in the consolidation process and thus...
Rice County has the following preclosing account balances in its General Fund as of June 30,...
Rice County has the following preclosing account balances in its General Fund as of June 30, 2019. Assume each account had its “normal” balance (debit or credit amount). Among the expenditures recorded this year is an amount expended on supplies ordered at the end of the previous fiscal year. Assume the encumbrances do not lapse. Cash $ 50,000 Estimated Revenues 6,000,000 Revenues 5,900,000 Appropriations 5,700,000 Estimated Other Financing Sources 200,000 Financing Uses – Transfer to Debt Service Fund 300,000 Expenditures...
QUESTION 5 When the adjusting entry is made to the "Investment in Capital Asset" account, what...
QUESTION 5 When the adjusting entry is made to the "Investment in Capital Asset" account, what other account is debited or credited? Restricted net position Capital Assets Committed net position Unrestricted net position QUESTION 7 Are revenues from sewer operations sufficient to cover operating expenses in the long-run? Yes No QUESTION 8 Assume the city's general fund has an outstanding payable to its sewer fund, which has a corresponding receivable from the general fund. In the city's government-wide statement of...
9) Capital assets used by governmental funds should be reported in:   A. The appropriate governmental funds....
9) Capital assets used by governmental funds should be reported in:   A. The appropriate governmental funds. B. The property, plant, and equipment fund. C. Departmental memorandum records. D. The governmental activities column of the government-wide statements. 10) The following items were included in City of Kazoo General Fund expenditures for the year            ended June 30 Personal computer for the city treasurer            $   6,000 Furniture for the mayor’s office                     $ 20,000 How much should be classified as capital...
On the following questions, indicate which fund or funds would typically be used to record each...
On the following questions, indicate which fund or funds would typically be used to record each of the following transactions/events for the City of Morgantown. please use the codes shown below. Capital Project Fund (CPF) Custodial Fund (CF) Debt Service Fund (DSF) Enterprise Fund (EF) General Fund (GF) Internal Service Fund (ISF) Investment Trust Fund (ITF) Pension Trust Fund (PTF) Permanent Fund (PF) Private Purpose Trust Fund (PPTF) Special Revenue Fund (SRF) (Hint: The transactions below may involve one, two...
6–C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of...
6–C. Part 1. Internal Service Fund Transactions The Stores and Service Fund of the City of Monroe had the following account balances as of January 1, 2017: Debits Credits Cash $28,000 Due from other funds 27,000 Inventory of supplies 27,500 Land 18,000 Buildings 84,000 Accumulated depreciation—buildings $30,000 Equipment 46,000 Accumulated depreciation—equipment 25,000 Accounts payable 19,000 Advance from water utility fund 30,000 Net position 126,500 Totals $230,500 $230,500 Required: a. Open a general journal for the City of Monroe Stores and...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise...
The City of Pfeiffer starts the year of 2017 with the general fund and an enterprise fund. The general fund has two activities: education and parks/recreation. For convenience, assume that the general fund holds $123,000 cash and a new school building costing $1 million. The city utilizes straight-line depreciation. The building has a 20-year life and no salvage value. The enterprise fund has $62,000 cash and a new $600,000 civic auditorium with a 30-year life and no salvage value. The...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT