Which of the following funds are proprietary funds? b. d. Special Revenue Fund. B.€ The General Fund is considered to be a major fund when preparing fund basis financial statements if it bears a financial benefit or burden to the primary government. Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. 4. B) Understand the cost of providing services to the citizenry. C. Fiduciary funds . Northern Virginia Community College • ACC 219, Test-Bank-for-Accounting-for-Governmental-and-Nonprofit-Entities-15th-Edition-by-Wilson. Course Hero has all the homework and study help you need to succeed! D) Encumbrances. Indicate the corresponding fund type recommended by the Governmental Accounting Standards Board. GASB defines major funds as those meeting the following criteria: The total assets, liabilities, revenues, or expenditures/expenses of the individual governmental or enterprise fund are at least 10 percent of the corresponding total (assets, liabilities, etc.) Which of the following funds is not a fiduciary fund? an Internal... All of the following are considered governmental funds. Which of the following is NOT true? x Under a fixed-price contract, the COR must process the invoices within 30 days or the Government will have to pay interest to the contractor. We’ve got course-specific notes, study guides, and practice tests along with expert tutors. b General fund. d. only cash and other governmental resources that have been converted to cash by the end of the current reporting period. The governmental funds operating statement presents all of the following except A. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. The general fund should report the proceeds as: Definition - Other financing sources: Term. Proprietary funds . Flag this Question Question 4 5 pts (CO D) A governmental fund’s operating statement will include amortization expense. interest on a tax anticipation note issued and repaid during the period. a. b. business-type activities. c. a Permanent Fund. None of the above. 4 The activities of a municipal airport should be accounted for in the a. 27. Governmental funds include the following: General Fund. b. d. Fiduciary funds must be reported by major fund. an "indirect method." Other Related Materials . 8. Get step-by-step explanations, verified by experts. The Budgetary Fund Balance -- Reserve for Encumbrances account is properly considered to be a(an): **(Budgetary Fund Balance - Reserve for Encumbrances is a budgetary account. B. E) Rare stamps. 29. b. Which of the following would be considered a use of funds? Answer to 3. The official United States Government Manual offers no definition. b. a Capital Projects Fund. If several such funds exist, combine them into one fund as long as they are all part of the general government. Enterprise funds, investment trust funds, pension trust funds, and, Internal service funds, special revenue funds, and, Proprietary funds are not used in governmental. A. Which of the following funds would not be included in governmental fund financial statements? The CARES Act established the Coronavirus Relief Fund (the “Fund”) and appropriated $150 billion to the Fund. Don't include funds provided by the state; include those amounts on … b. c. bonds payable due in five years. A general fund is the chief operating fund for the entire government. 3. Answer. The national government passes laws allowed by the US Constitution. a Debt service fund. depreciation expense. C) See how the government finances its programs. x Under fixed price contracts the Government does not normally monitor the number of employees, number of breaks, or length of lunch time for contractor employees. The government’s debt actually consists of two components: Its public, or marketable, debt (treasury notes, bonds and bills) is held by investors outside the federal government. a. a Special Revenue Fund. B. B) Cash in a bank's vault. c. Pension trust fund. c. Major fund reporting is required for governmental and proprietary funds. Download the iOS; Download the Android app. C) Expenditures. an increase in cash. Share your own to gain free Course Hero access. B. Agency funds typically involve only the receipt, temporary investment and remittance of fiduciary resources to individuals, private organizations or other governments. Ask your own questions or browse existing Q&A threads. Governmental Fund Financial Statements. Generally Accepted Accounting Principles. All of the following are true about proprietary funds EXCEPT: A) They include Internal Service Funds and Enterprise Funds. In which of the following funds would it not be appropriate to record, 44 out of 46 people found this document helpful, Capital assets used by departments accounted for by the General, Fund of a governmental unit should be accounted for in, Reporting fund financial information in separate columns for each, major fund and aggregate information for nonmajor funds, Capital assets used by an enterprise fund should be accounted for in. The national government is responsible for declaring war. Retirement of the principal of a short-term note. Which of the following funds are governmental funds? Which of the following funds would be used to account for an activity that provides goods or services to other funds? Fund balance is reported from the perspective of the underlying resources within fund balance. d. assigned fund balance. On December 21, 2020, a Supplement to the Limited Stay Home Order was signed. For financial reporting purposes, the agency can only have one general fund. 5. Internal Service Fund. Capital Projects Fund. For more information on the fund type definitions, see Governmental Funds. All of the following are purposes of political parties in the United States EXCEPT: a. to provide alternate interpretations of constitutional law, as it applies to political campaigns b. to serve as linkage institutions between the people and their government c. to pick policymakers and run campaigns A) Checking account funds. C. The national government relies on taxes collected by state governments. Question 4. All of the following are considered exceptions to the general rule that there is no duty to rescue except: Answer. 117. All of the following statements about the national government are TRUE except: A. 2. appropriations. The activities of a water utility department, which offers its services, to the general public on a user charge basis, should be accounted for. The major differences between the government-wide financial statements and the fund financial statements will be discussed in detail in following sections, however, a … a General fund. All of the following are budgetary accounts except: Other Financing Sources. d. Enterprise Fund. (CO C) All of the following are classified as budgetary accounts except encumbrances outstanding. Introducing Textbook Solutions. Find the best study resources around, tagged to your specific courses. 28. a. a decrease in cash. Answer. an increase in account payable. General Fund. Debt Service Fund. c Debt service fund Purchase of equipment. Revenues are recognized when measurable and available. C) Money market funds. B) Government bonds. b. a Capital Projects Fund. 11. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. Definition - Building permit fees : Term. This preview shows page 31 - 35 out of 41 pages. Major fund reporting is applied only to governmental (i.e., general, special revenue, debt service, capital projects, and permanent funds) and enterprise funds. View more. Study on the go. Security Act (“CARES Act”). 27 pages. Limited Stay Home Order. All of the following are considered governmental funds except a. a Special Revenue Fund. a "direct method." 5. The remaining "non-major" funds are aggregated in a single column on the face of the financial statements. C) They include the General Fund and Special Revenue Fund. Question: 23) The Governmental Funds Operating Statement Presents All Of The Following Except A) Other Financing Sources. The General Fund is considered to be a major fund if the combined total of assets, liabilities, revenues and expenses exceeds 10% of the total of all governmental funds. a Capital Projects Fund. a. private purpose trust fund b. special revenue fund c. pension fund d. investment trust fund b special revenue fund Which of the following characteristics would not define an organization as governmental? Under the CARES Act, the Fund is to be used to make payments for specified uses to States and certain local government s; the District of Columbia and U.S. Which of the following assets are included in the M1 measure of the money supply? The Balance Sheet for governmental funds would potentially include all of the following items except. The remaining "non-major" funds are aggregated in a single column on the face of the financial statements. Funds that cross certain benchmarks are required to be reported separately, and governments may show smaller governmental funds separately if those funds are considered important to the government or the readers of its financial statements. Question 3. C) Reserves that banks hold at the Fed. All of the following are considered exceptions to the general rule that there is no duty to rescue except: Answer • Question 2 4 out of 4 points Which of the following statements is INCORRECT regarding the rights of shareholders? Get one-on-one homework help from our expert tutors—available online 24/7. Course Hero is not sponsored or endorsed by any college or university. Fund Financial Statements are categorized into three fund types described as follows. D) Real estate. a "supplementary method." Question 2. Revenue fund organizations or other governments questions or browse existing Q & a threads,... 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