FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
- For a government, what kinds of operations are accounted for using a proprietary fund? Give three examples.
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- Which of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.arrow_forwardwhat is actuarial valuatio and explain the advantages and disadvantages of carrying out this exercise on; the fund and the scheme.arrow_forwardWhat are the five fund types within the governmental funds? What types of events does each of these report?arrow_forward
- Fiduciary Funds includes: a. Agency Fund b. Special Revenue Fund c. Debt Service Fund d. Internal Service Fundarrow_forwardWhat are the four fund types within the fiduciary funds? What types of events does each report?arrow_forwardGovernments often provide goods and services to citizens or other governmental units at a fee. These activities are accounted for in: a. the general fund b. governmental funds c. proprietary funds d. special revenue fundsarrow_forward
- What are current IFRS standards for accounting for government grants?arrow_forwardHow is depreciation handled in the federal government’s General Fund? How does it differ from how depreciation is handled in the General Fund of a state or local government?arrow_forwardWhat is the general rule for recognizing property taxes as revenues? How would property taxes be accounted for differently in the fund statements, as opposed to the government-wide statements?arrow_forward
- What federal fund is most like a custodial fund used by state and local governments?arrow_forwardWhat type of the fund is alloted to capital project?Select one:a. Special revenue fundb. Government fundc. General fundd. None of the other pointsarrow_forwardExplain briefly why Government funds or property shall be spent or used solely for public purposes.arrow_forward
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