What is the appropriate accounting for each of the phases, Capital projects funds and Debt services fund?
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What is the appropriate accounting for each of the phases, Capital projects funds and Debt services fund?
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- Which of the following uses the flow of current financial resources measurement focus? a. Internal Service Fund b. Agency Fund c. Special Revenue Fund d. Enterprise FundThe long-term asset account group is used for which of the following funds? Enterprise Capital Projects Internal Service General Both b and dHow do I prepare a closing balance sheet for the debt service fund shown below?
- Which fund category accounts on a modified accrual basis? What are the revenue and expense recognition requirements for the modified accrual basis of accounting?Where is the capitalized income recorded? Debit aide of Income and expenditure A/C Deducted from capital fund in Balance Sheet Credit side of Income and expenditure A/C Added to Capital Fund in the Balance SheetWhile preparing the Funds Flow Statement, the Sources and Uses of Funds are to be disclosed clearly so as to highlight the Sources from where the Funds have been generated the Uses to which these Funds have been applied.Discuss the statement, explaining the various items that are considered as sources and applications of fund while preparing a Funds Flow Statement.
- Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.5-3. What are the major sources of funds for capital project and debt service funds, and how are the sources classified in the Statement of Revenues, Expenditures and Changes in Fund Balance?Identify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.
