Accounting For Governmental & Nonprofit Entities
18th Edition
ISBN: 9781259917059
Author: RECK, Jacqueline L., Lowensohn, Suzanne L., NEELY, Daniel G.
Publisher: Mcgraw-hill Education,
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Question
Chapter 7, Problem 18EP
To determine
State whether the given statements belong to Enterprise Fund, Internal service fund, both or neither.
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Which of the following statements is true?
O a. The principal of permanent funds are classified as Nonspendable Fund Balance
O b. The fund balance of permanent funds should be classified as Nonspendatie, Spendatie, and Cammited Net Poston
O. Any governmental fund may have an Unassigned Fund Balance.
O d. Fund balances of debt service funds are classified as Restricted and Unrestricted
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.
Differentiate Fund Theory-Based Financial Statements from Fund Accounting-Based Financial Statements based on the U.S. GAAP Statement of Financial Accounting Standards (SFAS).
Define Unrestricted Contributions based on the U.S. GAAP SFAS.
Chapter 7 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 7 - Prob. 1QCh. 7 - Explain the reporting requirements for internal...Ch. 7 - A member of the city commission insists that the...Ch. 7 - Prob. 4QCh. 7 - What is the purpose of the Restricted Assets...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - When do GASB standards require interfund...Ch. 7 - Prob. 9QCh. 7 - What is meant by segment information for...
Ch. 7 - Prob. 11QCh. 7 - Internal Service Fund Reporting. (LO7-2) Financial...Ch. 7 - Proprietary Fund Operating Statement. (LO7-1)...Ch. 7 - Enterprise Fund Golf Course Management. (LO7-1)...Ch. 7 - Prob. 17.1EPCh. 7 - Which of the following would most likely be...Ch. 7 - Under GASB standards, the City of Parkview is...Ch. 7 - Prob. 17.4EPCh. 7 - Which of the following events would generally be...Ch. 7 - Proprietary funds a. Are permitted to integrate...Ch. 7 - Prob. 17.7EPCh. 7 - Prob. 17.8EPCh. 7 - Prob. 17.9EPCh. 7 - Prob. 17.10EPCh. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - The City of Tutland issued 10 million, 6 percent,...Ch. 7 - Prob. 18EPCh. 7 - Prob. 19EPCh. 7 - Central Garage Internal Service Fund. (LO7-2) The...Ch. 7 - Internal Service Fund Statement of Cash Flows....Ch. 7 - Tribute Aquatic Center Enterprise Fund. (LO7-5)...Ch. 7 - Net Position Classifications. (LO7-5) During the...Ch. 7 - Central Station Enterprise Fund. (LO7-5) The Town...Ch. 7 - Enterprise Fund Journal Entries and Financial...Ch. 7 - Net Position Classifications. (LO7-5) The Village...Ch. 7 - Enterprise Fund Statement of Cash Flows. (LO7-5)...Ch. 7 - AppendixSolid Waste Enterprise Fund. (LO7-6) Brown...
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Similar questions
- The financial statements of an Enterprise fund are prepared using the Full Accrual Modified Accrual Economic Resources Current Financial Resources Basis Basis Measurement Focus Measurement Focus A.) No Yes Yes No B.) Yes No No Yes C.) No Yes No Yes D.) Yes No Yes Noarrow_forwardWhich 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 are the characteristic of a proprietary fund? How do internal service funds and enterprise funds differ?arrow_forward
- Accounting for permanent funds closely resembles the accounting for a. internal service funds. b. general funds. c. enterprise funds. d. agency funds.arrow_forwardWhich of the following is an example of an interactivity transaction?a. Money is transferred from the general fund to the debt service fund.b. Money is transferred from the capital projects fund to the general fund.c. Money is transferred from the special revenue fund to the debt service fund.d. Money is transferred from the general fund to the enterprise fund.arrow_forwardIn recognition, an item is captured for inclusion in a. The Fund Flow statement b. The Journal c. The statement of financial position d. All the options are correctarrow_forward
- Which trust fund has assets always equal to liabilities with never a fund balance. O a. Pension trust funds O b. debt service trust funds Oc. Investment trust funds O d. special revenue trust funds Oe. Private purpose trust funds Of. Agency trust funds O g. capital projects trust funds Oh. Internal service trust fundsarrow_forwardCan you give 3 examples of what kinds of operations are accounted for using a proprietary fund?arrow_forward(5) The focus of governmental funds in fund accounting is a(n): a. Economic Resource Measurement Focus. b. Financial Resources Measurement Focus. c. Cash Flow Measurement Focus. d. Accrual Measurement Focus.arrow_forward
- 8 The basis of accounting that should be used in preparing fund financial statements is: Governmental funds Proprietary funds Fiduciary funds A) Modified accrual Accrual Modified accrual B) Modified accrual Modified accrual Modified accrual C) Modified accrual Accrual Accrual D) Accrual Accrual Accrual Multiple Choice Choice A Choice B Choice C Choice Darrow_forward5. an example for available for sale is reveres repo trading account asset negotiable certificate of deposit federal fund soldarrow_forwardProprietary fund financial statements are prepared based on which one of the following basis of accounting? a. Cash basis of accounting b. None of the options c. Modified accrual basis of accounting d. Accrual basis of accountingarrow_forward
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