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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Textbook Question
Chapter 8, Problem 8Q
What is a private-purpose trust fund? There are two types of assets that can be held by a private-purpose trust; what are the two types of assets and how do the asset types compare to governmental permanent fund assets?
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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.
Which of the following is not a fiduciary fund? a. Permanent fund b. Agency fund c. Investment trust fund d. Pension trust fund
Which of the following is a governmental fund?
Special revenue fund
Internal service fund
Capital projects fund
Debt service fund
Chapter 8 Solutions
Accounting For Governmental & Nonprofit Entities
Ch. 8 - What are the criteria for determining if a...Ch. 8 - Prob. 2QCh. 8 - Identify the different types of trust funds and...Ch. 8 - Describe the basic activities conducted by a tax...Ch. 8 - Explain how the financial reporting of fiduciary...Ch. 8 - Prob. 6QCh. 8 - How are external investment pool activities...Ch. 8 - What is a private-purpose trust fund? There are...Ch. 8 - Prob. 9QCh. 8 - Prob. 10Q
Ch. 8 - What is OPEB and how is OPEB reported by...Ch. 8 - Prob. 12CCh. 8 - Prob. 13CCh. 8 - Prob. 14CCh. 8 - Prob. 15CCh. 8 - Prob. 17.1EPCh. 8 - Which of the following is not a fiduciary fund? a....Ch. 8 - Prob. 17.3EPCh. 8 - Fiduciary fund activities are not included in the...Ch. 8 - Prob. 17.5EPCh. 8 - Prob. 17.6EPCh. 8 - The city has installed sidewalks using special...Ch. 8 - Prob. 17.8EPCh. 8 - Fiduciary funds a. Are accounted for using the...Ch. 8 - Prob. 17.10EPCh. 8 - Prob. 17.11EPCh. 8 - An investment trust fund would report in the...Ch. 8 - Prob. 17.13EPCh. 8 - Which pension fund financial statement or schedule...Ch. 8 - Prob. 17.15EPCh. 8 - Prob. 18.1EPCh. 8 - Prob. 18.2EPCh. 8 - The county collects taxes on behalf of the county,...Ch. 8 - Prob. 18.4EPCh. 8 - Prob. 18.5EPCh. 8 - At the date of the creation of the investment...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - The city council of the City of Great Falls...Ch. 8 - Prob. 18.9EPCh. 8 - Prob. 18.10EPCh. 8 - Tax Custodial Fund. (LO8-2) The county collector...Ch. 8 - Special Assessment Debt. (LO8-2) Residents of...Ch. 8 - Identification of Fiduciary Funds. (LO8-2, LO8-3,...Ch. 8 - Investment Trust Fund. (LO8-3) The Albertville...Ch. 8 - Pass-through Custodial Funds. (LO8-2) Evergreen...Ch. 8 - Fiduciary Financial Statements. (LO8-4) Ray County...Ch. 8 - Fiduciary Fund Financial Statements. (LO8-4)...Ch. 8 - Prob. 26EPCh. 8 - Prob. 27EP
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- What measurement focus and basis of accounting should be used by a local government's private-purpose trust fund? Current financial resources Modified accrual Economic resources Modified accrual Current financial resources Accrual Economic resources Accrualarrow_forwardWhich of the following is not a governmental fund? Choose the correct.a. Special revenue fundb. Internal service fundc. Capital projects fundd. Debt service fundarrow_forwardWhich of the following funds of a government uses the same basis of accounting as a proprietary fund? Multiple Choice Permanent fund. Special revenue fund. Capital projects fund. Investment trust fund.arrow_forward
- Which of the following would be considered a general capital asset? Select one: a. Real estate purchased with the assets of a pension trust fund. b. A vehicle purchased from General Fund revenues. c. A vehicle purchased and maintained by an enterprise fund. d. A computer purchased from revenues of an internal service fund and used by the supplies department.arrow_forwardOptions are Agency Fund Capital Projects Fund Capital Projects Fund and Debt Service Fund Debt Service Fund Enterprise Fund Enterprise FUnd and the General Fund The General Fund The General Fund and the Internal Service Fund Internal Service Fund and the General Fund Internal Service Fund Trust Fund (Propietary)arrow_forwardWhich of the following is an example of an interactivity transaction? Money is transferred from the general fund to the debt service fund. Money is transferred from the capital projects fund to the general fund. Money is transferred from the special revenue fund to the debt service fund. Money is transferred from the general fund to the enterprise fund.arrow_forward
- What federal fund is most like a custodial fund used by state and local governments?arrow_forwardIn a governmental fund, which one of the following constitutes revenue?a. Cash received from another fund of the same unitb. Bond proceedsc. Property taxesd. Refund on an invoice for fuelarrow_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_forward
- Which of the following funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.arrow_forwardWhat is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally or externally restricted as an operating expenditure.b. To account for ongoing activities.c. To account for gifts when only subsequently earned income can be expended.d. To account for the cost of long-lived assets bought with designated funds.arrow_forwardWhich is an example of a fiduciary fund? Group of answer choices a.) a pension fund, where resources are held in financial trust until an employee retires. b.) a signa fund, which accounts for all government signas for every unit c.) an internal service fund, which accounts for services provided to one governmental unit by anotherarrow_forward
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What is Fund Accounting?; Author: Aplos;https://www.youtube.com/watch?v=W5D5Dr0j9j4;License: Standard Youtube License