Question
In: Accounting
which of the following funds is a governmental fund? a. enterprise fund b. debt service fund...
which of the following funds is a governmental fund?
a. enterprise fund
b. debt service fund
c. internal service fund
d. custodial fund
Solutions
Expert Solution
Option D is the correct answer.
Custodial Fund is a government fund
Some of the Government funds are Permanent funds, Cutodial funds, Feduciaury funds.
ekkarill92 answered 2 years agoRelated Solutions
Ted’s Village has five governmental funds: a General Fund, a Debt Service Fund, and three special...
Ted’s Village has five governmental funds: a General Fund, a
Debt Service Fund, and three special revenue fund. IT has no
proprietary funds. The following information is available at
December 31, 2019 for each of the funds. First, determine which of
the funds are major funds. Then, prepare a balanace sheet in the
appropriate format, showing the major funds, a total for the
nonmajor funds, and a total for all government funds
Special Revenue
General
Debt Service
Fund A
Fund...
Major Funds Lenox County provides the following information on its governmental and enterprise funds: Fund Assets...
Major Funds
Lenox County provides the following information on its
governmental and enterprise funds:
Fund
Assets
Liabilities
Revenues
Expenditures/
Expenses
General fund
$64,000
$57,600
$544,000
$626,400
Grants special revenue fund
44,000
34,800
160,000
77,600
Parks and recreation special revenue fund
1,600
1,040
32,000
33,600
Licensed gaming special revenue fund
6,400
5,600
52,000
49,600
Roads capital projects fund
11,200
9,600
160,000
162,400
Bridges capital projects fund
28,000
24,000
96,000
92,000
Buildings capital projects fund
32,000
24,000
80,000
78,400
Water enterprise fund...
Record the following transactions in the journal of Debt Service Fund and Governmental Activities. (You must...
Record the following transactions in the journal of Debt Service
Fund and Governmental
Activities. (You must prepare the journal form using
Excel)
As of December 31, 2019, Pepa City had $9,500,000 in 4.5 percent
serial bonds outstanding. The
serial bonds pay interest semiannually on July 1 and December 31,
with $500,000 in bonds being
retired on each interest payment date. Resources for payment of
principal and interest are
transferred from the General Fund. Prepare debt service fund and
government-wide entries...
The funds of a City include a debt service fund, a capital projects fund, and an...
The funds of a City include a debt service fund, a capital
projects fund, and an internal service fund.
Required for Initial Discussion Post:
Explain the use of capital projects funds, debt service funds
and internal service funds. Include the following in your
discussion: what they account for, the basis of accounting used,
any unusual entries (if any) and accounts, and their financial
statements.
Which of the following is true regarding proprietary funds? A. When an Enterprise Fund is used,...
Which of the following is true regarding
proprietary funds?
A.
When an Enterprise Fund is used, expenses are accrued only if
they are expected to be paid within 60 days of year end.
B.
An Enterprise Fund may not be used if the fund receives a
subsidy from another fund.
C.
An Internal Service Fund is used if the main customers paying
for the service are other funds or agencies of the government.
D.
An Enterprise Fund must be used...
1. In a debt service fund a. expenditures for interest are recognized as incurred b. fund...
1. In a debt service fund
a. expenditures for interest are recognized as incurred
b. fund transferred from the general fund to cover debt payments
are recorded as revenue
c. expenditures for interest and principal are recognized when
they are due
d. long-term debt is reduced by principal payments
2. a private, not-for-profit hospital received the following
restricted contributions and other receipts during the year ended
December 31, 20X8
1) for research $300,000
2) for equipment acquisitions $200,000
3) income...
GOVERNMENTAL ACCOUNTING: Prepare the journal entries for the following (note-the bureau is an enterprise fund) 1....
GOVERNMENTAL ACCOUNTING: Prepare the journal entries for the
following (note-the bureau is an enterprise fund)
1. The board of the Bureau of Electricity and Water apporved the
construction of a new office building. The construction, including
planning and architect fees, was estimated to be $900,000
2. In July, the office building contract was signed for the
amount of $865,000
3. In October, the Bureau's office construction was completed.
Of the contracted amount from above, a portion was paid but the...
Here is information for a county government: Governmental funds Enterprise funds Total assets and deferred outflows...
Here is information for a county government:
Governmental funds
Enterprise funds
Total assets and deferred outflows
$ 45,000,000
$ 40,000,000
Total liabilities and deferred inflows
44,000,000
38,000,000
Total revenues
250,000,000
290,000,000
Total expenditures/expenses
242,000,000
260,000,000
The county has four special revenue funds, with the following
characteristics:
Beach preservation
Health education
Community protection
Emergency
call service
Total assets and deferred outflows
$ 2,000,000
$ 4,000,000
$ 4,800,000
$ 1,900,000
Total liabilities and deferred inflows
1,000,000
3,500,000
1,800,000
1,100,000
Total revenues
20,000,000...
Here is information for a county government: Governmental funds Enterprise funds Total assets and deferred outflows...
Here is information for a county government:
Governmental funds
Enterprise funds
Total assets and deferred outflows
$ 45,000,000
$ 102,000,000
Total liabilities and deferred inflows
16,000,000
48,000,000
Total revenues
250,000,000
280,000,000
Total expenditures /expenses
242,000,000
160,000,000
The county has four capital projects funds, with the following
characteristics:
Road
fund
Bridges
fund
Buildings
fund
Equipment
fund
Total assets and deferred outflows
$ 8,000,000
$ 4,000,000
$ 3,500,000
$ 7,000,000
Total liabilities and deferred inflows
1,500,000
1,200,000
2,000,000
3,000,000
Total revenues
24,000,000...
Here is information for a county government: Governmental funds Enterprise funds Total assets and deferred outflows...
Here is information for a county government:
Governmental funds
Enterprise funds
Total assets and deferred outflows
$ 45,000,000
$ 40,000,000
Total liabilities and deferred inflows
44,000,000
38,000,000
Total revenues
250,000,000
290,000,000
Total expenditures/expenses
242,000,000
260,000,000
The county has four special revenue funds, with the following
characteristics:
Beach preservation
Health education
Community protection
Emergency
call service
Total assets and deferred outflows
$ 2,000,000
$ 4,000,000
$ 4,800,000
$ 1,900,000
Total liabilities and deferred inflows
1,000,000
3,500,000
1,800,000
1,100,000
Total revenues
20,000,000...
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