For each of the items below, identify which fund(s) would be used to account for the...

For each of the items below, identify which fund(s) would be used to account for the item and provided a justification for your answer.

a. A city government issues general obligation bonds to finance the construction of a new jail.

b. A tax of $1.00 per residential phone number is collected by a city government from the phone company. This amount is required by state kaw ti be used for the operation of the 911 emergency phone service.

c. A country goverment expended $1 million to expand the water treatment plant.

d. A donor provided investements totaling $4 million to create an endowmeent, the earnings of which will be used to provide scholarships.

e. A donor provided $50,000 to be used to purchase newpaper and manazine subscriptions for the public library. There is no requirement that the original principal may not be spent.

f. A city government sold surplus street mainenance trucks for $10,000.

g. A city goverment contributed $500,000 to a pension plan administered by the city for its teachers, public safety employees, and employees of the water department.

Expert Solution

a. General funds and capital project funds. It is referred as general fund as it is from a general obligation bond and it is referred as capital project fund as it is designated for a new building.

b. Enterprise funds. It is referred as enterprise funds because tax on the phone service are proprietary funds.

c.Capital project funds. It is referred as capital project funds because these funds are spent for a specific project by the government.

d. Permanent funds. It is referred as permanent funds only earnings are allowed to be used.

e. Debt service funds. It is referred as debt service funds because the usage of these funds is restricted

f. General fund. It is referred a general fund as there is no other fund can be related to sale of capital assets.

g. Pension and employee benefit fund. It is referred a pension and employee benefit fund because it is considered as fiduciary funds and government acts as a trustee.

ekkarill92 answered 2 years ago

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