Fundamentals of Government/Fund Accounting: 1. What are the major sources of funds for capital project and...

Fundamentals of Government/Fund Accounting: 1. 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?

Expert Solution

Answer

The major sources of funds for capital project:

- gifts from individuals and corporations
- proceeds from issuance of Long-term debt
- grants

- proceeds of dedicated taxes

-transfers from other funds

or a combination of several of these sources.

Debt service funds-

As we just observed, major capital additions are commonly financed through bond or other debt issues. Another fund type, the __, is used to account for financial resources that are intended to provide payments of interest and principal as they come due. Debt service funds are not created for debt issues where the activities of proprietary funds are intended to generate sufficient cash to make interest and principal payments.

The sources classified in the Statement of Revenues, Expenditures, and Changes in Fund Balance-

Other financing sources and other financing uses Both must be reported separately from revenues and expenditures in the Statement of Revenues, Expenditures, and Changes in Fund Balance.

ekkarill92 answered 2 years ago

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