Fiduciary funds are accounted for in a manner similar to which of the following funds? Permanent...

Fiduciary funds are accounted for in a manner similar to which of the following funds?

Permanent funds
Special revenue funds
Enterprise funds
Debt service funds

Solutions

Expert Solution

Fudiciary funds are funds which are held by government on the behalf of trust or held as custody on behalf of others.

Permanent funds are funds which are held by government permanently for certain activities of government.

Special revenue fund are special fund set-up by government to complete specify project of the government.

Enterprise funds are funds based on the business activity of the government. It is set-up based on government business on collecting a fee or providing goods.

A debt service fund is separate account maintain in order for government to repay its interest and principal payments.

Fudiciary funds are accounted similar to proprietary funds. Proprietary funds are is business like fund and accounted based on the business carried by government. Proprietary funds are classified as enterprise fund and internal service fund.

In the give option fudiciary funds are therefore accounted similar to enterprise funds

jeff jeffy answered 1 year ago

Next > < Previous

Related Solutions

Which of the following variances are most similar with respect to the manner in which they...

Which of the following variances are most similar with respect to the manner in which they are calculated? Multiple Choice Labor rate variance and labor efficiency variance. Material price variance and material quantity variance. Material price variance, material quantity variance, and total material variance. Material price variance and labor rate variance. Material price variance and labor efficiency variance.

For what purpose are fiduciary funds typically used? Give one example of a fiduciary funds and...

For what purpose are fiduciary funds typically used? Give one example of a fiduciary funds and describe the typical activity that one would expect in this fund.

EX. 10-3 Fiduciary funds are of four major types For each of the following indicate the...

EX. 10-3 Fiduciary funds are of four major types For each of the following indicate the type of fiduciary fund in which it is most likely the fiduciary activity should be accounted for and reported. 1. Per a trust agreement a state maintains an investment pool in which governments within the state can temporarily invest the proceeds of tax exempt bonds that they have issued. The state will invest only in securities that would not violate IRS arbitrage provisions. 2....

Determine how revenue is accounted for in each of the following situations in Governmental Funds: Property...

Determine how revenue is accounted for in each of the following situations in Governmental Funds: Property taxes, sales taxes, income taxes, licenses and permits, fines, grants and donations, sales of capital assets and payments on behalf.

(CO C) Explain what the five governmental funds, two proprietary funds, and four fiduciary funds have...

(CO C) Explain what the five governmental funds, two proprietary funds, and four fiduciary funds have in common with the funds in the same category. Why are the funds within each of the categories different from the funds in the other two categories?

Are custodial funds included in the Statement of Fiduciary Net Position and Statement of Changes in...

Are custodial funds included in the Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position? If so, list them. Describe the purposes for which they exist.

Are custodial funds included in the Statement of Fiduciary Net Position and Statement of Changes in...

Are custodial funds included in the Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position? If so, list them. Describe the purposes for which they exist. please explain not copy and paste from other sources

Which of the following assets accounted for under the cost model will not be carried at...

Which of the following assets accounted for under the cost model will not be carried at cost less accumulated depreciation Select one: a. Motor vehicles b. Land c. Plant and Equipment d. Office Furniture and Fixtures

What is the difference between Permanent Funds and Private Purpose Trust Funds? The General Fund is...

What is the difference between Permanent Funds and Private Purpose Trust Funds? The General Fund is always considered to be a major fund. When are other governmental funds considered major? What is a bond refunding and why do governments refund bonds? What is the difference between a current refunding and advance refunding? cite source

We learn that business-type activities of governments are accounted for in a fashion similar to those...

We learn that business-type activities of governments are accounted for in a fashion similar to those carried out by businesses. It is easy to understand that accounting for these services is done on a full accrual basis of accounting; however, give your opinion on the way in which this integrates with the modified basis of accounting used by governmental funds. Use the textbook and GASB materials to support your position. Analyze the various types of business-type funds used in governmental...

Subjects