estimated revenues. a "supplementary method." an Internal... All of the following are considered governmental funds. B.€ The General Fund is considered to be a major fund when preparing fund basis financial statements if it bears a financial benefit or burden to the primary government. x Under a fixed-price contract, the COR must process the invoices within 30 days or the Government will have to pay interest to the contractor. b. (CO C) All of the following are classified as budgetary accounts except encumbrances outstanding. Question 4. b. a Capital Projects Fund. Which of the following governmental fund revenue sources are typically recorded as revenues? b. business-type activities. C) Reserves that banks hold at the Fed. 117. C. Revenues. In the United States, federal assistance, also known as federal aid, federal benefits, or federal funds, is defined as any federal program, project, service, or activity provided by the federal government that directly assists domestic governments, organizations, or individuals in the areas of education, health, public safety, public welfare, and public works, among others. d. only cash and other governmental resources that have been converted to cash by the end of the current reporting period. c. bonds payable due in five years. Enterprise fund. 8. b. A general fund is the chief operating fund for the entire government. C. The national government relies on taxes collected by state governments. All of the following are considered governmental funds except. c. a Permanent Fund. Enterprise funds, investment trust funds, pension trust funds, and, Internal service funds, special revenue funds, and, Proprietary funds are not used in governmental. an increase in cash. c Debt service fund C) Expenditures. Which of the following funds would not be included in governmental fund financial statements? For more information on the fund type definitions, see Governmental Funds. Satisfaction guaranteed! 21 27 pages. B) Debt Service Fund. In which of the following funds would it not be appropriate to record, 44 out of 46 people found this document helpful, Capital assets used by departments accounted for by the General, Fund of a governmental unit should be accounted for in, Reporting fund financial information in separate columns for each, major fund and aggregate information for nonmajor funds, Capital assets used by an enterprise fund should be accounted for in. Ask your own questions or browse existing Q&A threads. Debt Service Fund. General funds have all the characteristics of governmental funds. b. The county received $75,000 from the annual sale of surplus general government property. Get one-on-one homework help from our expert tutors—available online 24/7. Northern Virginia Community College • ACC 219, Test-Bank-for-Accounting-for-Governmental-and-Nonprofit-Entities-15th-Edition-by-Wilson. Retirement of the principal of a short-term note. 7. Course Hero is not sponsored or endorsed by any college or university. GASB 54 significantly changed the focus of fund balance reporting in two major areas — fund balance classifications and fund type definitions. Enter the total funds belonging to the person you supported, including income received (taxable and nontaxable) and amounts borrowed during the year, plus the amount in savings and other accounts at the beginning of the year. E) Rare stamps. Which of the following assets is the most liquid? Which of the following funds would be used to account for an activity that provides goods or services to other funds? Major fund reporting is applied only to governmental (i.e., general, special revenue, debt service, capital projects, and permanent funds) and enterprise funds. When an enterprise fund pays the General Fund an amount in lieu of taxes, the account to be credited in the General Fund is c. Special Revenue Fund. Course Hero has all the homework and study help you need to succeed! C. Fiduciary funds . Which of the following funds are governmental funds? The government-wide statement of net position must include a column for each of the following except: a. governmental activities. an increase in account payable. The Ethic of Care is. a Permanent Fund. Security Act (“CARES Act”). Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. B) Understand the cost of providing services to the citizenry. 88% 8. General fund. Under the CARES Act, the Fund is to be used to make payments for specified uses to States and certain local government s; the District of Columbia and U.S. All of the following are considered exceptions to the general rule that there is no duty to rescue except: Answer • Question 2 4 out of 4 points Which of the following statements is INCORRECT regarding the rights of shareholders? Agency funds are used to report resources held by the agency in a purely custodial capacity (assets held for others that cannot be used to support the agency’s own programs). Purchase of equipment. d. an Internal service funds are excluded from the major fund reporting requirements. c. Internal Service Fund. All of the following are considered governmental funds except a. a Special Revenue Fund. C) See how the government finances its programs. d Permanent fund. a "flow of funds method." Revenues are recognized when measurable and available. Fund Financial Statements are categorized into three fund types described as follows. These include individuals, corporations, the Federal Reserve System and foreign, state and local governments. Indicate the corresponding fund type recommended by the Governmental Accounting Standards Board. I. voting power on major issues and ownership in a portion of the company II. Which of the following funds would not be included in governmental fund financial statements? d. Special Revenue Fund. If several such funds exist, combine them into one fund as long as they are all part of the general government. Question: The following are categories of funds : A. All of the following are considered governmental funds except a. a Special Revenue Fund. Question 3. The remaining "non-major" funds are aggregated in a single column on the face of the financial statements. The cash flow statement in the United States is most likely to appear using. Don't include funds provided by the state; include those amounts on … Because of the current financial resources measurement focus of governmental funds, fund balance is often considered a measure of available expendable financial resources. 4. A) Checking account funds. c. component units. C) Special Revenue Fund. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. General Fund. The CARES Act established the Coronavirus Relief Fund (the “Fund”) and appropriated $150 billion to the Fund. The activities of a water utility department, which offers its services, to the general public on a user charge basis, should be accounted for. for all funds in that category (governmental funds) or of that type (enterprise funds). B) Government bonds. Definition - Building permit fees : Term. The following are names of funds encountered in governmental reports and the purposes for which these funds have been established. The remaining "non-major" funds are aggregated in a single column on the face of the financial statements. Which of the following is NOT true? The government’s debt actually consists of two components: Its public, or marketable, debt (treasury notes, bonds and bills) is held by investors outside the federal government. B) The economic resources focus is used. Which of the following funds is not a fiduciary fund? a General fund. For example, the School Fund in (a) would be a Special Revenue Fund. C) Money market funds. Get step-by-step explanations, verified by experts. The Balance Sheet for governmental funds would potentially include all of the following items except. Fund balance is reported from the perspective of the underlying resources within fund balance. Government-wide financial statements benefit users by allowing them to do all of the following except: A) Determine whether the government's overall financial position improved or deteriorated during the reporting period. Find the best study resources around, tagged to your specific courses. encumbrances. D. Expenses. None of the above. Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. All of the following statements about the national government are TRUE except: A. x Under fixed price contracts the Government does not normally monitor the number of employees, number of breaks, or length of lunch time for contractor employees. 5. 3. a Capital Projects Fund. interest on a tax anticipation note issued and repaid during the period. a. depreciation expense. All of the following are true about proprietary funds EXCEPT: A) They include Internal Service Funds and Enterprise Funds. This is a particularly important measure in the general fund because it reflects the primary functions of the government and includes both state aid and local tax revenues. All Of The Following Are Governmental (Expendable) Fund Entities EXCEPT The: A) Capital Projects Fund. 29. The General Fund is considered to be a major fund if the combined total of assets, liabilities, revenues and expenses exceeds 10% of the total of all governmental funds. c. Major fund reporting is required for governmental and proprietary funds. A. All of the following transactions decrease the fund balance of a governmental fund except A. d. fiduciary activities. GASB 54 components of fund balance identify constraints on how resources can be spent and the sources of those constraints. B. 5. If the General Fund has restricted fund balance, then the governmental activities column will automatically have: a. committed net position. The major differences between the government-wide financial statements and the fund financial statements will be discussed in detail in following sections, however, a … will still distinguish governmental activities (governmental funds) from business-type activities (enterprise funds). d. Permanent fund. D) Internal Service Fund. b Enterprise fund. D) Encumbrances. Proprietary funds . Funds that cross certain benchmarks are required to be reported separately, and governments may show smaller governmental funds separately if those funds are considered important to the government or the readers of its financial statements. Study on the go. All of the following are considered exceptions to the general rule that there is no duty to rescue except: Answer. Governmental Fund Financial Statements. c. a Permanent Fund. GASB defines major funds as those meeting the following criteria: The total assets, liabilities, revenues, or expenditures/expenses of the individual governmental or enterprise fund are at least 10 percent of the corresponding total (assets, liabilities, etc.) B. 10. Flag this Question Question 4 5 pts (CO D) A governmental fund’s operating statement will include amortization expense. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. Question 2. d. Enterprise Fund. Answer. B. For financial reporting purposes, the agency can only have one general fund. 11. Debt service fund. All of the following would be considered "private funds" under Federal Securities Regulations, EXCEPT: [A] Hedge Funds [B] Private Equity Funds [C] Regulated Mutual Funds [D] Venture Capital Funds. This preview shows page 31 - 35 out of 41 pages. Because governmental funds use the modified accrual basis of accounting, governmental fund revenues should be recognized in the accounting period in which they become susceptible to accrual, that is, when they become both measurable and available to finance expenditures of the fiscal period. View more. b. The national government is responsible for declaring war. 4 The activities of a municipal airport should be accounted for in the a. The supplement extended the Limited Stay Home Order until such time as the Regional Stay Home Order has terminated in all Regions in the State of California. Test bank Questions and Answers of Chapter 4: Recognizing Revenues in Governmental Funds Introducing Textbook Solutions. B) Cash in a bank's vault. Download the iOS; Download the Android app. a. a Special Revenue Fund. The official United States Government Manual offers no definition. Expenditures are recognized when the liability is incurred. Generally Accepted Accounting Principles. a decrease in cash. Limited Stay Home Order. Agency funds typically involve only the receipt, temporary investment and remittance of fiduciary resources to individuals, private organizations or other governments. c. Internal Service Fund. Expenditures. a. Which of the following funds are governmental funds? 2. A) Checking account funds. Governmental funds . The national government passes laws allowed by the US Constitution. Budgetary accounts do not appear in the financial statements.) Other financing sources. a Debt service fund. b. restricted net position. a decrease in accounts receivable. d. an Internal Service Fund. Governmental funds include the following: General Fund. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! All of the following are Governmental (Expendable) Fund Entities except the a. appropriations. The Budgetary Fund Balance -- Reserve for Encumbrances account is properly considered to be a(an): **(Budgetary Fund Balance - Reserve for Encumbrances is a budgetary account. right to transfer ownership and dividend entitlement III. a "direct method." Acc 219 testbank.ch4.docx. Which of the following funds would be used to account for an activity that provides goods or services to other funds? - Expenditures, not expenses on the fund track. Funds that cross certain benchmarks are required to be reported separately, and governments may show smaller governmental funds separately if those funds are considered important to the government or the readers of its financial statements. b General fund. c. Pension trust fund. 4. b. deferred revenue. Which of the following views on outsourcing would be consistent with the free market ethics approach advocated by Milton Friedman? All of the following are purposes of political parties in the United States EXCEPT: a. to provide alternate interpretations of constitutional law, as it applies to political campaigns b. to serve as linkage institutions between the people and their government c. to pick policymakers and run campaigns The governmental funds operating statement presents all of the following except A. Internal Service Fund. Each of the following is a fiduciary fund except Answer. D) Real estate. We’ve got course-specific notes, study guides, and practice tests along with expert tutors. 2. d. Enterprise Fund. All of the following are budgetary accounts except: Other Financing Sources. an "indirect method." Legislative definitions of a federal agency are varied, and even contradictory. C. Regulated Mutual Funds are a form of open-end investment company that is NOT considered a private fund. Capital Projects Fund. Course Hero is not sponsored or endorsed by any college or university. a. liens receivable. Which of the following funds are proprietary funds? Question: 23) The Governmental Funds Operating Statement Presents All Of The Following Except A) Other Financing Sources. a. private purpose trust fund b. special revenue fund c. pension fund d. investment trust fund b special revenue fund Which of the following characteristics would not define an organization as governmental? a. The governmental funds operating statement presents all of the following except; Northern Virginia Community College; ACC 219 - Fall 2013. C) They include the General Fund and Special Revenue Fund. Which of the following assets are included in the M1 measure of the money supply? 27. B) Revenues. Answer to 3. Other Related Materials . The general fund should report the proceeds as: Definition - Other financing sources: Term. d. assigned fund balance. Which of the following would be considered a use of funds? d. Fiduciary funds must be reported by major fund. B. 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