Which of the following funds are governmental funds? B) Understand the cost of providing services to the citizenry. The county received $75,000 from the annual sale of surplus general government property. 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. 8. an Internal... All of the following are considered governmental funds. 2. 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. 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. The governmental funds operating statement presents all of the following except A. d. fiduciary activities. Download the iOS; Download the Android app. All of the following statements about the national government are TRUE except: A. B) Cash in a bank's vault. d. assigned fund balance. a. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. GASB 54 significantly changed the focus of fund balance reporting in two major areas — fund balance classifications and fund type definitions. 4. Debt Service Fund. c. component units. A) Checking account funds. Internal Service Fund. d. an Which of the following is NOT true? c. Major fund reporting is required for governmental and proprietary funds. If several such funds exist, combine them into one fund as long as they are all part of the general government. Which of the following assets are included in the M1 measure of the money supply? Northern Virginia Community College • ACC 219, Test-Bank-for-Accounting-for-Governmental-and-Nonprofit-Entities-15th-Edition-by-Wilson. d. an Internal Service Fund. C. Regulated Mutual Funds are a form of open-end investment company that is NOT considered a private fund. Introducing Textbook Solutions. B) The economic resources focus is used. Which of the following governmental fund revenue sources are typically recorded as revenues? 29. Share your own to gain free Course Hero access. Expenditures. 4. C) They include the General Fund and Special Revenue Fund. Enterprise fund. For example, the School Fund in (a) would be a Special Revenue Fund. 5. Which of the following funds are governmental funds? Question 4. Question: The following are categories of funds : A. Capital Projects Fund. All of the following are Governmental (Expendable) Fund Entities except the a. Find the best study resources around, tagged to your specific courses. C) Money market funds. Question: 23) The Governmental Funds Operating Statement Presents All Of The Following Except A) Other Financing Sources. interest on a tax anticipation note issued and repaid during the period. C. The national government relies on taxes collected by state governments. Don't include funds provided by the state; include those amounts on … It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. All of the following are considered governmental funds except a. a Special Revenue Fund. 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. Major fund reporting is applied only to governmental (i.e., general, special revenue, debt service, capital projects, and permanent funds) and enterprise funds. Which of the following funds is not a fiduciary fund? b. a Capital Projects Fund. The remaining "non-major" funds are aggregated in a single column on the face of the financial statements. The national government passes laws allowed by the US Constitution. C) See how the government finances its programs. We’ve got course-specific notes, study guides, and practice tests along with expert tutors. Answer to 3. d. Enterprise Fund. GASB 54 components of fund balance identify constraints on how resources can be spent and the sources of those constraints. 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. b. business-type activities. B. Agencies should note that there is not a one-to-one crosswalk fro… Course Hero is not sponsored or endorsed by any college or university. General fund. Which of the following funds are proprietary funds? Course Hero is not sponsored or endorsed by any college or university. The cash flow statement in the United States is most likely to appear using. 27. b. restricted net position. I. voting power on major issues and ownership in a portion of the company II. Fiduciary fund information is presented by type of fund rather than by major funds. a decrease in accounts receivable. None of the above. Purchase of equipment. Revenues are recognized when measurable and available. Budgetary accounts do not appear in the financial statements.) Limited Stay Home Order. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! All of the following are budgetary accounts except: Other Financing Sources. c Pension trust fund. This preview shows page 31 - 35 out of 41 pages. Which of the following funds would be used to account for an activity that provides goods or services to other funds? will still distinguish governmental activities (governmental funds) from business-type activities (enterprise funds). c. a Permanent Fund. c. a Permanent Fund. 27 pages. encumbrances. B) Debt Service Fund. b. a Capital Projects Fund. 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. appropriations. c. Internal Service Fund. depreciation expense. Expenditures are recognized when the liability is incurred. B. 117. General funds have all the characteristics of governmental funds. Because of the current financial resources measurement focus of governmental funds, fund balance is often considered a measure of available expendable financial resources. 5. E) Rare stamps. Other financing sources. Which of the following funds would not be included in governmental fund financial statements? Study on the go. b. 10. Security Act (“CARES Act”). c. Special Revenue Fund. d. Permanent fund. All of the following transactions decrease the fund balance of a governmental fund except A. A general fund is the chief operating fund for the entire government. Other Related Materials . Which of the following funds would not be included in governmental fund financial statements? Get step-by-step explanations, verified by experts. 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. a "flow of funds method." 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