c. bonds payable due in five years. The Ethic of Care is. Generally Accepted Accounting Principles. 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 remaining "non-major" funds are aggregated in a single column on the face of the financial statements. All of the following are budgetary accounts except: Other Financing Sources. If several such funds exist, combine them into one fund as long as they are all part of the general government. (CO C) All of the following are classified as budgetary accounts except encumbrances outstanding. The governmental funds operating statement presents all of the following except A. a. liens receivable. 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. 5. D. Expenses. 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 Answer to 3. b. restricted net position. Enterprise funds, investment trust funds, pension trust funds, and, Internal service funds, special revenue funds, and, Proprietary funds are not used in governmental. depreciation expense. General fund. View more. Question 2. C. The national government relies on taxes collected by state governments. c Pension trust fund. D) Internal Service Fund. Capital Projects Fund. d. Special Revenue Fund. B) Debt Service Fund. B) The economic resources focus is used. C) They include the General Fund and Special Revenue Fund. 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. Purchase of equipment. 4. Debt Service Fund. Ask your own questions or browse existing Q&A threads. General funds have all the characteristics of governmental funds. Which of the following views on outsourcing would be consistent with the free market ethics approach advocated by Milton Friedman? 10. 7. b. Retirement of the principal of a short-term note. 11. 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? C) Reserves that banks hold at the Fed. If the General Fund has restricted fund balance, then the governmental activities column will automatically have: a. committed net position. The following are names of funds encountered in governmental reports and the purposes for which these funds have been established. d. fiduciary activities. Limited Stay Home Order. Enterprise fund. 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. 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. encumbrances. Which of the following governmental fund revenue sources are typically recorded as revenues? 2. Agencies should note that there is not a one-to-one crosswalk fro… c. Internal Service Fund. 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. GASB 54 components of fund balance identify constraints on how resources can be spent and the sources of those constraints. Which of the following funds would be used to account for an activity that provides goods or services to other funds? an increase in account payable. Answer. 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. a "flow of funds method." 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. Test bank Questions and Answers of Chapter 4: Recognizing Revenues in Governmental Funds This preview shows page 31 - 35 out of 41 pages. 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. The official United States Government Manual offers no definition. Indicate the corresponding fund type recommended by the Governmental Accounting Standards Board. 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. A) Checking account funds. C) Special Revenue Fund. Which of the following funds would not be included in governmental fund financial statements? Internal service funds are excluded from the major fund reporting requirements. All of the following are considered exceptions to the general rule that there is no duty to rescue except: Answer. appropriations. a "direct method." Agency funds typically involve only the receipt, temporary investment and remittance of fiduciary resources to individuals, private organizations or other governments. a. 3. 27. GASB 54 significantly changed the focus of fund balance reporting in two major areas — fund balance classifications and fund type definitions. Each of the following is a fiduciary fund except Governmental funds . d. Enterprise Fund. d. Fiduciary funds must be reported by major fund. General fund. a decrease in cash. None of the above. General Fund. a. C) Expenditures. c. Special Revenue Fund. Don't include funds provided by the state; include those amounts on … D) Encumbrances. 2. The cash flow statement in the United States is most likely to appear using. 5. 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. Governmental funds include the following: General Fund. I. voting power on major issues and ownership in a portion of the company II. a. a Special Revenue Fund. The general fund should report the proceeds as: Definition - Other financing sources: Term. Which of the following is NOT true? 29. Question: The following are categories of funds : A. B. B) Cash in a bank's vault. D) Real estate. b Enterprise fund. Security Act (“CARES Act”). b. When an enterprise fund pays the General Fund an amount in lieu of taxes, the account to be credited in the General Fund is The national government passes laws allowed by the US Constitution. 21 c. a Permanent Fund. Share your own to gain free Course Hero access. will still distinguish governmental activities (governmental funds) from business-type activities (enterprise funds). On December 21, 2020, a Supplement to the Limited Stay Home Order was signed. c. component units. The major differences between the government-wide financial statements and the fund financial statements will be discussed in detail in following sections, however, a … B) Revenues. For example, the School Fund in (a) would be a Special Revenue Fund. Governmental Fund Financial Statements. b. Other financing sources. Other Related Materials . The county received $75,000 from the annual sale of surplus general government property. Which of the following funds are governmental funds? Find the best study resources around, tagged to your specific courses. C. Revenues. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! d. Permanent fund. Major fund reporting is applied only to governmental (i.e., general, special revenue, debt service, capital projects, and permanent funds) and enterprise funds. an Internal... All of the following are considered governmental funds. b. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. E) Rare stamps. 4. Legislative definitions of a federal agency are varied, and even contradictory. Question 3. B. Which of the following funds would be used to account for an activity that provides goods or services to other funds? Download the iOS; Download the Android app. estimated revenues. c. a Permanent Fund. b General fund. Proprietary funds . 27 pages. Fund Financial Statements are categorized into three fund types described as follows. 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. right to transfer ownership and dividend entitlement III. for all funds in that category (governmental funds) or of that type (enterprise funds). d. Enterprise Fund. Debt service fund. The governmental funds operating statement presents all of the following except; Northern Virginia Community College; ACC 219 - Fall 2013. Definition - Building permit fees : Term. b. business-type activities. Question: 23) The Governmental Funds Operating Statement Presents All Of The Following Except A) Other Financing Sources. Expenditures. Fund balance is reported from the perspective of the underlying resources within fund balance. 28. C) Money market funds. Answer. d Permanent fund. b. a Capital Projects Fund. All of the following transactions decrease the fund balance of a governmental fund except A. a Capital Projects Fund. The remaining "non-major" funds are aggregated in a single column on the face of the financial statements. an "indirect method." a decrease in accounts receivable. b. a Capital Projects Fund. Introducing Textbook Solutions. an increase in cash. Get one-on-one homework help from our expert tutors—available online 24/7. Which of the following assets are included in the M1 measure of the money supply? A. All of the following are true about proprietary funds EXCEPT: A) They include Internal Service Funds and Enterprise Funds. - Expenditures, not expenses on the fund track. Flag this Question Question 4 5 pts (CO D) A governmental fund’s operating statement will include amortization expense. interest on a tax anticipation note issued and repaid during the period. 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. Expenditures are recognized when the liability is incurred. All of the following are considered governmental funds except a. a Special Revenue Fund. Which of the following funds is not a fiduciary fund? c. Pension trust fund. B. d. an a General fund. A) Checking account funds. d. an Internal Service Fund. d. only cash and other governmental resources that have been converted to cash by the end of the current reporting period. 4 The activities of a municipal airport should be accounted for in the a. C. Fiduciary funds . Course Hero is not sponsored or endorsed by any college or university. Budgetary accounts do not appear in the financial statements.) a Debt service 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.) a "supplementary method." Internal Service Fund. c. Internal Service Fund. Fiduciary fund information is presented by type of fund rather than by major funds. We’ve got course-specific notes, study guides, and practice tests along with expert tutors. All of the following are considered governmental funds except. Study on the go. Which of the following funds would not be included in governmental fund financial statements? Revenues are recognized when measurable and available. 88% 8. Because of the current financial resources measurement focus of governmental funds, fund balance is often considered a measure of available expendable financial resources. Which of the following funds are proprietary funds? The Balance Sheet for governmental funds would potentially include all of the following items except. A general fund is the chief operating fund for the entire government. c Debt service fund Which of the following assets is the most liquid? 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? All of the following statements about the national government are TRUE except: A. 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. Acc 219 testbank.ch4.docx. 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. All of the following are Governmental (Expendable) Fund Entities except the a. Course Hero is not sponsored or endorsed by any college or university. Question 4. Which of the following would be considered a use of funds? For financial reporting purposes, the agency can only have one general fund. c. Major fund reporting is required for governmental and proprietary funds. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. These include individuals, corporations, the Federal Reserve System and foreign, state and local governments. The government-wide statement of net position must include a column for each of the following except: a. governmental activities. 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). B. 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. C. Regulated Mutual Funds are a form of open-end investment company that is NOT considered a private 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. d. assigned fund balance. Which of the following funds are governmental funds? Northern Virginia Community College • ACC 219, Test-Bank-for-Accounting-for-Governmental-and-Nonprofit-Entities-15th-Edition-by-Wilson. 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. Satisfaction guaranteed! For more information on the fund type definitions, see Governmental 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. B) Understand the cost of providing services to the citizenry. The national government is responsible for declaring war. 8. C) See how the government finances its programs. B) Government bonds. Get step-by-step explanations, verified by experts. The CARES Act established the Coronavirus Relief Fund (the “Fund”) and appropriated $150 billion to the Fund. a Permanent Fund. Course Hero has all the homework and study help you need to succeed! a. All Of The Following Are Governmental (Expendable) Fund Entities EXCEPT The: A) Capital Projects Fund. b. deferred revenue. All of the following are considered governmental funds except a. a Special Revenue Fund. 117. 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