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