Which governmental fund includes resources that are legally restricted so that the governmental entity must maintain the principal and can use only the earnings from the fund's resources to benefit the government's programs for all of its citizens? Group of answer choices a.) Capital projects fund b.) Permanent fund c.) Agency fund

Q: Which of the following funds is used to account for government sponsored investment pools that…

A: An Investment Trust Fund is a fund that develops when the government sponsors a multi-government…

Q: Which of the following statements is correct about the reporting of governmental funds? Fund…

A:

Q: Which of the following statements is true? O a. The principal of permanent funds are classified as…

A: Permanent Funds: It may be referred to as a fund wherein the principal amount isn't being utilized…

Q: Which of the following statements is true regarding the basic financial statements of a state or…

A: Basic financial statements of government includes fund financial statement, government wide…

Q: Multiple choice:  The accrual basis of accounting is used to account for revenues and expenditures…

A: Following is the answer to the given question

Q: Which statement is true regarding the ‘‘major’’ funds?a. The general fund is considered major if it…

A: Answer is d All the above options are False General funds are considered a major fund. If we see in…

Q: Which of the following is not a governmental fund? Choose the correct.a. Special revenue fundb.…

A:

Q: the fund-based and government-wide financial statements of a state or local government and the…

A: Not-for-profit (NFP) entities:It is an individual or group of people who work together to attain…

Q: how may resources in the general fund can be assigned to a specific purpose (if that is the intent…

A: The gap between assets as well as liabilities throughout the government expenditures balance sheet…

Q: Which of the following would not be included as a reconciling item in reconciling the governmental…

A: Reconciliations helps in detecting the mistakes, errors, frauds by checking the accuracy of the data…

Q: Which of the following is true regarding government-wide financial statements? a. All capital…

A: The GASS is the board that provides the guideline to the governmental units about proper accounting…

Q: With respect to the content of government-wide statements, which of the following is correct? A)…

A: Government wide financial statements are those statements which provide the detailed summary of all…

Q: 39. The receipt of which of the following may not give rise to the revenue by a government entity?…

A: Revenues of the government entity means all income that is generated or received from outside by the…

Q: When a component unit is discretely presented in the reporting entity (under the umbrella with the…

A: Fund Financial Statement - Under Fund financial statement detailed information of government major…

Q: What is the purpose of the capital projects fund, debt service fund, and permanent fund. Please…

A: The creation of a fund is mostly done to pool up resources required for a particular purpose. funds…

Q: Boa City had the following fixed assets: Fixed Assets used in proprietary fund activities Fixed…

A: Government wide statement of net position is overall net fixed invested by government in different…

Q: The governmental fund financial statements are intended to report on fiscal accountability.…

A: Fiscal accountability refers to developing and maintaining budget and independent fiscal review.

Q: Which of the following is true about the reconciliation from governmental fund changes in fund…

A:

Q: Which of the following is true regarding the incorporation of internal service funds into…

A: Internal service funds are the funds which are used in governmental accounting in order to track…

Q: Which of the following funds are classified as proprietary funds? Group of answer choices a.)…

A: The fund which is used to account for the business transactions are proprietary funds. These…

Q: A reconciliation must be shown of the items that cause the difference between the total net position…

A: A government wide financial statement refers to the detailed summary of the government funds which…

Q: Which of the following is true regarding government-wide financial statements? a. Internal service…

A: Internal service funds are normally classified as governmental types activities. Component units are…

Q: services only to other departments or agencies of the government on a cost-reimbursement basis?…

A: Meaning of Inter Departmental Transactions Interdepartmental transactions are those transactions…

Q: Special revenue funds are created by the government for the use of special purposes. Why are those…

A: special revenue fund are used to record an account for and report the specific proceeds of revenue…

Q: n accordance with gasb 34 basic financial statements and management's discussion and analysis for…

A: Solution Concept GASB 34 basically has required a separate column to be prepared for the activities…

Q: What is the purpose of enterprise funds? To account for operations that provide services to other…

A: An enterprise fund is a fund collected separately from the main government fund to support the…

Q: Which of the following statements is correct about the reporting of governmental funds? Fund…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: The commercial business activities are governed by the market places then the government…

A: Fund financial statements are a record of individual major funds and non major funds. Government…

Q: What measurement focus is used in fund financial statements for governmental funds, and what system…

A: The government wide financial statements includes preparation of two statements – statement of net…

Q: Which of the following fund balance types would increase, when cash received is restricted…

A: solution concept AS per GASB 54 , Fund balance reporting and Governmental Fund type definition , the…

Q: Government grants are recognized only when there is reasonable assurance that the entity will comply…

A: Government Grants Government grants which are provided by the government to the needy entity.  There…

Q: What is the purpose of enterprise funds? Choose the correct.a. To account for operations that…

A: The correct answer is Option (d).

Q: What federal fund is most like a custodial fund used by state and local governments?

A: Here given the details of the federal fund which is treated as the custodial fund which can be used…

Q: lain briefly why Government funds or property shall be spent or used solely for public purposes.

A: A government fund is a grouping used in accounting for tax-supported operations undertaken by the…

Q: Assets and liabilities of activities for which the government is acting in either an agency or…

A: The government uses a different way to report their financial statements than the private sector…

Q: An inter-fund transfer out should be reported in a governmental fund operating statement as a (an)

A: Inter fund transfer is the transfer included as an accounting transaction which shows transfer of…