A city collects property taxes on behalf of the local sanitary, park, and school districts and periodically

Question:

A city collects property taxes on behalf of the local sanitary, park, and school districts and periodically remits collections to these units. This activity should be accounted for in

a. an Agency Fund.

b. the General Fund.

c. an Internal Service Fund.

d. a Special Revenue Fund.

e. none of the above.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Governmental And Nonprofit Accounting Theory And Practice

ISBN: 9780132552721

9th Edition

Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,

See More Books

Question Posted: Feb 24, 2024 05:00 AM

See More Questions

Company Shoe Plus considers selling the machines it bought 3 years ago for 600,000 and replace them by new machines. The old machines have been depreciated linearly, 1 year of depreciation is left,...
According to the IFRS Foundation approximately how many countries either require or permit the use of IFRS by publicly traded companies' a. 40 countries. b. 80 countries. c. 115 countries. d. 195...
explain single car rail train, characteristics, types and performance, please also explain the difference between tram and single car rail. include citations or bibliography of the above analysis
Maria owns and runs her own online premium clothing business (sole trader) named "Maria's Clothing Solutions (MS). Her main competitor is "Brenda's Extraordinary Clothing (BC). She is interested in...
Hazelnut maintains a petty cash fund of $150. On November 30, the fund holds $7 cash, and petty cash tickets for office supplies, $90, and delivery expense, $50. Requirements 1. Make the journal...
Granite Company purchased a machine costing $129.980. Granite paid freight charges of $3,400. The machine requires special mounting and wiring connections costing $11.400. When installing the...
Murray Company reports net income of $770,000 for the year. It has no preferred stock, and its weightedaverage common shares outstanding is 280,000 shares. Compute its basic earnings per share....
Griffin Enterprises issues a $660,000, 45-day, 4% note to Romo Industries for merchandise inventory. a. Journalize Griffin Enterprises' entries to record: 1. The issuance of the note. 2. The payment...
Scenario The company has the following goals for next year: Open three new offices across the country. Each office requires 5 directors, 15 senior managers, 30 managers, 50 associates, and 80...
A transaction in which a municipal electric utility issues bonds (to be repaid from its own operations) requires accounting recognition in a. the General Fund. b. a Debt Service Fund. c. enterprise...
The activities of a central motor pool that provides and services vehicles for the official use of municipal employees from several city departments should be accounted for in a. an Agency Fund. b....
On April 8, 2010, a flood destroyed the warehouse of Stuco Distributing Co. From the waterlogged records of the company, management was able to determine that the firms gross profit ratio had...
1. Make a comparison between the leadership approaches "Trait Models" and "Behavioral Models". Discuss the main postulates and differences between the models and provide examples of a theory...
Applying the Central Limit Theorem: The amount of contaminants that are allowed in food products is determined by the FDA ( Food and Drug Administration ) . Common contaminants in cow milk include...
A collection of techniques used by social scientists to compile, summarize, and convey numerical data. Revised Research Question Hypothesis : Null Hypothesis : A null hypothesis, often known as H0,...
Adidas is an international sporting apparel/shoes brand. If Adidas was to enter a new foreign market, it would conduct a country market assessment. Identify the 4 components of the assessment....
Using the scenario linked in the Supporting Materials section, assume that you are the cost accountant for your company, and the CFO has asked for your analysis on purchasing materials from an online...
Jay and his friends have set up a baseball tournament. He can rent a baseball field for a daily charge of $200 and equipment for $150 per day. If he hires independent umpires, he would need to pay...
Repeat the previous problem, but close the positions on September 20. Use the spreadsheet to find the profits for the possible stock prices on September 20. Generate a graph and use it to identify...
Use the Internet to locate your states site for reporting school district School Report Cards. Select a school district or individual school and answer the following: a. What measures of service...
With regard to filing requirements for 501(c)(3) organizations: List the three types of Form 990 and indicate the size of the tax-exempt organization to use for each.
An appropriation that has expired a. is reported by a federal agency as unapportioned authority. b. is reported by a federal agency as unexpended appropriations. c. is reported by a federal agency as...
3. The nominal interest rate compounded monthly when your $7,000 becomes $11,700 in eight years is ________
An investor can design a risky portfolio based on two stocks, A and B. Stock A has an expected return of 21% and a standard deviation of return of 39%. Stock B has an expected return of 14% and a...
Advanced Small Business Certifica Drag and Drop the highlighted items into the correct boxes depending on whether they increase or decrease Alex's stock basis. Note your answers- you'll need them for...

A city collects property taxes on behalf of the local sanitary, park, and school districts and periodically

Question:

Step by Step Answer:

a an Agency Fund The purpose of an Agency Fund is to account for assets held by a governme...View the full answer

Governmental And Nonprofit Accounting Theory And Practice

Students also viewed these Business questions