(Identification of activities recorded in governmental- and proprietary-type funds) Using the governmental- and proprietary-type funds, indicate which...
Question:
(Identification of activities recorded in governmental- and proprietary-type funds)
Using the governmental- and proprietary-type funds, indicate which would be used to record each of the following events.
GF General Fund SRF Special Revenue Fund DSF Debt Service Fund Cre Capital Projects Fund PF Permanent Fund BE Enterprise Fund ISF Internal Service Fund _____ 1. Revenue bonds were issued by the Electric Utility Fund to build a new plant.
____ 2. The Motor Pool Fund loaned $50,000 to the Central Purchasing Fund.
3. The Electric Utility Fund billed the General Fund for its share of the electricity cost.
4. The city charter required all hotel taxes to be accounted for in a sep- arate fund. The collections for the period totaled $500,000. 5. The mayor was paid her salary. 6. Electric utility revenue bonds were retired. 7. General obligation city debt was retired, using resources previously accumulated for that purpose. 8. The General Fund made its annual contribution to the fund that pays principal and interest or outstanding debt. 9. The city acquired land as part of a city hall expansion program. The resources used to acquire the land were provided by a general obliga- tion bond issue. 10. The Motor Pool Fund billed each department in the city for use of vehicles (assume all departments billed were accounted for in the General Fund). 11. A wealthy taxpayer donated securities to the city, with the request that the donation be kept in perpetuity, so that the resulting investment income could be used to help support the activities of the city museum. 12. The police department salaries were paid. 13. Income from the Cemetery Permanent Fund investments was trans- ferred to the fund used to maintain the city cemetery.
Step by Step Answer:
Introduction To Government And Not For Profit Accounting
ISBN: 9780130464149
5th Edition
Authors: Martin Ives, Joseph R. Razek, Gordon A. Hosch