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A local government received $5,000,000 from the State for its share of the States income taxes. The resources received by the local government would be
- A local government received $5,000,000 from the State for its share of the States income taxes. The resources received by the local government would be reported on the local governments government-wide statement of activities under the column headed
- Operating grants.
- Capital grants.
- User charges.
- General revenues.
- On the workpaper to convert governmental funds to governmental activities, which of the adjustments listed below are made because the total fund balance of the governmental funds is overstated?
- The adjustment for accrued but unmatured interest on general obligation bonds.
- The adjustment for the net pension liability related to police and firefighters pensions.
- A and B.
- Neither A nor B.
- On the workpaper to convert governmental funds to governmental activities, which of the adjustments listed below are made because the total fund balance of the governmental funds is understated?
- The adjustment to eliminate interfund receivables and payables between governmental and internal service funds.
- The adjustment for capital assets acquired by governmental funds.
- A and B.
- Neither A nor B.
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