Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answers for government and not for profit making accounting please 1. Identification Fund and Non-Fund Accounts The following situations should be matched with the fund

image text in transcribed

image text in transcribed

answers for government and not for profit making accounting please

1. Identification Fund and Non-Fund Accounts The following situations should be matched with the fund or non-fund account which best suit to account for them Usage of fund or non-fund account could be more than once. Below are the funds and non-funds accounts: . Agency Fund G General Long-Term Liability Accounts B Capital Projects Fund H Internal Service Fund Debt Service Fund 1 Pension Trust Fund D Enterprise Fund J Permanent Fund E General Capital Asset accounts Private Purpose Trust Fund F General Fund L Special Revenue Fund 1. The operations of a Mongu City bus line receiving all its funding from user charges. 2. Receipts from a special fishing tax restricted to maintain the (no-charge) public fishing pier. 3. Collects taxes withheld from employees throughout the government and makes payments to the appropriate government for these withholdings. 4. Donation to the Mongu City to be invested in perpetuity with the earnings from that investment to help maintain Mongu City parks. 5. The activities of a central motor pool that provides and services vehicles for the use of municipal employees on official business. 6. The segregation of resources accumulated to pay principal and interest on long-term debt of the general government 7. The levy and collection of property taxes for general operations of a Mongu City. 8. Used to account for acquisition of major capital assets. 9. Accounts for contributions by the government and employees to be invested and paid to employees after retirement 10. Amounts owed to general government bondholders that must be paid in the future. 11. Used to account for land, buildings, and equipment owned by the government 12. Activities whose management requires a periodic measurement of revenues and expenses, and whose customers are the general public. 13. Receipts from a special tax levy to retire and pay interest on general obligation bonds issued to finance the construction of a new Mongu City hall. 14. Donation to the Mongu City where the principal is to remain intact forever and the earnings are to be used to benefit the Boy Scout and Girl Scout organizations in the Mongu City. 2. Fund Identification. The following list indudes 13 funds of a state. Based on the description from the state's comprehensive Annual Financial Report indicate which type of fund each one is. i. The cigarette and tobacco Tax Fund accounts for a surtax on the cigarette on the cigarette and tobacco products that is used for various health programmes. V. ii. The department of technology services fund accounts for charges for technology service performed for various state departments by the department of technology services. iii. The Economic Recovery Bond Sinking Fund accounts for General Fund Transfers, proceed from sale of surplus property, and the 0.25% sales and use tax revenue collected for the payment of principal, interest, and other related costs of the Economic Recovery Bonds. iv. The Electric Power Fund accounts for the acquisition and re-sale of electric power to retail end-use customers The Higher Education Construction Fund accounts for bond proceeds used to construct facilities for the state colleges and universities. vi. The Natural Resources Acquisition and Enhancement Fund account for bond proceeds and various revenues that are used to acquire or improve state parks, beaches, and other recreational areas. vii. The Prison Construction Fund accounts for bond proceeds that are used to construct state prisons. The Prison Industries Fund accounts for charges for goods produced by inmates in the state prisons that are sold to state departments and other government entities. ix. The Receipting and Disbursing Fund accounts for the collection and disbursement of revenues and receipts on behalf of local governments. This fund also accounts for receipts from numerous state funds, typically for the purpose of writing a single warrant when the warrant is funded by multiple funding sources. The Service Revolving Fund accounts for charges for printing and procurement services rendered by the department of General Services for state departments and other public entities xi. The State Lottery Fund accounts for the sale of State Lottery tickets and the Lottery's. payments for education xii. The State Teachers' Retirement Fund accounts for the employee, employer, and primary government contributions of the cost-sharing multiple employer plan that provides pension benefits to teachers and certain other employees of the state public school system xiii. The Transportation Safety Fund accounts for Automobile registration fees and other revenues that are used for transportation safety programs viii. X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Principles And Applications

Authors: Hugh Coombs, D Ellis Jenkins, David Hobbs

1st Edition

1412908434, 978-1412908436

More Books

Students also viewed these Accounting questions

Question

=+b) Is this model appropriate for this series? Explain.

Answered: 1 week ago

Question

Identify examples of loaded language and ambiguous language.

Answered: 1 week ago