Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

FundType of Fiduciary Fund ype Tri-Centennial Fund. Accounts for money raised or contributed by several local area a. governments and other organizations. The purpose is

image text in transcribed
FundType of Fiduciary Fund ype Tri-Centennial Fund. Accounts for money raised or contributed by several local area a. governments and other organizations. The purpose is to ensure availability of resources to elebrate the United States Tri-Centennial in 2076 Perpetual Care Fund. Accounts for endowed gifts and investment earnings dedicated to rpetual care of the city's cemeteries Poudre River Public Library District Fund. Accounts for cash and investments held by the ity on behalf of Poudre River Public Library District. School Impact Fee Fund. The city collects school impact fees as part of the cost of building permits issued. Money must be remitted periodically to the local school district, a legally eparate government that is not a component unit of the city ultural Services and Facilities Fund. Accounts for revenues received from the Lincoln enter performing arts facility, the city museum, and General Fund subsidies used to romote cultural activities for city residents Payroll Fund. The city has established a fund in which all payroll deductions are reported elephone Commissions Fund. The city collects commissions on pay telephones used by ail inmates. The funds are used to provide inmates such benefits as library resources and tness equipment. Block Grant Fund. The state receives federal funds for the homeless which it passes hrough to local not-for-profit organizations. The only responsibility the state has is to ontribute an additional amount of funds (match) to the federal grant. Health Benefits Fund. The county has agreed to pay a portion of the health insurance remiums for employees when they retire. Contributions for the benefit are paid into this und Required Indicate which of the following are fiduciary funds. If not a fiduciary fund, identify whic of fund should be used to account for the activities. h type

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

Step: 3

blur-text-image

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

Value Added Auditing CERM Academy Series On Enterprise Risk Management

Authors: Greg Hutchins

4th Edition

978-0965466554

More Books

Students also viewed these Accounting questions

Question

Why could the Robert Bosch approach make sense to the company?

Answered: 1 week ago