Question
Hi I need help with the following Multiple Choice questions Within the government-wide financial statements, the column for Business-type. Activities will generally include: A: Internal
Hi I need help with the following Multiple Choice questions
- Within the government-wide financial statements, the column for Business-type. Activities will generally include:
A: Internal service funds only.
B: Enterprise funds only.
C: All internal service fund and enterprise fund transactions added together and accounted for on the accrual basis of accounting.
D: All enterprise fund transactions and only the internal service fund transactions undertaken with governmental funds on the accrual basis of accounting.
2) Which of the following would most likely be accounted for in an internal service fund?
A: The city pool.
B: The city's investments, which are pooled with the county's and the school district's investments.
C: An asphalt plant used to supply the asphalt needed to resurface the city's streets.
D: Proceeds from an endowment that are used to maintain the city's library.
3. Under GASB standards, the City of Parkview is required to use an enterprise fund to account for its nature center if:
A: It charges fees to assist in paying for the maintenance of the nature center.
B: The Nature Center was originally financed through the issuance of general obligation bonds.
C: The ordinance that was passed to establish the nature center requires that all costs of the Nature Center be paid for by user fees.
D: All of the above are true.
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