Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Indicate which fund or funds would be used by a state to record each of the following events. Use the codes shown below: Special Revenue

Indicate which fund or funds would be used by a state to record each of the following events. Use the codes shown below:

Special Revenue Fund-SRF Investment Trust Fund-ITF
Debt Service Fund-DSF Private-Purpose Trust Fund-PPTF
Capital Projects Fund-CPF Agency Fund-AF
Enterprise Fund-EF Internal Service Fund-ISF
General Fund - GF Pension Trust Fund - PTF

Group of answer choices

a. The state collected personal income taxes to finance its day-to-day activities

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

b. The state collected gasoline taxes, which in accordance with state law were dedicated solely to themaintenance of state roads

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

c. The state collected sales tax on behalf of certain counties. All sales taxes were deposited in a fund,pending county-by-county analysis of all sales tax returns to determine amounts due to each county

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

d. As authorized by Public referendum, the state sold $55 million of bonds to finance a new highwayconstruction program. The debt proceeds were deposited in a fund.

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

e. The state received $15 million from the federal government for the federal share of the costs ofconstructing the highways

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

f. The state office of general services performs centralized printing services for all state agencies, andbills the state agencies at cost for each printing project. The office sent a bill to the State Comptrollerfor printing the state's annual financial report

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

g. The Office of the State Lottery sells lottery tickets to the public. In accordance with state law, 50% ofall lottery ticket sales must be used to finance major capital projects including the acquisition of landfor parks. The state received a check from the Office of the State lottery for the state share of thelottery ticket sales.

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

h. The state paid the regular bi-weekly payroll of the state police. The state also paid the payroll ofpersonnel who maintain the state roads referred to in transaction b., above.

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

i. The state deposited funds received from three county governments into a fund. The state will investthe funds and send quarterly checks to the county governments based on the interest earned by thefund.

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

j. The Employees Retirement System, a state-operated agency that administers the payment ofpensions to retired state employees, paid the monthly pensions.

[ Choose ] GF, SRF SRF DSF ISF, AF PPTF SRF, AF ISF, GF EF, CPF PTF ITF DSF, ITF AF CPF GF

k. The state paid interest and principal on the debt that had been issued earlier to finance theconstruction of highways.

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

Accounting Principles Managerial Concepts

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

7th Canadian Edition

1119310296, 978-1119310297

More Books

Students also viewed these Accounting questions

Question

Describe three forms of conflict from the work of Lewin.

Answered: 1 week ago

Question

8. What values do you want others to associate you with?

Answered: 1 week ago