Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz answer those questions Which of the following accounts is least likely to be used by a tax agency fund? Cash. Revenues. Taxes receivalle for

plz answer those questions image text in transcribed
image text in transcribed
Which of the following accounts is least likely to be used by a tax agency fund? Cash. Revenues. Taxes receivalle for other funds. Due to other governments. Question 60 1pts Lincoln County uses governmental fund accounting and is the administrator of a multiple-jurisdiction deferred compensation plan covering both its own employees and those of other governments participating in the plan. This plan is an eligible deferred compensation plan under the U.S. Internal Revenue Code and income Tax Regulations and meets the criteria for a pension (and other employce benefit) trust fund. Lincoln has legal access to the plan's $40million in assets, of which $2 million pertain to Lincoln and $38 million pertain to the other participating governments in Glen's balance sheet, what amount should be reported in a custodial fund for plan assets and as a corresponding liability? 50 $2,000,000 $38,000.000 $40,000,000 Question 61 1 pts The cash and investment pool of Lake City allocates dividends, interest, and capital gains and losses on a periodic basis. When the cash and investment pool accrues interest earned on investments in debt securities, pending allocation to participating funds, it would credit which of the following accounts? Interfund loans. Prevenues: Undistributed Earnings on Pocled Investments. Interfund Receivables: Which of the following is the appropriate basks of accounting for an agency fund? Canh basis. Madified cash tasis. Aceral task Mosked accral bavis Question 56 1 pts Which of the statements concerning agency funds is true? Apency funds une the same basis of accounting as permanent tunds. Apency funds are reported oniv on the statement of fiduciary met poubion. Agency funds use the temporary accounts Additions and Deductions. Agency fund never receive canh Question 57 1 pts A tax collection fund that collects property taxes and then diatributes them to local governmental units is an example of a(n) Trutinad Permanent tund: Cuatodaliund Internal tervice fund. Question 58 1pts GASB 31 "Accounting for Financial Reporting for Certain imestments and for External Reporting irvestment Pooks" elablishes: a general eule that government entities value investments in optloe contracts ocen ended mutual funds, and debt securities for balance sheet presentation at Fair value Amarticed cost teventrof cost oc markint cont

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

Introduction To Industrial Energy Efficiency Energy Auditing Energy Management And Policy Issues

Authors: Patrik Thollander, Magnus Karlsson, Patrik Rohdin, Johan Wollin, Jakob Rosenqvist

1st Edition

0128172479, 978-0128172476

More Books

Students also viewed these Accounting questions