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Using the proper name of the funds, what is the best fund to report the following: A donor agrees to make a donation of $25,000
Using the proper name of the funds, what is the best fund to report the following: A donor agrees to make a donation of $25,000 each year for the next three years, providing that the funds are used solely to provide scholarships for individuals attending McNeese from Cutoff, Louisiana (In answering this question do not use the word fund, funds, trust or trusts - If you do the question will be read as wrong. However, if the fund has more than one name you must use both and you must be accurate) Answer: In governmental accounting, we combine certain accounts and consolidate others? Which of these funds would be consolidated? You will get partial credit for each correct answer. You must pick more than one answer to get full credit. a. Permanent Fund b. Private Purpose Trust c. Capital Projects Fund d. Enterprise Fund e. General Fund Of Special Revenue Fund Shy g. Investment Trusts What occurs when entries are consolidated in governmental accounting? a. The entries that are common with other types of accounts are consolidated and fully reported. O b. Transactions within the governmental entity that are common to the governmental unit are eliminated O c. In governmental accounting, all funds stand on their own and so they are simply added together (consolidated) O d. Since the entities are not allowed to make a profit when they deal with others in the government, it is simply an adding of each account. Since each account is separately reported there is no confusion. Using the proper name of the funds, what is the best fund to report the following: The governmental entity makes a $1,000,000 payment to their general contractor for partial payment on a building under construction (In answering this question do not use the word fund, funds, trust or trusts - If you do the question will be read as wrong. However, if the fund has more than one name you must use both and you must be accurate)
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