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5 months ago
Match the following situations with the fund or nonfund account best suited to account for it. A fund or nonfund account may be used more than once.  The funds and nonfunds accounts are:

Situations   
 
   1. Federal grant proceeds received for construction of a new elementary school building

   2. Municipal electric utility bonds to be repaid from customer charges

   3. General obligation bonds issued to finance construction of a new elementary school building

   4. Activities of a central print shop that provides custom printing services to all campus departments

   5. Financial resources set aside to service the principal and interest on general obligation debt

   6. A special hotel occupancy sales tax that can only be used for city economic development promotional activities

   7. Financial resources legally restricted to the extent that only earnings, and not the principal, may be used to benefit the government or its citizenry

   8. Monthly payroll deductions from employees to be remitted to an insurance company to pay for medical insurance premiums

Funds and Non-Funds

A.   General Fund
B.   Special Revenue Fund
C.   Capital Projects Fund
D.   Debt Service Fund
E.   Permanent Fund
F.   Enterprise Fund
G.   Internal Service Fund
H.   Trust Fund
I.   Agency Fund
J.   General Capital Assets
K.   General Long-Term Liabilities


 
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1 Reply
Using: Governmental and Nonprofit Accounting: Theory and Practice, 11e (Freeman)
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4 months ago
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Answers:

1.   C
2.   F
3.   K
4.   G
5.   D
6.   B
7.   E
8.   I
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