Start New Topic
  
  
  
  
Top Posters
Since Sunday
42
34
33
33
33
32
32
30
29
29
29
28
New Topic  
wrote...
Posts: 990
Rep: 6 0
3 months ago
Transactions in governmental accounting may be classified as being either:
•   External – transactions between the governmental unit and its citizens, employees, suppliers, creditors, or other governments.
•   Internal – transactions between funds
A listing of all possible transactions would then look like this:
A.   External transactions
B.   Long-term loans
C.   Transfers
D.   Interfund services provided and used
E.   Reimbursements
F.   Short-term loans
G.   Other transactions between funds that do not meet the criteria B to F
Identify the type of transaction that best fits each of the following events:
1.   A government-owned and operated electric utility billed its industrial and commercial users $2,000,000 for electric usage.
2.   The same government-owned and operated electric utility billed the local government $150,000 for electric usage. The entire bill was sent to the General Fund.
3.   Some General Fund money was advanced to a Capital Projects Fund to allow construction on a project to begin before related bonds were to be issued. The amount is to be repaid in 6 months.
4.   A vehicle used by the Parks and Recreation Activity, which is accounted for in the General Fund, was reassigned to the Golf course, which is accounted for in an Enterprise Fund.
5.   Property taxes were levied by the General Fund on the property owners of the City.
6.   The annual payment from the General Fund to a Debt Service Fund for the annual long-term debt principal and interest payment on some serial bonds issued five years earlier by the General Fund.
7.   An invoice that should have been paid by Special Revenue Fund #1 was erroneously paid by Special Revenue Fund #2. Money was paid by SRF #1 to SRF #2 to correct the error.
8.   Computer support for government functions is provided centrally by an Automated Data Processing Internal Service Fund which bills each department monthly based on CPU time. The bill for November was sent to the General Fund for payment.
9.   Special Revenue Fund cash was contributed to establish an Enterprise Fund.
10.   A payment from an Enterprise Fund to the General Fund for utilities paid for with General Fund cash and recorded as expenditures in the General Fund in the current year (See entry 2).
11.   The remaining assets of a Debt Service Fund were transferred to the General Fund for use in operations.
12.   The General Fund provided money to an Enterprise Fund to purchase capital assets. This payment is to be repaid in 5 years without interest.

Read 24 times
1 Reply
Using: Governmental and Nonprofit Accounting: Theory and Practice, 11e (Freeman)
Replies
Answer verified by a subject expert
wrote...
Staff Member
Top Poster
Posts: 1331
2 months ago
Sign in or Sign up in seconds to unlock everything on Biology Forums.
Answers:
1.   A
2.   D
3.   F
4.   G
5.   A
6.   C
7.   E
8.   D
9.   C
10.   E
11.   C
12.   B
Thank you for using Biology-Forums.
New Topic      
    
Share This Topic
Similar topics that might interest you...
Accounting   3 years ago   goji.go   f_zah1   3 Replies   159 Views
Accounting   3 years ago   goji.go   f_zah1   3 Replies   186 Views
Accounting   A month ago   derro   bolbol   1 Reply   38 Views
Accounting   1 months ago   derro   bolbol   1 Reply   40 Views
Accounting   A month ago   derro   bolbol   1 Reply   33 Views

Explore
Post homework questions online and get free homework help from tutors.
Learn More
Improve Grades
Help Others
Save Time
Accessible 24/7
  268 People Browsing
 1151 Signed Up Today
Related Images
 1593
 5831
 118
Poll