Which of the following is a capital receipt? (a) Subscriptions (b) Sale of used sports material (c) Endowment fund (d) Entrance fees
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Which of the following is a capital receipt?
(a) Subscriptions
(b) Sale of used sports material
(c) Endowment fund
(d) Entrance fees
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Solved in 2 steps
- Which of the following would be considered a general capital asset? Select one: a. Real estate purchased with the assets of a pension trust fund. b. A vehicle purchased from General Fund revenues. c. A vehicle purchased and maintained by an enterprise fund. d. A computer purchased from revenues of an internal service fund and used by the supplies department.The long-term asset account group is used for which of the following funds? Enterprise Capital Projects Internal Service General Both b and dIn a governmental fund, which one of the following constitutes revenue?a. Cash received from another fund of the same unitb. Bond proceedsc. Property taxesd. Refund on an invoice for fuel
- What is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally or externally restricted as an operating expenditure.b. To account for ongoing activities.c. To account for gifts when only subsequently earned income can be expended.d. To account for the cost of long-lived assets bought with designated funds.In which of the following funds is it appropriate to record depreciation of capital assets? Multiple Choice Capital projects fund. General fund. Permanent fund. Internal service fund.What is a fund? Distinguish between a fund and an appropriation of retained earnings.
- Retirement programs, unemployment benefits, financial aid and other expenses that involve transfers of money are considered _________________. a. Capital expenditure b. Consumption c. Utilization d. Transfer payments1. Expenditures are used for which type of fund? A. Fiduciary B. Governmental C. Proprietary D. All of the aboveWhich of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.
- In a governmental fund, which of the following is considered an expenditure? a. The purchase of a capital asset b. The consumption of supplies c. Salaries earned by employees d. All of the aboveRevenue from property taxes should be recorded in the General Fund: When received. When there is an enforceable legal claim. O When they are available for recognition. O In the period for which the resulting resources are required or permitted to be used. In the period in which the tax bills are mailed. Question 4What is the purpose of a special revenue fund? To account for revenues legally or externally restricted as an operating expenditure. To account for ongoing activities. To account for gifts when only subsequently earned income can be expended. To account for the cost of long-lived assets bought with designated funds.
