Within the government-wide financial statements, the column for Business-type Activities will generally include:
Enterprise funds only.
which of the following would most likely be accounted for in an internal service fund?
An asphalt plant used to supply the asphalt needed to resurface the city’s streets.
The Computer Services Department operates as an internal service fund. It has billed the Parks and Recreation Department $3,000 for the services provided by its computer technicians. How would this be shown at the government-wide level?
There would be no increase in governmental activities.
During 2014, the Gateway City government recorded a
$15,000 transfer from the General Fund to an internal service fund;
$25,000 transfer from the General Fund to an enterprise fund;
$10,000 transfer from an enterprise fund to an internal service fund, and
$5,000 transfer from an enterprise fund to the General Fund.
In the Business-type Activities column of the government-wide financial statements, Gateway City should report:
Net transfer in of $10,000
Which of the following events would generally be classified as nonoperating on an enterprise fund’s statement of revenues, expenses, and changes in net position?
Loss on the sale of a piece of equipment.
During 2014 Darden City reported the following operating receipts from self-sustaining activities paid by users of the services rendered… What amounts should be reported as operating revenues of Darden’s enterprise funds?
(Operations of water supply plant and Operations of transit system)
Total of $4,800,000
Under GASB standards, which of the following events would be classified as an investing activity on a proprietary fund’s statement of cash flows?
Interest earned on certificates of deposit held by the proprietary fund.
The proceeds of tax-supported bonds issued for the benefit of an enterprise fund and being serviced by a debt service fund:
Should be reported in the enterprise fund as a contribution or interfund transfer in the statement of revenues, expenses, and changes in net position.
During the year an enterprise fund purchased $230,000 worth of equipment, The equipment was acquired with a cash down payment of $23,000 and a $207,000 loan. What is the net effect of this transaction on the net position accounts of the enterprise fund?
Net investment in capital assets is increased by $23,000
Tinsel Town had the following LT liabilities at year end… What amount should be recorded as LT liabilities in the proprietary fund financial statements?
Revenue bonds to be repaid from tolls collected by the superhighway enterprise fund and General obligation bonds issued for the Tinsel Town water utilitym which will service the debt.
Total of $450,000
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