Solved

Match the Following Situations with the Fund or Nonfund Account

Question 62

Matching

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:

Premises:
A special hotel occupancy sales tax that can only be used for city economic development promotional activities
Financial resources set aside to service the principal and interest on general obligation debt
General obligation bonds issued to finance construction of a new elementary school building
Financial resources legally restricted to the extent that only earnings, and not the principal, may be used to benefit the government or its citizenry
Monthly payroll deductions from employees to be remitted to an insurance company to pay for medical insurance premiums
Municipal electric utility bonds to be repaid from customer charges
Federal grant proceeds received for construction of a new elementary school building
Activities of a central print shop that provides custom printing services to all campus departments
Responses:
Special Revenue Fund
Enterprise Fund
General Capital Assets
Debt Service Fund
Internal Service Fund
General Fund
Agency Fund
Trust Fund
Permanent Fund
Capital Projects Fund
General Long-Term Liabilities

Correct Answer:

Special Revenue Fund
Enterprise Fund
General Capital Assets
Debt Service Fund
Internal Service Fund
General Fund
Agency Fund
Trust Fund
Permanent Fund
Capital Projects Fund
General Long-Term Liabilities
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