Solved

Match the Following Situations with the Fund or Nonfund Account

Question 64

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.

Premises:
Federal grant proceeds received for construction of a new elementary school building
Municipal electric utility bonds to be repaid from customer charges
General obligation bonds issued to finance construction of a new elementary school building
Activities of a central print shop that provides custom printing services to all campus departments
Financial resources set aside to service the principal and interest on general obligation debt
A special hotel occupancy sales tax that can only be used for city economic development promotional activities
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
Responses:
General Fund
Special Revenue Fund
Capital Projects Fund
Debt Service Fund
Permanent Fund
Enterprise Fund
Internal Service Fund
Trust Fund
Agency Fund
General Capital Assets
General Long-Term Liabilities

Correct Answer:

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

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