The cigarette and tobacco tax fund accounts only for cigarette and tobacco products. The types of funds that are classified as proprietary funds are identified below: The types of funds that are classified as fiduciary funds are identified below: The types of funds that are classified as governmental funds are identified below: Debt service funds - Debt service funds are the funds that are established to account for the financial resources expended only for payment of principal and interest on long-term debt.
Pension Trust Funds - Pension trust funds are the funds that are reported for the resources used for providing benefits to the members who are eligible for pension benefit plans.
Internal service funds - Internal service fund refers to the fund that reports the activities of the fund used for providing goods or services from one unit to other unit or departments within the governmental organization.
Enterprise funds - Enterprise fund refers to the fund that is reported for the use of funds in the activities that provides goods and services to the external customers in exchange of certain amount of fees.
Permanent funds - Permanent fund refers to the funds that are established to report for the funds that are used to support the government programs and are legally restricted to use only the earnings for the purpose.
Private-Purpose trust funds - Private-purpose trust funds are the funds that are reported for the trust arrangements provided to the private organizations or income benefit individuals. Agency funds - Agency funds are the funds created to report for the resources that are kept by the governmental agent for providing benefits to other governmental or private organizations.
This fund accounts for those trust arrangements that are not reported under pension trust funds and the investment trust funds. Comment 0 Indicate the type of fund for the following 13 funds of State C.
Special revenue funds - Special revenue funds are the funds that are established to account for the revenue generated from specific resources and are restricted to expend on certain stated purposes. So, it is considered as special revenue fund.
Special Revenue Fund Justification: Comment 0 Step 2 of 16 Proprietary Funds Proprietary fund refers to the funds that are established to report for the government that has going-concern business type activities which deal with providing benefits to others by charging the user of the utility services.
General funds - General fund refers to the funds that report the use of the funds for day-to-day operating activities, which is not reported in any other type of funds. Capital projects funds - Capital project funds are the funds that are established to account the financial resources which are restricted to expend only on capital expenditure like purchasing capital assets.
Investment trust funds - Investment trust funds are the funds that are reported by the sponsoring government for the share of investments held outside. Comment 0 Step 3 of 16 Fiduciary Funds Fiduciary fund refers to the funds that are used for holding the assets in a state by legally authorized persons for providing benefits to other states and are not allowed to spend for its own state.Chapter 2.
Fund Accounting Questions for Review and Discussion 1. In governmental accounting, a fund is a fiscal and accounting entity with a selfbalancing set of accounts used to account for an organization’s resources and claims against those resources.4/4(4).
Fiduciary activities are reported only in the fund financial statements and not in the government-wide financial statements because these resources belong to external ultimedescente.comples of Accounting and Financial Reporting for State and Local Governments CHAPTER 2: PRINCIPLES OF ACCOUNTING AND FINANCIAL REPORTING FOR STATE AND LOCAL.
Chapter 2 Key Terms for the 12th edition of Government in America: People, Politics, and Policy by George C. Edwards III, Martin P. Wattenberg, and Robert L. Lineberry. View Homework Help - Accounting for Governmental and Nonprofit Entities-chapter 2 from UCR MCG at University of California, Riverside.
Chapter 2 Ex 2 %(3). Print Answer Key PDF Take Now Schedule Copy. Print Answer Key (Only the test content will print) US Government Answer Key.
1. The form of government in the United States is monarchy; dictatorship; direct democracy; constitutional republic; 2. Having the right to vote is known by the following term. Access Governmental and Nonprofit Accounting 10th Edition Chapter 2 solutions now. Our solutions are written by Chegg experts so you can be assured of the highest quality!
and the balance of a government’s general government financial resources and the related deferred outflows and inflows. 2. Answer: Internal Service Fund.