As “America’s Checkbook,” the General Fund of the Government consists of assets and liabilities used to finance the daily and long-term operations of the U.S. Government as a whole. It also includes accounts used in management of the budget of the U.S. Government.

Which of the following funds is reported as a governmental fund even though it is not considered to be expendable in nature?

General Fund. Which of the following funds is reported as a governmental fund even though it is not considered to be expendable in nature? A Debt Service Fund.

Which fund should record the fixed assets of a Central Purchasing and Stores Department organized to serve all municipal departments?

Internal Service Fund should record the fixed assets of a central purchasing and stores department organized to serve all municipal departments.

What is the primary difference between monies accounted for in the general fund and monies accounted for in the special revenue fund?

What is the primary difference between monies accounted for in the general fund and monies accounted for in the special revenue fund? Monies in the special revenue fund are legally restricted as to expenditure and monies in the general fund are used for general public benefit. What are the two proprietary funds?

What are major funds?

Major funds are funds whose revenues, expenditures/expenses, assets, or liabilities (excluding extraordinary items) are at least 10 percent of corresponding totals for all governmental or enterprise funds and at least 5 percent of the aggregate amount for all governmental and enterprise funds.

What are the three fund types categories used by state and local governments?

List the three broad categories of funds for state and local governmental entities.

• Governmental Funds;
• Proprietary Funds;
• Fiduciary Funds.

  How does depreciation affect the funds of Kelly County?

  B) Depreciation Assume that Kelly County issues $3,000,000 in general obligation bonds to build a new fire station and $7,000,000 in revenue bonds to finance the upgrade of their water treatment facility. How will these transactions affect the funds of the county?

  Which is financial statement should a government not report depreciation expense?

  In which of the following financial statements should a government not report depreciation expense? A. Fiduciary fund financial statements. B. Governmental fund financial statements. C. Proprietary fund financial statements. D. Government-wide financial statements.

  What do you mean by depreciation in Chapter 2?

  A. Salaries and wages. B. Depreciation. C. Capital outlay. D. Debt service — principal and interest. B) Depreciation Assume that Kelly County issues $3,000,000 in general obligation bonds to build a new fire station and $7,000,000 in revenue bonds to finance the upgrade of their water treatment facility.

  Which is the following is considered a proprietary fund?

  A. Current funds. B. Expendable funds. C. Governmental funds. D. General capital asset funds. C) Governmental funds Which of the following is considered a proprietary fund? A. General Fund. B. Special Revenue Fund. C. Permanent Fund. D. Internal Service Fund. D) Internet Service Fund