indicate which of the following would not be an example of an internal service fund. course hero

Which of the following is an example of Internal Service Fund?

A) Internal service funds use the economic resources measurement focus and accrual basis of accounting. B) Examples of internal service funds would include self-insurance funds, motor pool funds, and print shop funds.

Which activity would not normally be accounted for in an enterprise fund?

An example of an activity that would not normally be accounted for in an enterprise fund would be: A) Swimming pool. B) Motor pool. C) Airport. D) Lottery. B) Statement of Revenues, Expenses and Changes in Net Assets, Statement of Net Assets and Statement of Cash Flows

What is the credit entry for an Internal Service Fund?

An internal service fund provided services to a General Fund department. At the time of billing, the credit entry in the internal service fund would be: A) Other Financing Sources—Transfers In. B) Operating Revenues—Charges for Services. C) Other Financing Sources—Charges for Services.

Where are internal service funds reported in the basic financial statements?

C) In the basic financial statements, internal service funds are reported in the proprietary funds financial statements. D) None of the above; all are true. Answer: A

What are some examples of internal service funds?

Examples would be purchasing services, printing services, repair garages, janitorial services and risk management activities.

Why would printing services be accounted for in an internal service fund?

Feedback: Printing services would be accounted for in an internal service fund because it would be providing services to other government departments.

What are the categories of net position for a proprietary fund?

Feedback: The categories of Net Position for a proprietary fund are Net Investment in Capital Assets, Restricted Net Position and Unrestricted Net Position.

What are the required statements for proprietary funds?

Feedback: The required statements for proprietary funds include the Statement of Net Position, Statement of Revenues, Expenses, and Changes in Fund Net Position, and the Statement of Cash Flows.

How long after the end of the fiscal year is interest due?

C) Are not required to accrue interest due more than 30 days after the end of the fiscal year.

When must enterprise funds be used?

Feedback: According to GASB Statement 34, enterprise funds must be used when certain criteria are met. They are (1) When debt is backed solely by fees and charges. (2) When a legal requirement exists that the cost of providing services for an activity, including capital costs, be recovered though fees or charges.

Do you have to present budget actual statements in the fund statements?

A) Are required to present budget-actual statements in the fund statements.

What is enterprise funds?

A) Enterprise funds are used by governments to account for services provided to the general public on a user-charge basis.

How long after the end of the fiscal year is interest due?

C) Are not required to accrue interest due more than 30 days after the end of the fiscal year.

What is the purpose of recording post-closure expenses and liabilities?

C) The purpose of recording post-closure expenses and liabilities is to match the estimated costs with the revenues during the period of time the waste is accepted.

Do you have to present budget actual statements in the fund statements?

A) Are required to present budget-actual statements in the fund statements.

Does internal service fund impact other funds?

D) The operation of internal service funds has no impact on other funds because it is run as a business and provides services that would have been purchased elsewhere by the other funds.

Is the purchase of a capital asset recorded as an expenditure in proprietary funds?

C) The purchase of a capital asset is recorded as an expenditure in proprietary funds.

What accounting method does Internal Service use?

A) Internal service funds use modified accrual accounting and the current financial resources measurement focus

What is the purpose of recording post-closure expenses and liabilities?

C) The purpose of recording post-closure expenses and liabilities is to match the estimated costs with the revenues during the period of time the waste is accepted.

Does internal service fund impact other funds?

D) The operation of internal service funds has no impact on other funds because it is run as a business and provides services that would have been purchased elsewhere by the other funds.