Reference no: EM131704672
Question 1. Which fund should record the fixed assets of a central purchasing and stores department organized to serve all municipal departments?
a. Enterprise Fund
b. Internal Service Fund
c. General Fund
d. Capital Projects Fund
Question 2. Which fund would a city use if it had a separate fund to hold and then remit to an insurance company the lump sum of hospital-surgical insurance premiums collected as payroll deductions from employees?
a. Agency Fund
b. Special Revenue Fund
c. Internal Service Fund
d. Private-Purpose Trust Fund
Question 3. Which fund would be used to account for the activities of a municipal employee retirement plan that is financed by equal employer and employee contributions?
a. Agency Fund
b. Internal Service Fund
c. Pension Trust Fund
d. Private-Purpose Trust Fund
Question 4. A transaction in which a municipal electric utility issues bonds (to be repaid from its own operations) requires accounting recognition in which fund?
a. General Fund
b. Debt Service Fund
c. Capital Projects Fund
d. Enterprise Fund
Question 5. Which fund should be used to account for a special tax on business district properties to finance the cost of decorations and special lighting during a holiday season?
a. General Fund
b. Special Revenue Fund
c. Enterprise Fund
d. Internal Service Fund
Question 6. Which fund should record the liability for general obligation bonds issued for constructing a city hall and serviced from tax revenues?
a. Enterprise Fund
b. General Fund
c. Capital Projects Fund
d. None of the above
Question 7. To provide for the retirement of general obligation bonds, a city transfers a portion of its general revenue receipts to a separate fund. In which fund should the city account for receipt of the transfer?
a. Debt Service Fund
b. Internal Service Fund
c. Capital Projects Fund
d. Special Revenue Fund
Question 8. Which fund should be used to account for the operations of a municipal swimming pool receiving the majority of its support from charges to users?
a. Special Revenue Fund
b. General Fund
c. Internal Service Fund
d. Enterprise Fund
Question 9. A city collects property taxes for the benefit of sanitary, park, and school districts (all of which are legally separate governmental units) and periodically remits collections to these units. Which fund is used to account for this activity?
a. Agency Fund
b. General Fund
c. Internal Service Fund
d. Private-Purpose Trust Fund
Question 10. Bay Creek's municipal motor pool maintains all city-owned vehicles and charges the various departments for the cost of rendering those services. In which of the following funds should Bay Creek account for the cost of such maintenance?
a. General Fund
b. Internal Service Fund
c. Special Revenue Fund
d. Enterprise Fund
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How are the transactions handled for tax purposes
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Which fund should record the fixed assets
: Which fund should record the fixed assets of a central purchasing and stores department organized to serve all municipal departments?
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