Identify the type of transaction that best fits each of the following events: A
ID: 2426004 • Letter: I
Question
Identify the type of transaction that best fits each of the following events:
A government-owned and operated electric utility billed its industrial and commercial users $2,000,000 for electric usage.
The same government-owned and operated electric utility billed the local government $150,000 for electric usage. The entire bill was sent to the General Fund.
Some General Fund money was advanced to a Capital Projects Fund to allow construction on a project to begi
A vehicle used by the Parks and Recreation Activity, which is accounted for in the General Fund, was transferred to the Golf course, which is accounted for in an Enterprise Fund.
Property taxes were levied by the General Fund on the property owners of the City.
The annual payment from the General Fund to a Debt Service Fund for the annual long-term debt principal and interest payment on some serial bonds issued five years earlier by the General Fund.
An invoice that should have been paid by Special Revenue Fund #1 was erroneously paid by Special Revenue Fund #2. Money was paid by SRF #1 to SRF #2 to correct the error.
Computer support for government functions is provided centrally by an Automated Data Processing Internal Service Fund which bills each function monthly based on CPU time. The bill for November was sent to the General Fund for payment.
Special Revenue Fund cash was contributed to establish an Enterprise Fund.
A payment from an Enterprise Fund to the General Fund for utilities paid for with General Fund cash and recorded as expenditures in the General Fund in the current year (See #2).
The remaining assets of a Debt Service Fund were transferred to the General Fund for use in operations.
The General Fund provided money to an Enterprise Fund to purchase capital assets. This payment is to be repaid in 5 years without interest.
A. External transactions
B. Long-term loans
C. Transfers
D. Interfund Services
E. Reimbursements
F. Short-term loans
G. Other transactions between funds that do not meet the criteria B to F
.A government-owned and operated electric utility billed its industrial and commercial users $2,000,000 for electric usage.
- A. B. C. D. E. F. G.The same government-owned and operated electric utility billed the local government $150,000 for electric usage. The entire bill was sent to the General Fund.
- A. B. C. D. E. F. G.Some General Fund money was advanced to a Capital Projects Fund to allow construction on a project to begi
- A. B. C. D. E. F. G.A vehicle used by the Parks and Recreation Activity, which is accounted for in the General Fund, was transferred to the Golf course, which is accounted for in an Enterprise Fund.
- A. B. C. D. E. F. G.Property taxes were levied by the General Fund on the property owners of the City.
- A. B. C. D. E. F. G.The annual payment from the General Fund to a Debt Service Fund for the annual long-term debt principal and interest payment on some serial bonds issued five years earlier by the General Fund.
- A. B. C. D. E. F. G.An invoice that should have been paid by Special Revenue Fund #1 was erroneously paid by Special Revenue Fund #2. Money was paid by SRF #1 to SRF #2 to correct the error.
- A. B. C. D. E. F. G.Computer support for government functions is provided centrally by an Automated Data Processing Internal Service Fund which bills each function monthly based on CPU time. The bill for November was sent to the General Fund for payment.
- A. B. C. D. E. F. G.Special Revenue Fund cash was contributed to establish an Enterprise Fund.
- A. B. C. D. E. F. G.A payment from an Enterprise Fund to the General Fund for utilities paid for with General Fund cash and recorded as expenditures in the General Fund in the current year (See #2).
- A. B. C. D. E. F. G.The remaining assets of a Debt Service Fund were transferred to the General Fund for use in operations.
- A. B. C. D. E. F. G.The General Fund provided money to an Enterprise Fund to purchase capital assets. This payment is to be repaid in 5 years without interest.
A.A. External transactions
B.B. Long-term loans
C.C. Transfers
D.D. Interfund Services
E.E. Reimbursements
F.F. Short-term loans
G.G. Other transactions between funds that do not meet the criteria B to F
Explanation / Answer
1) A government-owned and operated electric utility billed its industrial and commercial users $2,000,000 for electric usage. A. External transactions
2)The same government-owned and operated electric utility billed the local government $150,000 for electric usage. The entire bill was sent to the General Fund. D. Interfund Services
3)Some General Fund money was advanced to a Capital Projects Fund to allow construction on a project to begi.G. Other transactions between funds that do not meet the criteria B to F
4) A vehicle used by the Parks and Recreation Activity, which is accounted for in the General Fund, was transferred to the Golf course, which is accounted for in an Enterprise Fund.D. Interfund Services
5)Property taxes were levied by the General Fund on the property owners of the City.E. Reimbursements
6) The annual payment from the General Fund to a Debt Service Fund for the annual long-term debt principal and interest payment on some serial bonds issued five years earlier by the General Fund.B. Long-term loans
7)An invoice that should have been paid by Special Revenue Fund #1 was erroneously paid by Special Revenue Fund #2. Money was paid by SRF #1 to SRF #2 to correct the error.E. Reimbursements
8)The remaining assets of a Debt Service Fund were transferred to the General Fund for use in operations.D. Interfund Services
9)The General Fund provided money to an Enterprise Fund to purchase capital assets. This payment is to be repaid in 5 years without interest.G. Other transactions between funds that do not meet the criteria B to F
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.