All of the following funds have a financial resources measurement focus with the

Question

All of the following funds have a financial resources measurement focus with the exception of which fund? a. debt service fund b. enterprise fund c. special revenue fund d. capital projects fund All of the following are elements of the statement of financial condition for 12. state and local governments with the exception of a. Assets and Liabilities b. Deferred inflow and outflow of resources c. Net position d. Inflow and outflow of resources Which of the following items should not be included as revenue for a state government? Property taxes levied in the current fiscal year. Interest on money kept in banks. a. b. Amounts received from other financing sources. Fines and licensing fees for which amounts cannot be budgeted. c. d. 14. The following information was obtained from the general fund balance sheet of Lima Village on June 30, 20X9, the close of its fiscal year: 220,000 10,000 40,000 Vouchers Payable Inventory of Supplies Fund Balance-Assigned for Encumbrances Fund Balance-Nonspendable Total Assets 10,000 304,000 On June 30, 20X9, what was Lima's unassigned fund balance in its general fund? a. $44,000 b. $84,000 c. $24,000 d. $34,000

Explanation / Answer

11. All the following funds have a financial resources measurement focus with the exception of enterprise fund.

The governmental funds report information on a modified accrual basis of accounting and current financial resources measurement focus.

Governmental funds include

Enterprise fund is not included in Governmental funds thus does not have financial resource measurement focus.

12. All of the following elements are included in Statement of financial conditions for state and local governments with exception of Inflow and Outflow of resources.

The elements of financial position include:

Inflow and outflow of resources are elements of resource flow statements.

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