Which of the following is true trgarding internal service, Ask an Expert

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Which of the following is true trgarding internal service fubd: Internal service fund provides service primarily to extend users on a user charge basis, internal service funds normally record thr annual budget in the accounts, internal service funds use full accrual accounting, internal service funds' capital assets are not accounted for in the accounts

2 an example of an activity that would not normally br accounted for in an enterprise fund would be: swimming pool, motor pool, airport, lottery

3 the city of springfield has three pension plans: a locally administered police plan for which it is trustee, a statewide cost sharing plan, and a statewide agency plan. The city would include in its CAFR financial statement for: all three plans, the locally administered plan plus the statewide agency plan, both statewide plans, the locally administered plan only.

4 which of the following is not true regarding agency funds: agency funds use modified accrual accounting, agency funds have only assets and libalities, no fund equities, revenues or expenditures are recorded, agency fund are reported in the fiduciary funds statement of fiduciary net assets, none of the avove, all are true.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9954490

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