A. The General Fund comparison schedule requiredfor? B. Each special revenue fun

Question

A. The General Fund comparison schedule requiredfor? B. Each special revenue fund that has a legally adopted annual budget C. Enterprise funds. D. (A) and (B) only 13The modified accrual basis is distinct system ofaucounting that A. Differs fro B. Records expenses and revenues the same as accrual accounting C. Records expenditures ard furd balanoes. D. 1s equivalent to cash basis accounting m accrual accounting only in its failure to recognize loog term assets and liabilities. The Township of Thomasville's General Fund has the following net resources at year end $77,000 of prepaid insurance $375,000 ruiny day fund approved by the township govening board with specific conditions tor its use . $2,500 of supplies inventory $61,000 state grant for snow removal S150,000 contructual obligations for the purchase of equipment ·$200,000 to be used to fund government operators in the future Outstanding encumbrance of $80,000 for the purchase of furniture&fixtures; (assume no contractual obligation) 14. What would be the total Restricted furd balance? A. $61,000 B. $150,000 C. $200,000 D, $375,000 15. What would be the total Comminted furxl balance? A. $375,000 B. $290,000 C. $525,000 D. $455,00 16. What would be the total Nonspendable fund balance? A $2,500 B. S77,000 C. $79,500 D. $159,500 17. Which of the following is true with respect to rainy day funds? A. Rainy day funds are classified as committed if they are created by a resolution or ordinance that identifies the specifie circumstances under which the resources may be expended. B. If rainy day funds are available "in emergencies" or periods of"revenue shortfalls" they are classified as committed C. Both A and B. D. Neither A nor B.

Explanation / Answer

12) A. General fund 13) C. Records expenditures and fund balances. 14) A.$61,000 15) C.$525,000 16) C.79,500 17) A.Rainy day funds are classified as committed if they are created by a resolution or ordinance that identifies the specific circumstances under which the resources may be expended.

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