A new employee of the City of Kashime was working with the accounting records of several of its funds. This employee, John Fergie, found that a gift had been given to the city for the library. The gift mandated that only the earnings from the gift could be used for library operations. John wanted to set up a Permanent Fund for the principal of the donation to the library and use a Special Revenue Fund to account for the earnings of the investment and their use. Another employee argued that a Private Purpose Trust Fund should be used for both principal and income. Do you agree with either of these individuals, or do you have a better suggestion?
Answer to relevant QuestionsThe City of Macroville hires you as a consultant to help establish a procedure to simplify its property tax collection processing and to make the process more efficient. Currently the city and six special districts receive ...Prepare the journal entries to record the following transactions in an Investment Trust Fund for Seggen County during the calendar year 2013. 1. Turtle Creek and Pineview contributed $ 60,000 and $ 40,000, respectively, to ...(Multiple Choice)1. The fee for the collection of property taxes by an Agency Fund will result in revenue in which of the following funds? a. General Fund and Agency Fund b. Agency Fund c. Capital Projects Fund d. Special ...Seaview Township received a $ 1,000,000 gift from J. R. Chancellor to sponsor an annual community picnic. All reasonable costs associated with sponsoring the picnic are to be paid from the gift. To guaran-tee proper use of ...What is the purpose of management’s discussion and analysis?
Post your question