Question: Accounting for an Internal Service Fund that is controlled by
Accounting for an Internal Service Fund that is controlled by a fixed budget may be referred to as double accounting. Why?
Answer to relevant QuestionsWhen should combining Internal Service Fund financial statements be presented in a Comprehensive Annual Financial Report? Where should they be presented?1. Christie County established a self-insurance program in 20X8 by transferring $2 million of General Fund resources to an Internal Service Fund that is to be used to account for the county’s self-insurance program.2. An ...What are the three types of Trust Funds? For what is each type used?A trust indenture states that the principal (corpus) of the trust is to be maintained intact in perpetuity. Yet, although the governmental trustee did not violate the terms of the trust agreement—and it was not ...The following is a trial balance of the Camping Builds Character Trust Fund of the City of Slusher’s Ridge as of January 1, 20X6:The endowment was in the form of an apartment building. Endowment principal is to be kept ...
Post your question