Question

The following are names of funds encountered in governmental reports and the purposes for which these funds have been established. Indicate the corresponding fund type recommended by the Governmental Accounting Standards Board. For example, the School Fund in (a) would be a Special Revenue Fund.
a. School Fund (to account for special taxes levied by a county to finance the operation of schools).
b. Bond Redemption Fund (to account for taxes and other revenues to be used in retiring bonds).
c. Bridge Construction Fund (to account for the proceeds from the sale of bonds).
d. Park Fund (to account for special taxes levied to finance the operation of parks).
e. Interdepartmental Printing Shop Fund (to account for revenues received from departments for printing done for them by the interdepartmental printing shop).
f. City Bus Line Fund (to account for revenues received from the public for transportation services).
g. Money Collected for the State Fund (to account for money collected as agent for the state).
h. Operating Fund (to account for unrestricted revenues not related to any other fund).
i. Electric Fund (to account for revenues received from the sale of electricity to the public).
j. Federal Fund (to account for federal construction grant proceeds).
k. Bond Redemption Fund (to account for cash and investments that are to be used to repay outstanding bonds).
l. School Endowment Fund (to account for contributions that cannot be expended but are to be invested to generate earnings to be used for special school programs).
m. Bond Proceeds Fund (to account for proceeds of bonds issued to finance street construction).
n. Employees’ Pension and Relief Fund (to provide retirement and disability benefits to employees).



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  • CreatedOctober 25, 2014
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