Question: The Sweetwater County Sheriff s Of ce maintains a fund to which
The Sweetwater County Sheriff’s Ofﬁce maintains a fund to which it transfers the phone company commissions it earns on inmates’ pay-phone calls. The monies collected are used to provide inmate “amenities”—books and magazines, writing paper, postage stamps, chewing gum, and so on. The resources of the fund are periodically transferred to the general fund, from which they are appropriated and expended. Should the fund be accounted for as a private-purpose trust fund?
Answer to relevant QuestionsThe City of Acton maintains a deﬁned contribution pension plan for its employees. Employees contribute 6 percent of their salaries; the city contributes 8 percent. The city has ﬁduciary duty for the plan, but outsources ...What are the three main sections of the comprehensive annual ﬁnancial report? What are the main components of the ﬁnancial section?The GASB requires governments to identify their principal taxpayers in their CAFRs’ statistical section. In what way does this information contribute to an analysis of ﬁnancial condition?The statements, schedules, tables, and other types of data that follow are found in the annual report of a typical municipality. For each of these items indicate whether it would be found in the:• Introductory section• ...Explain the signiﬁcance of each of the following ratios. For each of the ratios indicate whether an increase can be interpreted as a sign of (1) increasing or (2) decreasing ﬁscal strength. Where appropriate, show how an ...
Post your question