Using the following codes, indicate which listed fund best fits each description by placing the appropriate code
Question:
Using the following codes, indicate which listed fund best fits each description by placing the appropriate code in the space provided.
GF General Fund
SRF Special Revenue Fund
CPF Capital Projects Fund
DSF Debt Service Fund
EF Enterprise Fund
ISF Internal Service Fund
1. Services are provided to the general public, and the costs of providing the services are financed by user charges.
2. Resources are accumulated to pay principal and interest on general long-term debt.
3. Salaries are paid to police officers.
4. Goods or services are furnished to other segments of the governmental unit on a user charge basis.
5. Specific revenue sources are dedicated to a particular purpose other than capital projects or debt service.
6. Expenditures are made by the city’s streets department.
7. An “operating income” figure is computed.
Expert Answer:
Events Types of Fund The state collected personal income taxes to finance its daytoday activities General Fund The state collected gasoline taxes whic... View the full answer
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
