Question: Using different types offunds, indicate which would be used to record each of the following transactions and events by matching between the transaction and the

Using different types offunds, indicate which would be used to record each of the following transactions and events by matching between the transaction and the appropriate fund or funds.

Sales taxes were collected by the state Tax Department. One-half of what was collected was deposited in the fund that accumulates resources to finance day-to-day operating activities, and one-half was held for remitting to other governments on whose behalf the state collects taxes.

Answer 1

Choose...

Permenant Fund PF

Capital Project FundCPF

General Fund GF

Investment Trust Fund ITF

Debt Service Fund DSF

Agency FundAF

Special Revenue Fund SRF

General Fund GF, Agency Fund AF

Pension Trust FundPTF

A local taxes withheld are collected on behalf of another county.

Answer 2

Choose...

Permenant Fund PF

Capital Project FundCPF

General Fund GF

Investment Trust Fund ITF

Debt Service Fund DSF

Agency FundAF

Special Revenue Fund SRF

General Fund GF, Agency Fund AF

Pension Trust FundPTF

General obligation bonds were retired, using resources accumulated in a fund used solely for that purpose.

Answer 3

Choose...

Permenant Fund PF

Capital Project FundCPF

General Fund GF

Investment Trust Fund ITF

Debt Service Fund DSF

Agency FundAF

Special Revenue Fund SRF

General Fund GF, Agency Fund AF

Pension Trust FundPTF

A fund that accounts for government pension plans if the government is the trustee.

Answer 4

Choose...

Permenant Fund PF

Capital Project FundCPF

General Fund GF

Investment Trust Fund ITF

Debt Service Fund DSF

Agency FundAF

Special Revenue Fund SRF

General Fund GF, Agency Fund AF

Pension Trust FundPTF

A municipal paid electricity bill for $2,000.

Answer 5

Choose...

Permenant Fund PF

Capital Project FundCPF

General Fund GF

Investment Trust Fund ITF

Debt Service Fund DSF

Agency FundAF

Special Revenue Fund SRF

General Fund GF, Agency Fund AF

Pension Trust FundPTF

A city government paid construction costs of $12,000 on city hall building.

Answer 6

Choose...

Permenant Fund PF

Capital Project FundCPF

General Fund GF

Investment Trust Fund ITF

Debt Service Fund DSF

Agency FundAF

Special Revenue Fund SRF

General Fund GF, Agency Fund AF

Pension Trust FundPTF

Establishment of an investment portfolio that contains several securities to benefit governments' employees.

Answer 7

Choose...

Permenant Fund PF

Capital Project FundCPF

General Fund GF

Investment Trust Fund ITF

Debt Service Fund DSF

Agency FundAF

Special Revenue Fund SRF

General Fund GF, Agency Fund AF

Pension Trust FundPTF

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