Questions

SP25-BL-SPEA-V246-multisection Use of Funds Practice

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The Village of Trent has several governmental-type funds. Which funds should be used for each transaction below: 1: This fund was used to collect funds from a property tax levy for maintenance of historical exhibits 2: This fund was used for the cemetery endowment. 3: This is the main operating fund of the village and is used to account for financial resources, except those that have to be accounted for in other funds. 4: This fund was established to account for park fees collected per the village code. Fees are to be used solely to construct park facilities. 5: This fund is used to account for the payment of long-term debt principal and interest

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Question restatement: The Village of Trent has several governmental-type funds. Which funds should be used for each transaction below: 1: This fund was used to collect funds from a property tax levy for maintenance of historical exhibits 2: This fund was used for the cemetery endowment. 3: This is the main operating fund of the village and is used to account for financial resources, except those that have to be accounted for in other funds. 4: This fund was established to account for park fees collected per the village code. Fees are to be used solely to construct park facilities. 5: This fund is used to account for the payment of long-term debt principal and interest Answer choices (fund types): Special Revenue Fund, Permanent Fund, General Fund, Capital Projects Fund, Debt Service Fund Analysis by item: 1) Item 1: Funds used to collect funds from a property tax levy for maintenance of historical exhibits - Special Revenue Fund: Correct fit. Special Revenue Funds are used to account f......Login to view full explanation

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