ACC 574 help A Guide to career/Snaptutorial ACC 574 help A Guide to career/Snaptutorial | Page 11

3.
An entry would be made directly to the General Fund’s fund
balance to correct the error.
4.
Revenues would be increased.
44) The county received a $75,000 payment in lieu of taxes from the
water Enterprise Fund. The Enterprise Fund receives no service from
the county for this payment. The General Fund should report the
payment in
1.
2.
3.
4.
revenues
special item
other financing sources – transfer
interfund charges
45) If a state law requires local governments to prepare General Fund
and special revenue fund budgets on a basis that differs from the basis
of accounting required by generally accepted accounting principles
(GAAP), then which of the following is true?
1.
Both the budgeted and actual amounts in the budgetary
comparison schedule prepared as part of the required supplementary
information should be reported on the GAAP basis; a separate budget-
basis comparison schedule should be prepared for the appropriate
state oversight body.
2.
Only a budgetary comparison schedule prepared for the
appropriate state oversight body is required.
3.
The actual amounts in the budgetary comparison schedule
should be reported using the government’s budgetary basis.
4.
The actual amounts in the budgetary comparison schedule
should be reported on the GAAP basis.
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ACC 574 Week 1 Individual Assignment
Revenue Sources
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