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Which of the following is a required financial statement for an
investment trust fund?
Question 2
Taxes collected and held by Franklin County for a separate
school district would be accounted for in which fund?
Question 3
During the past fiscal year, Arnett County recorded the following
transactions: Receipt of $36,000 of intergovernmental revenues
which must be used to provide medical assistance to victims of
natural disasters. Investment earnings of $5,000 from an
endowment established by the local Lions Club to subsidize
summer camp for the Boy Scouts with demonstrated financial
need. $3,000,000 in proceeds from revenue bonds. How much
money from these transactions should Arnett record in Special
Revenue funds?
Question 4
What is the basic criterion used to determine the reporting entity
for a governmental unit?
Question 5
State University received two contributions during the year that
must be used to provide scholarships. Contribution A for $10,000
was collected during the year, and $8,000 was spent on
scholarships. Contribution B is a pledge for $30,000 to be received
next fiscal year. What amount of contribution revenue should the
university report in its statement of activities?
Question 6