question archive Solve the four-part accounting question below: A
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Solve the four-part accounting question below:
A.) Ramsey County’s general fund had the following transactions during the year:
Payment to a pension trust fund $1,000,000
Transfer to a debt service fund $200,000
Purchase of equipment $600,000
What amount should Ramsey County report for the general fund as expenditures in its governmental funds statement of revenues, expenditures, and changes in fund balances?
B.) According to GASB standards, the best description for the presentation format of the government-wide statement of activities is:
C.) The current financial resources measurement focus and modified accrual basis of accounting are compatible with reporting the financial results in governmental fund financial statements because:
D.) Which of the following fund most likely to use the current financial resources measurement focus?
Answer:
A. Option, $1,600,000 [ Transfer to debt service fund is reported under the other financing uses of the general funds. Payment to a pension trust fund and Purchase of equipment is reported under general fund as expenditures in its governmental funds statement of revenues, expenditures, and changes in fund balances]
B. Option, Expenses minus program revenues plus general revenues equals change in net position
C. Option, Governmental activities report the current and modified impact financial results
D. Option, Tourist development tax special revenue fund