hich of the following funds would account for operations that are financed and operated in...
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Accounting
hich of the following funds would account for operations that are financed and operated in a manner similar to private business enterprises? A) Debt Service Fund B) Enterprise Fund C) Special Revenue Fund D) Internal Service Fund 2. In accounting for expendable fund entities, revenue is ordinarily not recognized until: it has been received in cash. it can be objectively measured and it is available to finance expenditures of the current period. a transaction has taken place and the earnings process is complete. none of these. A) B) C) D) 3. The reserve for encumbrances account is properly considered to be a: A) B) C) D) floating debt. reservation of the fund's equity. fixed liability. current liability if payable within a year, otherwise, long-term debt. 4. A good reason for NNOs to adopt fund accounting even though FASB standards do NOT require it is because: A) the capital assets are significant. B) the program services are involved with more than one type of revenue. C) the donated services are significant. D) restrictions are placed by donors in many cases. 5. Which type of fund can be either expendable or nonexpendable? A) Special revenues B) Debt service C) Enterprise D) Trust
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