Ch8-Acct for Gov and NonProfit Ent 15e

Ch8-Acct for Gov and NonProfit Ent 15e - COURSES >...

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Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question creation. COURSES > ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES:, 15/E - WILSON > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add Multiple Choice Creation Settings Name Chapter 08 Accounting for Fiduciary Activities—Agency and Trust Funds Description Questions which Blackboard's assessment component is incapable of supporting are not included in the export. Instructions Add Question Here Question 1 True/False Question Fiduciary funds are sometimes identified in the annual reports of state and local governments as "Trust and Agency Funds." Answer True False Correct Feedback Fiduciary funds account for assets held by a government under a trust relationship or an agency relationship. Incorrect Feedback Fiduciary funds account for assets held by a government under a trust relationship or an agency relationship. Add Question Here Question 2 True/False Question If a state or local government is a party to an agency relationship, it must automatically create an agency fund in order to be in conformity with generally accepted accounting principles. Answer True False Correct Feedback An agency fund must be created only if required by law or GASB standards. In other instances an agency fund may be created by administrative decision. If not required by law or administrative decision, an agency relationship may be accounted for by the General Fund (or other fund) if the agency relationship is incidental to the primary purposes of the General Fund (or other fund), the amounts tend to be small in relation to total expenditures of the General Fund, and the agency relationship is ordinarily discharged on a rather current basis. Incorrect Feedback An agency fund must be created only if required by law or GASB standards. In other instances an agency fund may be created by administrative decision. If not required by law or administrative decision, an agency relationship may be accounted for by the General Fund (or other fund) if the agency relationship is incidental to the primary purposes of the General Fund (or other fund), the amounts tend to be small in relation to total expenditures of the General Fund, and the agency relationship is ordinarily discharged on a rather current basis. Add Question Here Question 3 True/False Question An agency fund accounts for assets held by a government for the long-term in the capacity of a trustee for an individual, organization, other fund, or other government. Answer True False Correct Feedback Agency funds are used when the government holds assets temporarily as an agent for an individual, organization, or other government, not for a long period of time. Incorrect
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This note was uploaded on 09/25/2011 for the course ACCT 3000-5000 taught by Professor Faker during the Spring '11 term at Texas Woman's University.

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Ch8-Acct for Gov and NonProfit Ent 15e - COURSES >...

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