(Identifying transactions to funds - comprehensive problem)
Indicate which fund or funds would be used by a state to record each of the following events.
Use the codes shown below:
General Fund GF Pension Trust Fund PTF
Special Revenue Fund SRF Investment Trust Fund ITF
Debt Service Fund DSF Private-Purpose Trust Fund PPTF
Capital Projects Fund CPF Agency Fund AF
Enterprise Fund EF Internal Service Fund ISF
a. The state collected personal income taxes to finance its day-to-day activities.
b. The state collected gasoline taxes, which in accordance with state law were dedicated solely to the maintenance of state roads.
c. The state collected a state-enacted sales tax at the rate of 4 of sales. Collections also included a 3 sales tax that certain counties piggy-backed on the state tax. All county sales taxes were deposited in a fund, pending county-by-county analysis of all sales tax returns to determine amounts due to the state and to each county.
d. As authorized by Public referendum, the state sold 55 million of bonds to finance a new highway construction program. The debt proceeds were deposited in a fund.
e. The state received 15 million from the federal government for the federal share of the costs of constructing the highways.
f. The state office of general services performs centralized printing services for all state agencies, and bills the state agencies at cost for each printing project. The office sent a bill to the State Comptroller for printing the state's annual financial report.
g. The Office of the State Lottery sells lottery tickets to the public. In accordance with state law, 50 of all lottery ticket sales must be used to finance major capital projects including the acquisition of land for parks. The state received a check from the Office of the State lottery for the state share of the lottery ticket sales.
h. The state paid the regular bi-weekly payroll of the state police. The state also paid the payroll of personnel who maintain the state roads referred to in transaction b., above.
i. The state deposited funds received from three county governments into a fund. The state will invest the funds and send quarterly checks to the county governments based on the interest earned by the fund.
j. The Employees Retirement System, a state-operated agency that administers the payment of pensions to retired state employees, paid the monthly pensions.
k. The state purchased 5 sedans for the State Police at a cost of 80,000, using day-to-day operating funds. The sedans have a four-year life.
l. A partial payment was made to the contractors involved in constructing state highways.
m. The state made an operating transfer, using day-to-day operating funds, to the fund that accumulates resources for payment of debt service on capital projects.
n. The state paid interest and principal on the debt that had been issued earlier to finance the construction of highways.
o. The state received collections from individual citizens to pay college education expenses for state National Guard members, who are wounded in military service.
Question 2
Services on account increase a revenue account and increase the cash account.
a. True
b. False
Indicate whether the statement is true or false
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