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Author Question: The Special Revenue Fund of the city of Wakefield ended its fiscal year with revenues of 750,000, ... (Read 120 times)

Engineer

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on: Jul 6, 2018
The Special Revenue Fund of the city of Wakefield ended its fiscal year with revenues of 750,000, other financing sources of 50,000, and expenditures of 725,000 . The closing entry in the Special Revenue Fund would be
   Debit Credit
 
  A. Expenditures
  Net profit
   Revenues
   Other Financing Sources 725,000
  75,000
 
  750,000
  50,000
  B. Expenditures
  Other Financing Uses
   Revenues
   Other Financing Sources 725,000
  75,000
 
  750,000
  50,000
  C. Revenues
  Other Financing Sources
   Expenditures
   Other Financing Uses 750,000
  50,000
 
  725,000
  75,000
  D. Revenues
  Other Financing Sources
   Expenditures
   Fund Balance 750,000
  50,000
 
  725,000
  75,000

Question 2

Which of the following funds would not be eligible for major fund reporting?
 
  a. General Fund
  b. Enterprise Fund
  c. Debt Service Fund
  d. Internal Service Fund
  e. All of the above could be reported as a major fund.


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lauravaras

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Reply #1 on: Jul 6, 2018
Answer to Question 1

D

Answer to Question 2

D


Engineer

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Reply 2 on: Jul 6, 2018
YES! Correct, THANKS for helping me on my review

vickybb89

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Reply 3 on: Yesterday
Wow, this really help

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