Short Answer
A small village maintains a General Fund, Special Revenue Fund, Capital Projects Fund, and Internal Service Fund. State the fund (or funds) that would be used to record each of the following events.
a. Property taxes were collected to finance the day-to-day activities of the village.
b. The village issued debt for the purpose of constructing a new firehouse.
c. The village paid an invoice for construction of a new firehouse.
d. Mechanics' salaries were paid by the Motor Pool Fund, which was established to provide a centralized location for servicing all village vehicles on a user-charge basis.
e. The village paid the salaries of its police officers.
f. The village received a check from the state to help finance the new firehouse.
g. The village received a grant, which must be used for beautifying and maintaining nature walks within a park.
h. The Motor Pool Fund sent an invoice for maintenance of police and fire vehicles.
Correct Answer:

Verified
a. General Fund
b. Capital Projects Fun...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
b. Capital Projects Fun...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q4: Enterprise Funds use a different basis of
Q5: The broad categories of funds used in
Q6: Which of the following is the appropriate
Q7: It is not possible for expenditures of
Q8: Indicate which fund or funds would
Q10: Under the modified accrual basis of accounting,
Q11: Assets of governmental-type funds include cash and
Q12: Special Revenue Funds are used to account
Q13: A large city uses certain governmental-type funds
Q14: The General Fund levies property taxes in