We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Nonreciprocal Interfund Activity

The whole doc is available only for registered users

A limited time offer! Get a custom sample essay written according to your requirements urgent 3h delivery guaranteed

Order Now

(7-2.) Residence of a neighborhood financed the installation of sidewalks through a note payable. The note was to be repaid through a special assessment tax on their properties. When is it appropriate to account for special assessment activities in an agency fund? In which fund should the special assessment tax receipts be reported if they do not meet the criteria for an agency fund. GASB standards mandate that a government should account for special assessment activities in an agency fund if the government has no obligation to assume responsibility for debt payments, even if the property owners default. If the government is liable for payment of special assessment debt in the event of default by the property owners, the transactions are handled as any other general government debt, normally through a debt service fund. PRIVATE-PURPOSE TRUST FUNDS

(7.4) A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activities. The factors that should be considered when determining which fund to report is when the benefit is limited to specific private use rather than the general public purposes. INVESTMENT TRUST FUND

(7.8) Describe GASB requirements for accounting for Investment Trust Funds. Include (a) a discussion of when the use of investment trust funds is appropriate; (b) the investments to be included and excluded; (c) the basis at which investments are to be reported; (d) reporting of realized and unrealized gains and losses on investments; and (e) financial reporting. The GASB provides requirements for investment pools. First, internal investment pools, which account for investments of the reporting entity, are to be spread out to the funds providing the resources, when preparing financial statements. Any governments participate in external investment pools where investment pools where investments for several governments are maintained. For governments that maintain the multigovernment investment pool, the external portion is to be maintained in as investment trust fund, a fiduciary fund. The external portion is assets held for ay government other than the County government and may include independent school districts, villages, and towns. The internal portion is to be spread out among the county’s funds.

(7-14) What is meant by the term interfund transaction and what are the four types of such transactions? The term interfund transactions means the transfer of funds for loan repayments, for sales and purchases for goods, the flow of assets without repayment, and repayments from funds responsible for particular expenditures or expenses.

Related Topics

We can write a custom essay

According to Your Specific Requirements

Order an essay
Materials Daily
100,000+ Subjects
2000+ Topics
Free Plagiarism
All Materials
are Cataloged Well

Sorry, but copying text is forbidden on this website. If you need this or any other sample, we can send it to you via email.

By clicking "SEND", you agree to our terms of service and privacy policy. We'll occasionally send you account related and promo emails.
Sorry, but only registered users have full access

How about getting this access

Your Answer Is Very Helpful For Us
Thank You A Lot!


Emma Taylor


Hi there!
Would you like to get such a paper?
How about getting a customized one?

Can't find What you were Looking for?

Get access to our huge, continuously updated knowledge base

The next update will be in:
14 : 59 : 59