Classification of funds

Question 1

INTERNAL SERVICE

Answer 1

PROPRIETARY

Question 2

AGENCY

Answer 2

FIDUCIARY

Question 3

SPECIAL REVENUE

Answer 3

GOVERNMENT

Question 4

INVESTMENT TRUST

Answer 4

FIDUCIARY

Question 5

CAPITAL PROJECTS

Answer 5

GOVERNMENT,

Question 6

DEBT SERVICE

Answer 6

GOVERNMENT

Question 7

PENSION TRUST

Answer 7

FIDUCIARY

Question 8

PERMANENT

Answer 8

GOVERNMENT

Question 9

ENTERPRISE

Answer 9

PROPRIETARY

Question 10

PRIVATE PURPOSE TRUST

Answer 10

Fiduciary

Question 11

Principal source of revenue legally mandated involuntary transaction

Answer 11

GOVERNMENT

Question 12

Main reason for existence is creating wealth for shareholders

Answer 12

FOR PROFIT

Question 13

An example of an entity of this is St Ignatius Church

Answer 13

NOT FOR PROFIT

Question 14

Emphasizes Accountability and transparency

Answer 14

GOVERNMENT

Question 15

Audited by SAIB

Answer 15

GOVERNMENT

Question 16

Audited by PKF to determine how much dividends can declare

Answer 16

FOR PROFIT

Question 17

Audited by Moore as requirement of international donors

Answer 17

NOT FOR PROFIT

Question 18

Purpose to enhance or maintain the well-being of citizens

Answer 18

GOVERNMENT

Question 19

Principal source of revenue voluntary exchange between willing buyers and sellers

Answer 19

FOR PROFIT

Question 20

Budget legally authorizes the purpose for which resources are to be spent

Answer 20

GOVERNMENT

Question 21

Budget is internal financial management tool controlled entirely by management

Answer 21

FOR PROFIT

Question 22

Budget serves to show the proposed activities, funding sources, and target population for upcoming year

Answer 22

NOT FOR PROFIT

Question 23

Fund accounting most distinctive feature of those in this classification

Answer 23

GOVERNMENT

Question 24

Receive substantial revenue from non exchange transactions

Answer 24

GOVERNMENT

Question 25

Membership dues and donations comprises most of revenue source

Answer 25

NOT FOR PROFIT