Developed by Susan M. Moncada, Ph.D., CPA Indiana State University April 2012 1.

The Fund Identification ChallengeDeveloped by Susan M. Moncada, Ph.D., CPA

Indiana State UniversityApril 2012

Purpose & ObjectivesFor each activity described, identify the specific governmental, proprietary, or fiduciary fund that would account for it.

Governmental Funds

General Special Revenue Capital Project Debt Service Permanent

Proprietary Funds

Enterprise Internal Service

Fiduciary Funds

Pension Trust Investment Trust Private Purpose Trust AgencyDr. Susan M. Moncada, Ph.D., CPA - Indiana State University - 2012

Playing Instructions:1. Once the game board is displayed, only

click on the following shapes:

Display a game question

or with character’s response

Display the X marker

Display the O marker

Return to the game board

Clicking on other areas will cause the game to malfunction.

Disagree

Playing Instructions:1. Click on a question

2. Click either agree or disagree with the character’s response. A correct response earns the square.

3. Click on the to display the “X” marker.

4. Click on the to display the “O” marker.

5. First team to earn 3 markers in a row wins.

Note: Once the “O” is displayed the “X” cannot be displayed.

Disagree

Game Slide

Feedback Response All

AgreesCongratulations, you’ve won the

square!

Madison Agree is Incorrect Feedback

President Madison’s answer is Incorrect, the Correct

Answer is:

Enterprise Fund

Congratulations, you’ve won the square!

Madison Agree is correct.

Sorry, President Madison’s answer is

Correct!

Madison Agree is Incorrect Feedback

Sorry, President Madison’s answer is incorrect.The correct answer is:

Enterprise Fund

MadisonQuestion 1

Which fund accounts for the revenues generated by a state operated toll road?

Agree Disagree

A Special Revenue Fund

Madison Question 2

What fund would account for paying the Mayor’s salary?

DisagreeAgree

General Fund

Madison Question 3

Which fund would account for paying for materials to renovate city hall?

Disagree Agree

Capital Project Fund

Lincoln Agree is correct.

Sorry, President Lincoln’s answer

is Correct!

Feedback Response – Lincoln Disagree

President Lincoln’s answer is incorrect.

The correct answer is….

Investment Trust

Lincoln Question 3 Incorrect Feedback

President Lincoln’s answer is incorrect.The correct answer is:

Investment Trust

Lincoln Question 1

Which fund would account for the payment of interest due on bonds sold to finance the renovation of the county courthouse?

Disagree Agree

Debt Service Fund

Lincoln Question 2

Which fund would account for a city operated water utility?

Disagree Agree

Enterprise Fund

Lincoln Question 3

Agree Disagree

Pension Trust

Which fund would manage the buying and selling of financial instruments in order to maximize additions to the equity of a Public School System’s Retirement Fund?

Feedback Response – President Jefferson 1

President Jefferson’s answer is incorrect, the correct

answer is….

Internal Service Fund

Jefferson Incorrect Feedback Q1Internal Service Fund

President Jefferson’s answer is incorrect, the Correct Answer is:

Jefferson Agree is correct.Sorry,

President Jefferson’s answer

is Correct!

President Jefferson Question 1

Which fund would account for the operation and charges for services City owned vehicles?

Agree Disagree

©Dr. Susan M. Moncada, Ph.D., CPA - Indiana State University - 2012

Disagree Agree

Which fund accounts for the costs related to efforts to create a Performing Arts Center?

Disagree Agree

Permanent Fund

Which fund accounts for the non-spendable principal from contributions for maintenance of statues and monuments for the use and enjoyment of City residents?

President Roosevelt Agree is correct.

Sorry, President Roosevelt’s

answer is Correct!

Feedback Response – President Roosevelt 3

President Roosevelt’s answer is incorrect, the correct answer is….

President Roosevelt Incorrect Feedback Q3Capital Project Fund

President Roosevelt’s answer is incorrect, the correct answer is:

President Roosevelt Question 1

Disagree Agree

Agency Fund

Which fund would a public high school use to account for cash held for various clubs from their individual fund raising activities?

President Roosevelt

Question 2

Disagree Agree

Pension Trust

Which fund accounts for a retirement benefit plan for City police officers?

President Roosevelt Question

Agree Disagree

Special Revenue Fund

Which fund accounts for the costs related to the City’s improvement program to create more open spaces and parks?

President Reagan’s Disagree 2

Sorry, President Reagan’s answer is incorrect, the correct answer is….

Enterprise Fund

Hemione Incorrect Feedback Q2Enterprise Fund

President Reagan’s answer is incorrect, the correct answer is:

President Reagan Agree is

correct.

Sorry,President Reagan’s answer is correct!

President Reagan Question 1

Disagree Agree

Which fund accounts for a City labor pool of employees who are used to supplement existing City staff?

Agree Disagree

Which fund would account for the operation of a performing arts arena?

Disagree Agree

Agency Fund

Which fund accounts for the assets of inmates and residents in State institutions?

President Washington Agree is correct.

Sorry,President

Washington’s answer

is Correct!

President Washington Incorrect Feedback Q2Permanent Fund

President Washington’s answer is incorrect, the correct answer is:

President Washington’s

Disagree 2

Sorry, President Washington’s answer is incorrect, the correct answer is….

Permanent Fund

President Washington Question 1

Disagree Agree

Debt Service Fund

Which fund accounts for retiring long-term debt issued when city hall was renovated?

Agree Disagree

Private Purpose Trust

Which Fund accounts for an endowment or trust to support libraries and parks?

Which fund accounts for collecting property taxes for each municipality in the county?

Disagree Agree

Agency Fund

President Bush’s Disagree 1

Sorry, President Bush’s answer is incorrect, the correct answer is….

Pension Trust

President Bush’s Disagree 2

Sorry, President Bush’s answer is incorrect, the correct answer is….

Enterprise Fund

President Bush Incorrect Feedback Q1Pension Trust

President Bush’s answer is incorrect, the correct answer is:

President Bush Incorrect Feedback Q2Enterprise Fund

President Bush’s answer is incorrect, The correct answer is:

President Bush Agree is correct.

Sorry, President

Bush’s answer is Correct!

President Bush Question 1

Which fund accounts for accumulated sick leave pay?

Agree Disagree

Agency Fund

Which fund accounts for the long-term debt issued by a city’s transit authority?

Agree Disagree

Debt Service Fund

Disagree Agree

Enterprise Fund

Which fund accounts for a County Seaport Authority?

President Clinton’s Disagree 3

Sorry, President Clinton’s answer is incorrect, the correct answer is….

General Fund

President Clinton’s Disagree 2

Sorry, President Clinton’s answer is incorrect, the correct answer is….

Clinton Agree is correct.

Sorry, President Clinton’s answer is Correct!

President Clinton Incorrect Feedback Q2Internal Service Fund

President Clinton’s answer is incorrect, the correct answer is:

President Clinton Incorrect Feedback Q3General Fund

President Clinton’s answer is incorrect, the correct answer is:

President Clinton Question 1

Which fund accounts for federal grants received for housing and urban development for low-income families in the city?

Disagree Agree

A Duplicating Fund which accounts for printing, design, and mail services used by city departments and agencies is what type of fund?

Agree Disagree

Which fund accounts for levying property taxes?

Agree Disagree

Agency Fund

Wilson Question 1

Which fund accounts for property tax revenues and earnings designated exclusively for the city’s public library services?

Agree Disagree

Enterprise Fund

Wilson Question 2

Which fund accounts for a $2M contribution of which only the earnings can be spent to provide educational scholarships for the children of deceased firefighters?

Disagree Agree

Private Purpose Trust

Wilson Question 3

Which fund accounts for a municipality’s typical public health and human services activities?

Agree Disagree

Wilson Agree is correct.

Sorry, President

Wilson’s answer is Correct!

Wilson’s Disagree 1

Sorry, President Wilson’s answer is incorrect, the correct answer is….Special Revenue

Wilson’s Disagree 3

Sorry, President Wilson’s answer is incorrect, the correct answer is….

General Fund

Wilson Incorrect Feedback Q1Special Revenue Fund

President Wilson’s answer is incorrect, the correct answer is:

Wilson Incorrect Feedback Q3

General Fund

President Wilson’s answer is incorrect, the correct answer is:

Developed by Susan M. Moncada, Ph.D., CPA Indiana State University April 2012 1.

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Transcript of Developed by Susan M. Moncada, Ph.D., CPA Indiana State University April 2012 1.

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