NFP Exam 4 Chapter 8 Examples Questions and Answers 100% Pass

NFP Exam 4 Chapter 8 Examples Questions and Answers 100% Pass The Belmont County GF is given 1% of all collections for governments other than the County as reimbursement for the cot of operating the Tax Custodial Fund. The distribution of the taxes collected includes $100,000 to Lake School District; its tax rate is broken down as follows: General $4.40, Capital projects $0.25 and Debt service $0.35. The fee paid is recorded as an expenditure. The entry in the Lake School District GF journal will include a credit to Taxes Receivable-Current for... - 1. current tax rate (4.40+0.25+0.35) = 5.00 2. credit to taxes receivable (100,000 * (4.40/5)) = 88,000 2 Katelyn Whitman, All Rights Reserved © 2025 Total real property taxes certified for collection by collector's office during the current year total $5,000,000 and 5% is considered uncollectible. The entry recorded by the Tax Custodial Fund includes a: - credit to Due to other funds and governments - 5,000,000 debit to taxes receivable for other funds and governments-current - 5,000,000 If a public purpose trust resources are expendable for the trust purpose, the trust should be accounted for as a -- fund - special revenue Trusts that benefit the government's own programs or citizens at large are accounted for as.. - 1. special revenue funds 2. permanent funds Dodson County sponsors a defined benefit pension plan. If, during the current year, member contributions in the amount of $250,000 and employer contributions in the amount of $250,000 were received in cash, 3 Katelyn Whitman, All Rights Reserved © 2025 the entry made by the Dodson County employee retirement plan would include credits to - 1. additions - member contributions 2. additions - employer contributions County GF is given 1% of all collections for governments other than the county for reimbursement for the cost of operating the tax custodial fund. The taxes collected are as follows: county 400,000 state 100,000 and other governments 2,500,000. The collection fee charged by the county equals - (100,000*0.01) + (2,500,000*0.01) = 1,000 + 25,000 = 26,000 Total pension liability - The portion of the