103. Siler City receives a trust donation for the purpose of maintaining flower beds in city parks, but the donor does not specify that the principal must be maintained. This type of trust would be most appropriately accounted for in a:
A)Permanent Fund.
B)Special Revenue Fund.
C)Private Purpose Trust Fund.
D)General Fund.
104. Proceeds of tax supported bonds are recognized in a capital projects fund as a(an):
A)Revenue.
B)Liability.
C)Other Financing Use.
D)Other Financing Source.
105. When a governmental unit is primarily or secondarily liable for the debt, debt proceeds for special assessment obligations levied for the construction phase of a capital improvement project should be reported in which of the following fund types?
A)General.
B) Capital projects.
C)Agency.
D)Debt service.
106. Which of the following is true regarding capital projects funds?
A)Capital projects funds are considered to be governmental funds.
B)Capital projects funds use the economic resources measurement focus and accrual basis of accounting.
C)Encumbrance accounting is not used.
D)Fixed assets are depreciated in capital projects funds.
107. If bonds issued to fund a capital project are sold at a premium, the additional money received is:
A)Recorded as Other Financing Sources – Premium on Bonds in the capital projects fund.
B)Transferred from the capital projects fund to the debt service fund.
C)Transferred from the capital projects fund to the General Fund.
D)Both A and B are correct.
108. When a payment is due to a contractor from capital projects fund resources, the debit would be to:
A)A capital asset account.
B)Capital expenditures.
C)Encumbrances Control.
D) None of the above, no entry is made until payment.
109. When a capital project has been constructed entirely with bond proceeds and funds are left over at the end of the project, which of the following would normally take place?
A)The funds would be transferred to a debt service fund; the capital projects fund would debit Other Financing Uses-Transfers Out and the debt service fund would credit Other Financing Sources-Transfers In.
B)The funds would be transferred to a debt service fund; the capital projects fund would debit Expenditures and the debt service fund would credit Other Financing Sources-Transfers In.
C)The funds would be transferred to the General Fund and expended for any purpose desired by the management of the government.
D)The funds would be returned to the bondholders.
110. Debt service funds use the same measurement focus and basis of accounting as:
A)Special revenue funds.
B)Internal service funds.
C)Both (a) and (b).
D)None of the above.
111. Grant proceeds received from the state for a capital project would be recorded in a capital projects fund of a city government as a (an):
A)Revenue.
B)Other Financing Source.
C)Direct addition to Fund Balance.
D)Other Financing Use.
112. Cash provided by the General Fund for a capital project would be recorded in a capital projects fund as a (an):
A)Revenue.
B)Other Financing Source.
C)Direct addition to Fund Balance.
D)Other Financing Use.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more