Question : 70.Solid waste landfills required to estimate the cost of closure : 1255483

70.Solid waste landfills are required to estimate the cost of closure which include:

A)Cost of equipment used.

B)Cost of landfill cover.

C)Cost of caring for the site for 30 years.

D)all of the above.

71.The estimated costs of closure of solid waste landfills are measured using:

A)Estimated future costs.

B)Actual closure costs.

C)Historical costs.

D)Current costs.

72.For landfills accounted for as enterprise funds, a portion of the estimated cost of closure of solid waste landfills should be charged as an expense and a liability of the landfill operation each year on a:

A)Actual cost method.

B)Units-of-production method.

C)Estimated cost method.

D)None of the above.

73.Which of the following is true of the Statement of Net Assets for proprietary funds?

A)a classified format is used in which current assets, noncurrent assets, current liabilities, and noncurrent liabilities are presented separately.

B)separate disclosure is required for major enterprise funds and a total for all non-major enterprise funds

C)Neither A nor B are correct.

D)Both A and B are correct.

74.Impact fees imposed on commercial developers by an enterprise fund and not associated with specific projects or improvements are recorded as:

A)Transfers from the enterprise fund to a capital projects fund.

B)Operating revenues to the enterprise fund.

C)Capital contributions to the enterprise fund.

D)Unearned revenue to the enterprise fund.

75.GASB requires the ____________ method to report cash flows from operating activities in the Statement of Cash Flows.

A)Indirect.

B)Direct.

C)Modified accrual

D)Full accrual

76.Which of the following is false regarding proprietary fund accounting?

A)The economic resources measurement focus and accrual accounting are used.

B)Capital assets are recorded in the accounts and depreciated over their useful lives.

C)The Statement of Net Assets must be in a classified format, with current assets separated from noncurrent assets and current liabilities separated from noncurrent liabilities.

D)In the Statement of Net Assets, the net assets are reported as either reserved or unreserved.

77.Montgomery County operates a landfill as an enterprise fund.  The closure and postclosure care costs are estimated to be $24 million.  It is estimated that the capacity of the landfill is 12 million tons of waste and that waste will be accepted for 4 years. During 2014, 2.9 million tons of waste was accepted.  The charge for closure and postclosure care costs for 2014 would be:

A)$ 6  million.

B)$ 5.8 million.

C)$ 4.5 million.

D)  $ 3 million

78.An internal service fund provided services to a General Fund department.  At the time of billing, the credit entry in the internal service fund would be:

A)Other Financing Sources—Transfers In.

B)Operating Revenues—Charges for Services.

C)Other Financing Sources—Charges for Services.

D)Due from General Fund.

79.Revenue bonds sold by a water utility fund, upon sale, would be recorded in an enterprise fund as:

A)Other Financing Sources—Proceeds of Bonds.

B)A liability.

C)A direct addition to Net Assets.

D)Nonoperating Revenues—Proceeds of Bonds.