Question :
117.Which of the following considered a source of general revenue : 1255509
117.Which of the following is considered a source of general revenue in the Government-wide Statement of Activities?
A) Charges for Services
B) Sales Taxes
C) Operating Grants
D) None of the Above
118.Which of the following is true concerning infrastructure assets?
A) Capitalization of infrastructure is optional
B) Capitalization of infrastructure is required
C) Governments must depreciate infrastructure assets
D) Governments rarely possess infrastructure
119.Under which of the following circumstances would an asset be considered impaired?
A) A costly piece of diagnostic equipment at a city hospital is no longer used
B) A bridge is damaged by an earthquake.
C) An expansion project at the city airport is halted because a major airline stops
D) All of the above.
120.The difference between the amount of debt limit calculated as prescribed by law and the net amount of outstanding indebtedness subject to limitation, is known as:
A) Debt Limit
B) Debt Margin
C) Long-Term Debt
D) General Long-Term Debt
121.Which of the following would not be determined to result in asset impairment under GASB Statement 42?
A) An expansion project at a city airport is halted when a major airline discontinues service to city.
B) A building is damaged by a hurricane
C) A truck is at the end of its useful life
D) New technology renders previous equipment obsolete
122.A company has bonds outstanding at the beginning of the current year. The debit in the worksheet entry to bring these on to the books would be to:
A) Proceeds from Sale of Bonds
B) Amount to be Provided for Long-Term Debt
C) Expenditures – Bond Principal
D) Net Assets – beginning balance
123.If an Internal Service Fund has positive operating income, the worksheet entry to add the Internal Service Fund to governmental activities would include a:
A) Debit to Transfers In
B) Credit to Net Assets
C) Debit to Expenditures/expense
D) Credit to Expenditures/expense
124.When converting fund financial records to government-wide financial statements, worksheet entries are made to eliminate all of the following accounts expect:
A) Capital Expenditures
B) Bond Proceeds
C) Debt Service Expenditure – Principal
D) Interest Payable
125.Which of the following would not need to be addressed/adjusted in compiling the government-wide statements?
A) Principal repayment on proprietary fund bonds
B) Issuance of general obligation bonds
C) Interfund transfers among governmental funds
D) Interest accrual on general obligation bonds
126.Internal service funds are most commonly reported in which section of the Government-wide financial statements?
A) Governmental Activities
B) Business-type Activities
C) Component Unit
D) None of the above.
127.When converting to government-wide financial statements, the entry to record the amortization of the premium on a bond would:
A) Debit the Premium on bonds payable and a credit premium expense
B) Debit the Premium on bonds payable and a credit interest expense
C) Debit the Bond Payable and a credit Premium on bonds payable
D) There is no entry. You do not amortize the premium.
128.To qualify as a collection, a donated or purchased item must meet all of the following conditions except:
A) Held for public exhibition, education, or research to further public service
B) Protected, kept unencumbered, cared for, and preserved.
C) Subject to an organizational policy that requires the proceeds from sales of collection items to be used to acquire other collectibles
D) All of the above conditions must be met.
