For This and Any Other Courses,Assignments,
Disscussions,Quizes,FinalExams,Test Banks And Solution Manauals
1.
Voters in Phillips City approved the construction of a new $10
million city hall building and approved a $10 million bond issue with a stated
rate of interest of 6% to fund the construction. When the bonds
were issued, they sold for 101. What are appropriate entries related to
the premium? In the debt service fund
2.
Voters in Phillips City approved the construction of a new $10
million city hall building and approved a $10 million bond issue with a stated
rate of interest of 6% to fund the construction. When the bonds
were issued, they sold for 101. What are appropriate entries related to
the premium? In the capital project fund
3.
Voters in Lincoln School District approved the construction of a
new high school and approved a $10 million bond issue with a stated rate of
interest of 6% to fund the construction. Bids were received and the
low bid was $10 million. When the bonds were issued, they sold for face
value less bond underwriting fees of $.5 million. The School Board
voted to fund the balance of the construction by a transfer from the general
fund. The entry in the capital project fund to record the additional funding
for the construction would be
4.
The debt service fund of a governmental entity is
accounted for using which of the following bases of accounting?
5.
With regard to the resources dedicated to the acquisition of
fixed assets which will be used in general government activities, which of the
following is true?
6.
With regard to capitalization of infrastructure, which of the
following is true?
7.
If a government capitalizes works of art and similar assets,
which of the following statements is true relative to depreciation on the works
of art and similar assets?
8.
The objectives of financial reporting for fixed assets should be
to provide information
9.
Governments must classify bank balance in one of three
categories. Which of the following is NOT one of those categories?
10.
For a government that elects NOT to capitalize its works of art
and similar assets, the appropriate entry when receiving a contribution of a
work of art at the government-wide level is
11.
Debt that is issued by one entity but backed by the promise of
another entity to make up any debt service deficiency is
12.
Pulling County has a December 31 fiscal year-end. In November,
the County borrowed $8 million from a local bank, due in six months at 6%
interest, to finance general government operations. The county pledges
property tax revenues to secure the loan. At year-end, how should the
bank note be displayed in the fund financial statements?
13.
The Southside City has $95 million of debt recorded in its
Schedule of Changes in Long-Term Obligations, made up of $60 million of general
obligation debt, $2 million of compensated absences payable, $8 million claims
and judgments, and $25 million of obligations under capital leases. The
State limits the amount of general obligation debt that can be issued by a City
to 20% of the assessed value of taxable property. The assessed value of
property in Southside City is $500 million. The amount of legal debt
margin for Southside City is
14.
In the government-wide financial statements, the assets acquired
under a capital lease would be reported at
15.
New City entered into a lease agreement for several new dump
trucks to be used in general government activities. Assuming the City
maintains its books and records in a manner that facilitates the preparation of
the fund financial statements, acquisition of these dump trucks would require
entries in which of the following funds and/or schedules?
16.
Washington County has designated the general fund as the single
fund to account for its self-insurance activities. What is the maximum
amount that can be charged to expenditure in the general fund related to the
self-insurance activities?
17.
Which of the following is not a proprietary fund?
18.
Lehi City has designated an internal service fund as the single
fund to account for its self-insurance activities. Most of the insured
activities such as the police department, fire department, and general
government functions are accounted for in the General Fund. What is the
maximum amount that can be charged to expenditure in the General Fund related
to the self-insurance activities?
19.
Which of the following is NOT a budget typically prepared for an
activity accounted for in a proprietary fund?
20.
During the year the City’s Self-Insurance Internal Service Fund
billed the General Fund $300,000 for ‘premiums,’ of which $30,000 was for
catastrophic losses and the balance was the premium computed on an
actuarially-determined basis. During the year the City incurred
$250,000 in claims losses. The total amount transferred to the Self-Insurance
Fund by the General Fund was $310,000. The amount the City Self-Insurance Fund
can recognize as revenue is
21.
Which of the following would NOT be accounted for in a fiduciary
fund of a governmental entity?
22.
Required disclosure by a government General Fund related to its
pension plan does NOT include which of the following?
23.
Previously a city received a $1 million gift, the income from
which was restricted to support maintenance of city-owned parks. During
the current year the endowment earned $70,000 of which $50,000 was transferred
to the City Park Special Revenue Fund. On the year-end financial statements,
the special revenue fund will report
24.
A plan’s unfunded actuarially accrued liability is the excess of
25.
The Schedule of Changes in Long-Term Obligations contains an
account Net Pension Obligation. Which of the following describes the
event that gave rise to this account?
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