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ACC 532
Final part 1
| Question | Answer |
|---|---|
| when a capital project has been constructed entirely with bond proceeds and funds are left over at the end of the project, whiich of the following would normally take place? | the funds would be transferred to a debt service fund, the capital projects fund would debit other financial uses-transfer out and debt service fund would credit other financing sources-transfer in |
| premiums generated from the issuance of bonds for a capital project are generally | transferred to the debt service fund |
| which of the following is true regarding capital projects fund | capital projects are considered to be governmental funds |
| a construction contract was issued for an addition to the county jail in the amount of 2,300,000. when the proejct was approximately half finished, the contractor submitted an invocie for payment of 1,150,000. which partial entry is correct | credit encumbrance control 2,300,000 |
| which of the following should be accounted for in a permanent fund | a gift of 3,000,000 to a city, to be invested permantly, with the proceeds to be used to maintain the city war memorials |
| a transfer from the general fund to a debt service fund to make annual payments on principal and interest would be recorded in the debt service fund as a | other financing source |
| which of the following would be accounted for as a permanent fund | a gift of 65,000 to a city to be invested permanently, with the proceeds to be used to buy books for the city library |
| grant proceeds received from the state for a capital project would be recorded in a capital projects fund of a city government as a | revenue |
| what is the correct debit or credit for the following scenario: a contract was issued for themajor part of work to be done by a private contractor in the amount of 1,200,000 for a new county court house | debit encumbrance control |
| regarding capital project funds which of the following is correct | capital projects funds exist only for the duration of the project for which it is created |
| which of the following is true regarding capital projects fund | a major source of funding for capital projects funds is the issuance of long term debt, capital project funds only exist for the duration of the project for which it is created, capital projects funds use modified accrual basis of accounting |
| when taxes are levied specifically for payment of interest and principal on long term debt those taxes are recognized | as revenue in the debt service fund |
| which of the following statements is correct regarding permanent funds | the principal of a permanent fund is classified as nonspendable fund balance |
| governmental funds, other than the general fund are considered major if | total asset, liab, rev, or exp of that individual governemtnal fund are at least 10% of the total a, l, r,e for all governmental funds total a, l, r, e of that governemtnal fund are at least 5% of the total for all govt. and enterprise funds combined |
| which of the following is correct regarding government trust accounting | if a trust is to benefit individuals, private organizations, or other governments, it shoudl be accounted for ina private purpose trust fund |
| when a payment is due to a contractor from capital projects fund resources, the debit would be to | expenditure- capital outlay |
| if a trust is to be used for the benefit individuals, private organizations or other governments the following funds should be used | private purpose trust |
| which of the following funds typically record budgets | general funds and special revenue funds |
| capital project fund | exist only for the duration of the project for which they are created |
| which of the following accounts int he general fund is credited when a purchase order is approval | budgetary fund balance-reserve for encumbrances |
| which of thefollowing is true regarding interfund transactions | transactions between funds are not assumed to be arm's length in nature, failure to properly report interfund transactions will result in two funds being misstated, interfund reimbursement is a payment by one fund to second fund to repay it for a purchase |
| which of the following is true with respect to special revenue fund | special revenue funds are used when it is desirable to provide separate reporting of resources that are restricted or committed as to expenditure for purposes other than debt service or capital project |
| which of the following is corect with respect to accounting for supplies inventories in a governmental fund | supplies inventories may be recorded using either the purchase method or the consumption method, an amount equal to the ending balance of supplies is reported as nonspendable fund balnace, consumption method is preferable over the purchase method |
| a transfer should be reported in the operating statement of the general fund as a | other financing source or use |
| the expenditures control account in the general fund is debited when | equipment previously ordered is received |
| when accounting for the general fund, the encumbrances control account is credited when | a purchase order is filled or cancelled |
| the journal entry to record an encumbrance would include | credit to budgetary fund balance-reserve for encumbrances |
| the journal entry to record the re-establishment of encumbrances that were outstanding at the close of the prior period would include | credit to budgetary fund balance-reserve for encumbrances |
| the journal entry to writeoff an uncollectible property tax receivable for a municipally would include | credit to taxes receivable |
| the general fund of the city of bangor purcahsed water from its water utility fund in the amount of 20,000. The general fund would debit | expenditure control |
| a december 2017 year end government should record which of the following as an expenditure | salaries payabledue january 20, 2017 |
| computer for city clerk-3000 and maintence on heating units for city hall 9,000, how much should be classified as capital assets in general fund balnce | 0 |
| when payrolls and other liab are incurred and must be paid before substantial amounts of cash will be collected what type of short term note is desirable andsecured by a govt's power to tax | tax anticpation note |
| journal entry to record the prior year's deferred inflows; property taxes (those expected to be collected more than 60 days beyond year end) as revenue in the current year would include | a debit to deferred inflows, property taxes, and a credit to revenues control |
| reciprocal interfund activity | includes interfund transfers |
| what would be the effect on the general fund's balance at theend of thecurrent fiscal year of recording the purcahse of a $5000 new computer with a 5 year estimated useful life and zero salvage value | reduce the general fund balance $5000 |
| under the modified accrual basis of accounting, gasb standards for property tax revenue recognition provide that revenue should not be recognized for proerty taxes collected | more than 60 days after fiscal year end |
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