5. Where should a government report special assessment collections to retire debt when the government is...
5. Where should a government report special assessment collections to retire debt when the government is not liable for the debt? Multiple Choice
Government-wide statements (not in a fund).
Debt service fund.
Capital projects fund.
Custodial fund.
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5. Where should a government report special assessment
collections to retire debt when the government is...
P. 6-6 The debt service phase special assessment bonds are accounted for in a debt service...
P. 6-6 The debt service phase special assessment bonds are accounted for in a debt service fund. As stated in the previous problem, a government issued $8.5 million of special assessment bonds to finance a sewer‐extension project. To service the debt, it assessed property owners $8.5 million. Their obligations are payable over a period of five years, with annual installments due on March 31 of each year. Interest at an annual rate of 8 percent is to be paid on...
Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report...
Which of the following is true regarding fiduciary funds? Multiple Choice Custodial funds would be report a Statement of Fiduciary Net Position but not a Statement of Changes in Fiduciary Net Position. Fiduciary funds are not reported in the fund basis statements because they are from legally separate organizations. Fiduciary funds are reported in the fund basis statements but not in the government-wide statements. Fiduciary funds are reported in the fund basis statements and in a separate column in the...
General government financial resources to be used to finance construction of a general government construction project t...
General government financial resources to be used to finance construction of a general government construction project typically should be accounted for in a) A Capital Projects Fund. b) A Debt Service Fund. c) The General Fund. d) A Special Revenue Fund.
2. (Preparation of government-wide financial statements - capital asset elements) The following information is extracted from...
2. (Preparation of government-wide financial statements - capital asset elements) The following information is extracted from the City of Jeddah’ government-wide statement of net position at December 31, 2018: Capital assets 3,000,000 Accumulated depreciation, capital assets 1,600,000 Annual depreciation rate on capital assets 10 % Bonds payable -0- The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2018. Expenditures...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
6-18. Long-Term Liability Transactions. (LO6-5) Following are a number of unrelated transactions for the Village of...
6-18. Long-Term Liability Transactions. (LO6-5) Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet. 1. The General Fund collected and transferred S750,000 in tax collections to the debt service fund: S600,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. 2. A S5,000,000...
Which of the following is correct regarding the recording of long-term debt in an enterprise fund?...
Which of the following is correct regarding the recording of long-term debt in an enterprise fund? Multiple Choice Bonds would be reported in both enterprise fund fund-basis statements and in the government-wide statements. When revenue bonds are sold at par, Cash is debited and Bonds Payable is credited. Neither of the choice is correct. ( Both of the choices are correct
Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued...
Debt service expenditures for interest are: Multiple Choice Accrued. Recorded when due but may be accrued at year end if the debt service due date is less than 60 days after year. Recorded when due but may be accrued at year end if the debt service due date is less than 30 days after year end. Reported only in the government-wide statements.
1. With respect to the preparation of fund basis financial statements, enterprise funds are considered to...
1. With respect to the preparation of fund basis financial statements, enterprise funds are considered to be major when which of the following conditions exist? Multiple Choice Both When total assets, liabilities, revenues, or expenses of that individual enterprise fund constitutes 10% of the total for the enterprise fund category and When total assets, liabilities, revenues, or expenses of that individual enterprise fund are 5% of the total of the governmental and enterprise categories, combined required to be a major...
Question 3: 3.The following Information is extracted from the City of Lucas' government-wide statement of net...
Question 3:
3.The following Information is extracted from the City of Lucas' government-wide statement of net position at December 31, 2019 Capital assets Accumulated depreciation, capital assets Annual depreciation rate on capital assets Bonds payable $2,000,000 $1,600,000 10% The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2020 Expenditures-capital outlay (General Fund) Expenditures-capital outlay (Capital Projects Fund) Expenditures-bond principal (Debt Service Fund) Expenditures-bond interest...
Chapter 2 The Use of Funds in Governmental Accounting LO 2 MC2-15. Under the modified accrual basis of counting for a government property tax revenues show be recognized in the accounting period in which they G are levied b are collected in cash c are levied, subject to a provision for collectible receivables d/ are levied and become measurable wil available LO 3 MC3-16. A city-owned electric utility, which serves primarily the city's residents, sends a bill to the city...
6-18. Long-Term Liability Transactions. (LO6-5) Following are a number of unrelated transactions for the Village of Centerville, some of which affect governmental activities at the government-wide level. None of the transactions has been recorded yet. 1. The General Fund collected and transferred S750,000 in tax collections to the debt service fund: S600,000 of this amount was used to retire outstanding serial bonds and the remainder was used to make the interest payment on the outstanding serial bonds. 2. A S5,000,000...
Which of the following is correct regarding the recording of long-term debt in an enterprise fund? Multiple Choice Bonds would be reported in both enterprise fund fund-basis statements and in the government-wide statements. When revenue bonds are sold at par, Cash is debited and Bonds Payable is credited. Neither of the choice is correct. ( Both of the choices are correct
Question 3:
3.The following Information is extracted from the City of Lucas' government-wide statement of net position at December 31, 2019 Capital assets Accumulated depreciation, capital assets Annual depreciation rate on capital assets Bonds payable $2,000,000 $1,600,000 10% The following information is extracted from the city's governmental funds statement of revenues, expenditures, and changes in fund balances for the year ended December 31, 2020 Expenditures-capital outlay (General Fund) Expenditures-capital outlay (Capital Projects Fund) Expenditures-bond principal (Debt Service Fund) Expenditures-bond interest...
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