1. Howard City should use a capital projects fund to account for:
a Proceeds of a capital grant to finance a new civic center that will not provide services primarily on a user-charge basis
b Construction of sewer lines by the water and sewer utility to be financed by user costs
c The accumulation of resources to retire bonds issued to construct the town hall
d Construction of an addition to the airport terminal owned by the Howard City Municipal Airport, an enterprise fund
2. When a capital projects fund is dissolved by paying any remaining assets to another fund, the decrease in fund balance is a (an):
a Expenditure
b Operating transfer
c Residual equity transfer
d Reimbursement
3. Which of the following items would be least likely to appear in the account titles of a capital projects fund?
a Due from federal government (for grant)
b Due from general fund
c Proceeds from bond issue
d Construction in progress
4. Three financial statements may be required to present the results of operations and financial position of a special revenue fund. Which of the following is not one of these required statements?
a Statement of cash flows
b Statement of revenues, expenditures, and changes in fund balance
c Statement of revenues, expenditures, and changes in fund balance—budget and actual
d Balance sheet
5. Assets financed through a capital projects fund should be capitalized in the government-wide financial statements:
a Only when construction is completed
b On the basis of expenditures to date in Construction in Progress
c On the basis of expenditures and encumbrances to date in Construction in Progress
d On the basis of amounts paid to date in Construction in Progress
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.