1. If numerous funds are maintained, which of the following transactions would typically n...

1. If numerous funds are maintained, which of the following transactions would typically not be reported in a municipality’s general fund?

a The collection of property taxes

b The purchase of office equipment

c The receipt of grant funds for local youth programs

d The payment of salaries to municipal employees

2. Other financing sources—proceeds of general obligation bonds is an account of a governmental unit that typically would be included in the:

a Enterprise fund

b Special revenue fund

c Capital projects fund

d Government-wide financial statements

3. Equipment in general governmental service that had been constructed 10 years before by a capital projects fund was sold. The receipts were accounted for as an other financing source. Entries are necessary in the:

a General fund and capital projects fund

b General fund only

c General fund, capital projects fund, and enterprise fund

d General fund, capital projects fund, and general fixed assets account group

4. Martha County issues general obligation serial bonds at a premium to finance construction of a sheriff’s office. Which of the following are affected by the transaction?

a Special revenue

b Capital projects fund and general fund

c Capital projects fund, general fund, and debt service fund

d Capital projects fund and debt service fund

5. Property taxes are considered:

a Derived tax revenues

b Imposed nonexchange revenues

c Government-mandated nonexchange transactions

d Voluntary nonexchange transactions