Exam 5: Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

The General Fund is always considered to be a major fund. When are other governmental funds considered major:

A gift of $1,000,000 to a city, to be invested permanently, with the proceeds to be used to maintain the city war memorials should be accounted for in a special projects fund.

Which of the following lease criteria would not qualify a lease as a capital lease?

Major sources of funding for Capital Project Funds include the issuance of long term debt and grants from other governmental units.

When a payment is due to a contractor from capital projects fund resources, the debit would be to:

In a Statement of Revenues, Expenditures and Changes in Fund Balances, Other Financing Sources are reported within Total Revenues.

Which of the following is true regarding the Governmental Fund Statement of Revenues, Expenditures and Changes in Fund Balances?

Encumbrance accounting is only typically used for

Capital project funds record the proceeds of debt issued as:

Permanent funds account for resources that are donor restricted to the extent earnings (but not principal) may be used to support government programs.

Which of the following would be true as of January 1, 2009?

Capital Project funds:

With respect to Capital Projects Funds, GASB standards require the accrual basis of accounting.

The journal entry for the Debt Service fund upon the receipt of money from the General fund be:

How would the government account for the unused bond proceeds?

What would be the amount of debt service expenditures reported in the fiscal year ended June 30, 2010?

Interest revenue s accrued at year-end on investments held by a permanent fund.

Major sources of funding for capital project funds include:

Which entry would be recorded in the Debt Service Fund?

In addition to a capital asset in the government-wide Statement of Net Assets, how would the construction costs of $2,950,000 be reported at year-end?