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

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In addition to a $5,000,000 liability in the government-wide Statement of Net Position, how would the bond sale be reported?

(Multiple Choice)

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Question 141

Which of the following is/are true regarding Capital Projects Funds?

(Multiple Choice)

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Question 142

General fixed assets that are acquired with governmental fund resources are reported as assets in the:

(Multiple Choice)

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Question 143

Capital outlay expenditures of a capital projects fund result in additions to the general fixed assets reported in the government-wide Statement of Net Position.

(True/False)

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Question 144

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 an:

(Multiple Choice)

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Question 145

Capital projects funds are always included in the Budgetary Comparison Schedule.

(True/False)

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Question 146

Which of the following is true regarding accounting for investments of permanent funds?

(Multiple Choice)

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Question 147

Debt service funds are created for debt issues where the activities of proprietary funds generate sufficient cash to make interest and principal payments.

(True/False)

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Question 148

Premiums generated from the issuance of bonds for a capital projects fund are generally transferred to the Debt Service Fund.

(True/False)

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Question 149

Showing 141 - 149 of 149

In addition to a $5,000,000 liability in the government-wide Statement of Net Position, how would the bond sale be reported?

Which of the following is/are true regarding Capital Projects Funds?

General fixed assets that are acquired with governmental fund resources are reported as assets in the:

Capital outlay expenditures of a capital projects fund result in additions to the general fixed assets reported in the government-wide Statement of Net Position.

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 an:

Capital projects funds are always included in the Budgetary Comparison Schedule.

Which of the following is true regarding accounting for investments of permanent funds?

Debt service funds are created for debt issues where the activities of proprietary funds generate sufficient cash to make interest and principal payments.

Premiums generated from the issuance of bonds for a capital projects fund are generally transferred to the Debt Service Fund.

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Proprietary Funds

Fiduciary Funds, Interfund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

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