Long-term bonds payable in fund balance sheet

Assignment Help Accounting Basics
Reference no: EM131701436

Question 1. Which of the following funds is likely to have the caption "long-term bonds payable" in its fund balance sheet/statement of net position?

a. Capital Projects Fund

b. Enterprise Fund

c. General Fund

d. Debt Service Fund

Question 2. Which of the following funds is likely to have the caption "equipment" in its fund balance sheet/statement of net position?

a. Capital Projects Fund

b. Agency Fund

c. Enterprise Fund

d. General Fund

Question 3. A state government collects sales taxes both for the state and for all counties within the state that levy a sales tax. In which fund should the state record the liability for sales taxes it holds on behalf of the counties?

a. Agency Fund

b. Special Revenue Fund

c. General Fund

d. Enterprise Fund

Question 4. Which of the following statements is true regarding accounting for capital assets by state and local governments?

a. Capital outlays are recorded as expenditures in Internal Service Funds.

b. Capital outlays are recorded as assets in Enterprise Funds, but the depreciation on those assets is recorded in the General Fund.

c. Capital outlays are recorded as assets in Special Revenue Funds and are depreciated in those funds.

d. Capital outlays are recorded as capital outlay expenditures in the General Fund.

Question 5. Which of the following statements is true regarding the accounting measurement implications of the current financial resources measurement focus and modified accrual basis of accounting?

a. Capital assets are recorded as assets when they are acquired.

b. Revenues are recognized when they are earned.

c. Expenditures and liabilities for compensated absences are recognized when the liabilities come due for payment as employees resign or retire.

d. A fund liability is recorded upon the receipt of proceeds from the sale of bonds.

Question 6. A city maintains a motor pool for all city-owned vehicles. It charges city agencies as the vehicles are used, so that the charges cover the cost of operating and maintaining the vehicles. Which fund should the city use to account for pool revenues and expenses?

a. General Fund

b. Internal Service Fund

c. Special Revenue Fund

d. Enterprise Fund

Question 7. A county is responsible for holding temporarily idle funds owned by school districts and investing the funds until needed. Which type of fund should the county use to report the activities and balances held for the school districts?

a. Enterprise type

b. Fiduciary type

c. Governmental type

d. Special Purpose type

Question 8. When a municipal electric utility bills the municipal Police Department for electric services, two funds are needed to record the transaction. Which two are needed?

a. Enterprise Fund and Internal Service Fund

b. Enterprise Fund and General Fund

c. Internal Service Fund and General Fund

d. Special Revenue Fund and Agency Fund

Reference no: EM131701436

Questions Cloud

Why did argument over extension of slavery into us territory : How and why did arguments over the extension of slavery into new US territory fuel tensions between the North the South?
What was the market revolution : What was the Market Revolution, and how does Sam Patch's life reflect social process? To conclude, explain whether or not you agree with Johnson's assessment.
Marketing communication materials : Pick a brand and gather all its marketing communication materials. How effectively have they "mixed and matched" marketing communications?
The ftc and product advertising : The power of advertising is in its persuasive influence, and this influence can take several different forms.
Long-term bonds payable in fund balance sheet : Which of the following funds is likely to have the caption "long-term bonds payable" in its fund balance sheet/statement of net position?
Examine the role that religion played in abolition movement : Examine, in detail, the role that religion played in abolition movement. How did both the goals and tactics of the abolition movement change between 1800-1835?
Rewrite your draft to produce a final polished paper : Rewrite your draft to produce a final polished paper. Your paper should include introduction with clear thesis statement five paragraphs supporting your thesis.
Solving all multiple choice questions : Which fund should record the fixed assets of a central purchasing and stores department organized to serve all municipal departments?
Write a program to process student marks scored : Create two array variables one to store student ids and another one to store marks scored by students - Take another string as input and concatenate first

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Compute total manufacturing costs of the leather

ACCT2121A-P INTRODUCTORY MANAGEMENT ACCOUNTING ASSIGNMENT. Compute total manufacturing costs of the leather and cloth sofas for May

  What is the real after-tax return on the investment

RCMP, Inc. shares rose 10 percent in value last year while the inflation rate was 3.5 percent. What was the real return on the stock? If an investor sold the stock after one year and paid taxes on the investment at a 15 percent tax rate, what is t..

  On january 1 2012 splash city issues 400000 of 8 bonds due

on january 1 2012 splash city issues 400000 of 8 bonds due in 15 years with interest payable semiannually on june 30

  A company had inventory on november 1 of 5 units at a cost

1 the assignment of costs to cost of goods sold and to inventory using specific identification is the same for both the

  A business manufactures three similar products for eventual

a business manufactures three similar products for eventual sale j k and l. the selling prices are 30 40 and 50

  Updike and patterson investmens inc upi holds equity

updike and patterson investmens inc upi holds equity investments with a cost basis of 250000. upi accounts for these

  Compute the predetermined overhead rate

Compute the predetermined overhead rate for 2015 for each cost driver recommended by the employees

  Evaluate the cost of the ending inventory

In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 328 units at $7, (2) 438 units at $8, and (3) 219 units at $9. Assuming there are 394 units on hand, compute the cost of the ending ..

  Ending inventory in the assembly department consists of 900

ending inventory in the assembly department consists of 900 units which are 30 complete with respect to conversion

  Prepare hendricks journal entries

Prepare Carows journal entries for (a) the purchase of the investment, and (b) the receipt of semiannual interest and premium amortization - Prepare Hendricks' journal entries for (a) the purchase of the investment, (b) the interest received, and (..

  Accounting finance-managerial use and analysis

Inform the President of any new internal control requirements if the company decides to go public.

  With the rise of the ''knowledge economy

Discuss whether or not you believe human capital should be assessed and reported in the financial statements. Identify how you are defining human capital.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd