Question

W e LUL Chapter 5 respect to Debt Service Funds, which of the following is not con A) Typically, resources are provided through transfers from the General of the funds B) Encumbrances are recorded to reflect principal payments that are expected to come due within the current accounting period. C) There are two types of debt service expenditures: interest and principal D) In most cases, interest and principal payments are not recorded until payment is due cases, inpes of debt Sting period cipal paymem the Gene 4. Which of the following is a common source of funding for capital projects? A) Issuance of long term debt B) Proceeds of dedicated taxes C) Grants from other governments All of the above are sources of funding for capital projects 3. General fixed assets that are acquired with governmental fund resources are reported as assets in the: A) General Fund. B) Capital Projects Fund. C) General Fund or Capital Projects Fund, depending upon which fund provided the resources. D) None of the above. 6. Which of the following projects would normally be accounted for in a capital projects fund A) The construction of a police station addition. B) The construction of a parking garage operated as an enterprise fund. C) Payment of interest on bonds issued to finance the construction of a new city hall. D) Both A and B would be accounted for in a capital projects fund. 7. Governmental funds, other than the General Fund, are considered major if: I. Total Assets, Liabilities, Revenues, or Expenditures of that individual governmental fund are at least 10% of the corresponding total (assets, liabilities, and so forth) for all governmental funds. II. Total Assets, Liabilities, Revenues, or Expenditures of the individual govermental fund are at least 5% of the corresponding total for all governmental and enterprise funds combined. A) I only. B) II only. C) Either I or II, but need not be both. D) Both I and II.

Answer 1

© Angela provided through 9. Ans.(A). Tupically, resources are transfer from g ins: (D) In most cases, Interest and principle Payments are not recorded lantill payments is due ☺ Ans ) (A). All of the above are sources of funding for capital projects. I 6 Ans: (c) General fund (or) capital projects funa, depending upon which fona provided as assets the resources. © Angi ole (9) Both "Å and "B" would be project funds. accounted for in a capita Anst- (10) Both I and I. satisfy the both . * must need to criteria. Scanned with CamScanner