Question

1. The following revenues were among those reported by Tosa Township in 2018:
Net rental revenue (after depreciation) from a parking garage owned by Tosa. . .. . . $ 40,000
Interest earned on investments held for employees’ retirement benefits.. . .. . . .. . . 100,000
Property taxes .. .. .. . .. .. .. .... .. . .. .. .. .... .. . .. . . .. . . . . .. . .. ....... .. .... 6,000,000
What amount of the foregoing revenues should be accounted for in Tosa’s governmental funds?
a. $6,140,000
b. $6,100,000
c. $6,040,000
d. $6,000,000
Items (2) and (3) are based on the following information:
The events relating to the city of Salbury’s debt service funds that occurred during the year ended December 31, 2019, are as follows:
Debt principal matured . . . .. . . . . . .. .... .. .... . .. . . . . .. . . . . . .. .... .. . . .. . $2,000,000
Un-matured (accrued) interest on outstanding debt at January 1, 2019 . . ... 50,000
Interest on matured debt . . .. . . . . . .. .... .. .... . .. . . . . .. . . . . . .. .... .. . . .. . 900,000
Un-matured (accrued) interest on outstanding debt at December 31, 2019 .. .... .. . 100,000
Interest revenue from investments . . . . .. .... .. .. . . . .. . . . . .. . . ... .. .... .. . . . 600,000
Cash transferred from the general fund for retirement of debt principal . . . .. .. .. ... 1,000,000
Cash transferred from the general fund for payment of matured interest. . . .. .. .. ... 900,000
All principal and interest due in 2019 were paid on time.
2. What is the total amount of expenditures that Salbury’s debt service funds should record for the year ended December 31, 2019?
a. $940,000
b. $950,000
c. $2,900,000
d. $2,500,000
3. How much revenue should Salbury’s debt service funds record for the year ended December 31, 2019?
a. $600,000
b. $1,600,000
c. $1,900,000
d. $2,500,000
4. Financing for the renovation of Mink City’s municipal park, begun and completed during 2019, came from the following sources:
Grant from state government. . . . . . .. .... .. .... . .. . . . . .. . . . . . .. .... .. . . .. . $400,000
Proceeds from general obligation bond . .... .. .. . . . .. . . . . .. . . ... .. .... .. . . . 500,000
Transfer from Mink’s general fund. . . . .. .. .. .... . . . .. . . .. . . . . ... .. .. .. . . . . . 100,000
4. What amounts should be recorded as revenue and other financing sources?
Revenues Other Financing Sources
a. $1,000,000 $0
b. $900,000 $100,000
c. $400,000 $600,000
d. $0 $1,000,000
5. On April 1, 2019, Rhine County incurred the following expenditures in issuing long-term bonds:
Issue costs .. .. .. .. . .. . . . . .. . . ... .. .... .. . . . . . .. . . . . .. .. ... .. . . . . .. . . . $400,000
Debt insurance. .. .. .. . .. . . . . .. . .... .. .... .. . . . . . .. . . . . .. . .... .. . . . . .. . 90,000
5. When Rhine establishes the accounting for operating debt service, what amount should be deferred and amortized over the life of the bonds?
a. $0
b. $90,000
c. $400,000
d. $490,000
6. The initial contribution of cash from the general fund in order to establish an internal service fund would require the general fund to credit Cash and debit
a. Accounts Receivable.
b. Inter-fund Transfers-Out.
c. Inter-fund Loans Receivable.
d. Expenditures.
e. Residual Equity Transfers-Out.
7. The following assets are among those owned by the city of Forest Grove:
City hall . .. .. .. .. .. . .. .. .. .... .. . .. .. .. .... .. . .. . . .. . . . . .. . .. .. .. .... $ 800,000
Three fire stations.... . .. .... .. .... . .. .... .. .. .. . .. . . . . .. . . .. . .. .... .. .. 1,000,000
City streets and sidewalks .. .. .. .. ... . . .. .. . . .. ... .. .. .. . . .. . . . . . .. .... .. 5,000,000
What amount should be included in Forest Grove’s general fixed assets account group?
a. Either $1,800,000 or $6,800,000
b. Either $1,000,000 or $6,000,000
c. Either $6,800,000 or $6,000,000
d. $6,800,000
8. Planter County received the following proceeds that are legally restricted to expenditure for specified purposes:
Levies on affected property owners to install sidewalks. ... .. .. .. . . . . . . . .. . . .. .. $500,000
Gasoline taxes to finance road repairs . .. . . . . .. . . . . . .. .... .. . . .. . .. . . . . .. .. 900,000
What amount would be accounted for in Planter’s special revenue funds?
a. $1,400,000
b. $900,000
c. $500,000
d. $0


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  • CreatedApril 13, 2015
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