Multiple Choice
Select the best answer for each of the following:
1. Premiums received on general obligation bonds are generally transferred to what fund or group of accounts?
(a) Debt Service.
(b) General.
(c) Special Revenue.
2. Of the items listed below, those most likely to have parallel accounting procedures, account titles, and financial statements are
(a) Special Revenue Funds and Internal Service Funds.
(b) Internal Service Funds and Debt Service Funds.
(c) The General Fund and Special Revenue Funds.
3. Recreational facilities run by a governmental unit and financed on a user-charge basis would be accounted for in which fund?
(a) General.
(b) Trust.
(c) Enterprise.
(d) Capital Projects.
4. Taylor City should record depreciation as an expense in its
(a) Enterprise Fund and Internal Service Fund.
(b) Internal Service Fund and the General Fund
(c) General Fund and Enterprise Fund.
(d) Enterprise Fund and Capital Projects Fund.
5. A performance budget relates a governmental unit's expenditures to (a) Objects of Expenditure.
(b) Expenditures of the preceding fiscal year.
(c) Individual months within the fiscal year.
(d) Activities and programs.