Question

Select the best answer for each of the following:
1. The City of Apache should use a Capital Projects Fund to account for
(a) Structures and improvements constructed with the proceeds of a special assessment.
(b) Special Revenue funds set aside to acquire land for city parks.
(c) Construction in progress on the city-owned electric utility plant, financed by an issue of revenue bonds.
(d) Assets to be used to retire bonds issued to finance an addition to the City Hall.
2. Activities of a central print shop offering printing services at cost to various city departments should be accounted for in
(a) The General Fund.
(b) An Internal Service Fund.
(c) A Special Revenue Fund.
(d) An Agency Fund.
3. Adams County collects property taxes for the benefit of the state government and the local school districts and periodically remits collections to these units. These activities should be accounted for in
(a) An Agency Fund.
(b) The General Fund.
(c) An Internal Service Fund.
(d) A Special Revenue Fund.
4. In order to provide for the retirement of general obligation bonds, the City of Globe in-vests a portion of its receipts from general property taxes in marketable securities. This in-vestment activity should be accounted for in
(a) A Capital Projects Fund.
(b) A Debt Service Fund.
(c) A Trust Fund.
(d) The General Fund.
5. The transactions of a municipal police retirement system should be recorded in
(a) The General Fund.
(b) A Special Revenue Fund.
(c) A Trust Fund.
(d) An Internal Service Fund.



$1.99
Sales0
Views32
Comments0
  • CreatedMarch 16, 2015
  • Files Included
Post your question
5000