Select the best answer for each of the following:
1. The activities of a municipal golf course that receives three-fourths of its total revenue from a special tax levy should be accounted for in
(a) An Enterprise Fund.
(b) The General Fund.
(c) A Trust Fund.
(d) A Special Revenue Fund.
2. Equipment in general governmental service that had been constructed 10 years before with resources of a Capital Projects Fund was sold. The receipts were accounted for as unrestricted revenue. Entries are necessary in the
(a) General Fund and Capital Projects Fund.
(b) General Fund.
(c) General Fund, Capital Projects Fund, and Enterprise Fund.
(d) General Fund, Capital Projects Fund, and Debt Service Fund.
3. An account for expenditures does not appear in which fund?
(a) Capital Projects.
(b) Enterprise.
(c) General.
(d) Special Revenue.
4. Part of the general obligation bond proceeds from a new issuance was used to pay for the cost of a new City Hall as soon as construction was completed. The remainder of the proceeds was transferred to repay the debt. Entries are needed to record these transactions in the
(a) General Fund and Proprietary Fund.
(b) General Fund, Agency Fund, and Debt Service Fund.
(c) Trust Fund and Debt Service Fund.
(d) Debt Service Fund, Capital Projects Fund.
5. Cash secured from property tax revenue was transferred for the eventual payment of principal and interest on general obligation bonds. The bonds had been issued when land was acquired several years ago for a city park. Upon the transfer, an entry would be made in which of the following?
(a) Debt Service Fund.
(b) Enterprise Fund.
(c) Agency Fund.
(d) General Fund.

  • CreatedMarch 16, 2015
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