Question

Select the best answer for each of the following multiple-choice items.
1. In which of the following fund types of a city government are revenues and expenditures recognized on the same basis of accounting as the general fund?
a. Private-purpose trust funds
b. Internal service
c. Enterprise
d. Debt service
2. Which of the following is not a fiduciary fund?
a. Permanent fund
b. Agency fund
c. Investment trust fund
d. Pension trust fund
3. Accounting for permanent funds closely resembles the accounting for
a. General funds.
b. Capital projects funds.
c. Enterprise funds.
d. Agency funds.
4. In what fund type should the proceeds from special assessment bonds issued to finance construction of sidewalks in a new subdivision be reported?
a. Agency fund
b. Special revenue fund
c. Enterprise fund
d. Capital projects fund
5. When establishing an investment pool, Eureka City will account for all of the pooled investments in
a. An investment trust fund at fair value at the date the pool is created.
b. An agency fund at fair value as of the last balance sheet date.
c. The general fund at fair value as of the last balance sheet date.
d. The general fund at fair value at the date the pool is created.
6. A debt service fund should be used to account for the payment of interest and principal on
a. Debt recorded in the general long-term debt account group or similar list.
b. Debt secured by the revenues of an enterprise fund.
c. Debt recorded as a liability in the general fund.
d. All of the above.
7. Taxes collected and held by Dunne County for a school district would be accounted for in which of the following funds?
a. Trust
b. Agency
c. Special revenue
d. Internal service
8. If a governmental unit makes no guarantees regarding repayment of a capital improvement special assessment bond issue, the liability for the bonds would
a. Not appear in the financial statements or in their notes.
b. Not appear in the financial statements but would appear in the notes to the financial statements.
c. Appear in the capital projects fund.
d. Appear in the general long-term debt account group.
9. The following is a correct entry:
Construction in Progress . . .. .. . . .. . . . .. .. .. .. .. . . . . . .. .. . . .. ... .. .. . . XXX
Investment in General Fixed Assets—Capital Projects Funds. .. . . . . .. . .... .. XXX
The entry would be found in the
a. Capital projects fund.
b. Enterprise fund.
c. General fund.
d. General fixed assets account group.
10. On June 28, 2019, Brock City’s debt service fund received funds for the future repayment of bond principal. As a consequence, the general long-term debt account group reported
a. An increase in the amount available in debt service funds and an increase in the fund balance.
b. An increase in the amount available in debt service funds and an increase in the amount to be provided for bonds.
c. An increase in the amount available in debt service funds and a decrease in the amount to be provided for bonds.
d. No changes in any amount until the bond principal is actually paid.


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  • CreatedApril 13, 2015
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