A county's Debt Service and Capital Projects Funds had the following resource inflows during 2019. State...

Transcribed Image Text:

A county's Debt Service and Capital Projects Funds had the following resource inflows during 2019. State whether each of the inflows should be reported as revenues or as other financing sources in the fund-level statements of revenues, expenditures and changes in fund balances. a. b. c. d. e. f. g. h. Property taxes levied specifically for the Debt Service Fund Cash received from General Fund to finance debt service payments Cash received from General Fund to finance part of the cost of new police headquarters Grant from state to finance part of cost of new police headquarters Proceeds of bonds issued to finance part of the cost of new police headquarters Interest earned on investment of resources being accumulated to finance construction of new police headquarters Increase in fair value of investments being accumulated to finance construction Bond premium received by Debt Service Fund from Capital Projects fund 21. A city's capital project's fund received the following resources during the year to build an addition to city hall: $300,000 transfers from the general fund...$500,000 state grant received........ -general obligation bond issue $200,000 This results in the recording of revenue of a. $1,000,000 c. $500,000 b. $800,000 d. $300,000 22. The internal service fund billed the general fund $10,000 for janitorial work resulting in a. A debit to "other financing uses" in the general fund and a credit to "other financing sources" in the the internal service fund. b. A debit to "expenditures" in the general fund and a credit to "other financing sources" in the internal service fund. c. A debit to "expenditures" in the general fund and a credit to "revenue" in the internal service fund. d. A debit to "due from general fund" and a credit to "other financing sources" in the internal service fund. C1CP 2 The general fund transferred $10,000 to the debt service fund to fund matured interest on general obligation bonds resulting in: a. A debit to "other financing uses" in the general fund and a credit to "other financing sources in the debt service fund b. A debit to "expenditures" in the general fund and credit to "other financing sources" in the debt service fund a A debit to "expenditures" in the general fund and a credit to "revenue" in the debt service fund. d. A debit to "due from general fund" and a credit to "revenue" in the debt service fund. Questions 24 through 27 are based on the following information. A city issued $1,000,000 worth of bonds at face value on October 1, 20X6 which pay interest at a 5% annual rate, making semi-annual payments on April 1 and October 1. 24. If these bonds were issued by the city's electric electric utility, the bond proceeds will be recorded as: a. bonds payable. c. revenues control. b. other financing sources. d. other financing uses. C17CPA All righ 114 Questions 24 through 27 (continued) 25. If these bonds were issued by the city's debt service fund, the bond proceeds will be recorded as: abonds payable. c. revenues control b. other financing sources. d. other financing uses. 26. If these bonds were issued by the city's electric utility, interest expense for the year-ended December 31, 20X6 would be: $0 b. $12,500 c. $25,000 27. If these bonds were issued by the city's debt d. $50,000 service fund, interest expense for the year-ended December 31, 20X65 would be: a. $0 b. $12,500 c. $25,000 Coppid CPA d. $50,000 28. The following information is available from the balance sheet of a special revenue fund: Total assets.... Total liabilities (including $300,000 tax anticipation notes payable). Fund balance-committed (encumbrances)...... $4,000,000 $2,500,000 $900,000 If appropriations do not lapse at year end, what is the "fund balance-assigned"? a. $1,500,000 b. $900,000 c. $600,000 d. $300,000 Copyright 2017 CPA All righ Saudi Arabia Debt Service and Capital Projects Funds had the following resource inflows during 2016. State whether each of the inflows should be reported as revenues or as other financing sources in the fund-level statements of revenues, expenditures and changes in fund balances. a. Property taxes levied specifically for the Debt Service Fund b. Cash received from General Fund to finance debt service payments c. Cash received from General Fund to finance part of the cost of new police headquarters d. Grant from state to finance part of cost of new police headquarters e. Proceeds of bonds issued to finance part of the cost of new police headquarters f. Interest earned on investment of resources being accumulated to finance construction g. Increase in fair market value of investments being accumulated to finance construction h. Bond premium received by Debt Service Fund from Capital Projects fund A county's Debt Service and Capital Projects Funds had the following resource inflows during 2019. State whether each of the inflows should be reported as revenues or as other financing sources in the fund-level statements of revenues, expenditures and changes in fund balances. a. b. c. d. e. f. g. h. Property taxes levied specifically for the Debt Service Fund Cash received from General Fund to finance debt service payments Cash received from General Fund to finance part of the cost of new police headquarters Grant from state to finance part of cost of new police headquarters Proceeds of bonds issued to finance part of the cost of new police headquarters Interest earned on investment of resources being accumulated to finance construction of new police headquarters Increase in fair value of investments being accumulated to finance construction Bond premium received by Debt Service Fund from Capital Projects fund 21. A city's capital project's fund received the following resources during the year to build an addition to city hall: $300,000 transfers from the general fund...$500,000 state grant received........ -general obligation bond issue $200,000 This results in the recording of revenue of a. $1,000,000 c. $500,000 b. $800,000 d. $300,000 22. The internal service fund billed the general fund $10,000 for janitorial work resulting in a. A debit to "other financing uses" in the general fund and a credit to "other financing sources" in the the internal service fund. b. A debit to "expenditures" in the general fund and a credit to "other financing sources" in the internal service fund. c. A debit to "expenditures" in the general fund and a credit to "revenue" in the internal service fund. d. A debit to "due from general fund" and a credit to "other financing sources" in the internal service fund. C1CP 2 The general fund transferred $10,000 to the debt service fund to fund matured interest on general obligation bonds resulting in: a. A debit to "other financing uses" in the general fund and a credit to "other financing sources in the debt service fund b. A debit to "expenditures" in the general fund and credit to "other financing sources" in the debt service fund a A debit to "expenditures" in the general fund and a credit to "revenue" in the debt service fund. d. A debit to "due from general fund" and a credit to "revenue" in the debt service fund. Questions 24 through 27 are based on the following information. A city issued $1,000,000 worth of bonds at face value on October 1, 20X6 which pay interest at a 5% annual rate, making semi-annual payments on April 1 and October 1. 24. If these bonds were issued by the city's electric electric utility, the bond proceeds will be recorded as: a. bonds payable. c. revenues control. b. other financing sources. d. other financing uses. C17CPA All righ 114 Questions 24 through 27 (continued) 25. If these bonds were issued by the city's debt service fund, the bond proceeds will be recorded as: abonds payable. c. revenues control b. other financing sources. d. other financing uses. 26. If these bonds were issued by the city's electric utility, interest expense for the year-ended December 31, 20X6 would be: $0 b. $12,500 c. $25,000 27. If these bonds were issued by the city's debt d. $50,000 service fund, interest expense for the year-ended December 31, 20X65 would be: a. $0 b. $12,500 c. $25,000 Coppid CPA d. $50,000 28. The following information is available from the balance sheet of a special revenue fund: Total assets.... Total liabilities (including $300,000 tax anticipation notes payable). Fund balance-committed (encumbrances)...... $4,000,000 $2,500,000 $900,000 If appropriations do not lapse at year end, what is the "fund balance-assigned"? a. $1,500,000 b. $900,000 c. $600,000 d. $300,000 Copyright 2017 CPA All righ Saudi Arabia Debt Service and Capital Projects Funds had the following resource inflows during 2016. State whether each of the inflows should be reported as revenues or as other financing sources in the fund-level statements of revenues, expenditures and changes in fund balances. a. Property taxes levied specifically for the Debt Service Fund b. Cash received from General Fund to finance debt service payments c. Cash received from General Fund to finance part of the cost of new police headquarters d. Grant from state to finance part of cost of new police headquarters e. Proceeds of bonds issued to finance part of the cost of new police headquarters f. Interest earned on investment of resources being accumulated to finance construction g. Increase in fair market value of investments being accumulated to finance construction h. Bond premium received by Debt Service Fund from Capital Projects fund