Question: Exercise 6 - 1 ( Questions 1 through 1 0 ) , textbook pages 2 6 5 2 6 6 . ( Enter the letters

Exercise 6-1(Questions 1 through 10), textbook pages 265266.
(Enter the letters a, b, c, or d next to the question number.)
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Problem 6-1, textbook pages 270271.
(Enter the answer to the questions in the blanks provided.)
1. The most likely explanation for the variances in expenditures between budget and actual expenditures: _____________________________________________________________
_________________________________________________________________________
2. How do you reconcile that amount with the proceeds from bonds payable reported in the statement of revenues, expenditures, and changes in fund balance? _________________
_________________________________________________________________________
3. What conclusions can you draw about whether interest on fund investments must be used either to repay the capital improvement bonds or to construct and refurbish city facilities? _______________________________________________________________
_______________________________________________________________________
4. Amount of fund resources government spent during the year on capital improvements?
_______________________________________________________________________
5. How do you explain the absence in the balance sheet of construction in process?
_______________________________________________________________________
6. Why is a major portion of the fund balance restricted?
_______________________________________________________________________
Chapter 8:
Exercise 8-3(Questions 1 through 10), textbook pages 357358.
(Enter the letters a through o next to the question number for the amount that fits each scenario 19. An amount may be selected once, more than once, or not at all.)
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Continuing Problem (Questions 1 through 8), textbook page 359. ACFR assigned by your professor is used for these questions.
(Enter the answer to the question in the blanks provided.)
1. Total long-term obligations for both governmental and business-type activities: ___________________________________________________________________________
Does this amount reconcile with the long-term liabilities as reported on the government-wide statements of net position? Yes or No: _____________________________________
2. Other than bonds payable, what other kinds of long-term debt does the town report in its statement of net position? _____________________________________________________
3. Increase or decrease long-term borrowing during the current year? ____________________
Effect on total long-term liabilities at year-end? Explain. ____________________________
___________________________________________________________________________
4. Percentage total net bonded debt to assessed value of property? ______________________
Amount of net debt per capital? ________________________________________________
5. Towns legal debt margin? _____________________________________________________
6. Lease obligations outstanding? Yes or No: _______________________________________
Accounted for as operating or financing leases? ___________________________________
Were any of the leases initiated during current year? Yes or No: _______________________
Amount of payments related to financing leases? __________________________________
7. Compute the total amount of the citys direct and overlapping debt? __________________
___________________________________________________________________________
8. Outstanding conduit debt? Yes or No: ____________________________________________Exercise 6-1(Questions 1 through 10), textbook pages 265266.
(Enter the letters a, b, c, or d next to the question number.)
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Problem 6-1, textbook pages 270271.
(Enter the answer to the questions in the blanks provided.)
1. The most likely explanation for the variances in expenditures between budget and actual expenditures: ______________________________________________

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