Question: For items 1 through 8 , select from the option list provided the correct classification used by Shar City for each revenue - generating activity.

For items

1

through

8,

select from the option list provided the correct classification used by Shar City for each revenue

-

generating activity. Each choice may be used once, more than once, or not at all. Revenue generationClassification

1 .

Property taxes

2 .

Speeding fines

3 .

Parking fines

4 .

Art collection left by a wealthy citizen to the city in her will

5 .

Electric power generation accounted for in an enterprise fund

6 .

Federal grant for highway maintenance

7 .

Sales taxes collected on behalf of the state

8 .

Income taxes levied by the city For items

9

through

11,

select from the option list provided the best answer to each question regarding the general fund or enterprise fund. Each choice may be used once, more than once, or not at all.

9 .

What accounting method did Shar use for its general fund supplies inventory if it recognized the entire amount of an acquisition as an expenditure?

10 .

How should fund equity be reported in Shar's electric utility enterprise fund?

11 .

Shar's electric utility enterprise fund borrowed $

1

million subject to Shar's general guarantee. Where should the liability be reported?

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