1. If numerous funds are maintained, which of the following transactions would typically not be reported in a municipality’s general fund?

a. The collection of property taxes

b. The purchase of office equipment

c. The receipt of grant funds for local youth programs

d. The payment of salaries to municipal employees

2. Proceeds of general obligation bonds is an account of a governmental unit that typically would be included in the:

a. Enterprise fund

b. Special revenue fund

c. Capital projects fund

d. Government-wide financial statements

3. Equipment in general governmental service that had been constructed 10 years before by a capital projects fund was sold. The receipts were accounted for as an other financing source. Entries are necessary in the:

a. General fund and capital projects fund

b. General fund only

c. General fund, capital projects fund, and enterprise fund

d. General fund, capital projects fund, and general fixed assets account group

4. Martha County issues general obligation serial bonds at a premium to finance construction of a sheriff’s office.

Which of the following are affected by the transaction?

a. Special revenue

b. Capital projects fund and general fund

c. Capital projects fund, general fund, and debt service fund

d. Capital projects fund and debt service fund

5. Property taxes are considered:

a. Derived tax revenues

b. Imposed nonexchange revenues

c. Government-mandated nonexchange transactions

d. Voluntary nonexchange transactions