1. A certified public account should issue a qualified audit opinion on financial statements in which general capital assets are recorded at estimated cost. a. True b. False

2. Contracts Payable is an account title used to record the status of a claim under a contract between the time the claim is presented and the time the claim is vouchered for payment. a. True b. False

3. A Combined Balance Sheet, one of the General Purpose Financial Statements, reports assets, liabilities, and equity of the seven fund-types, but does not report the GLTDAG. since to do so would be duplicate reporting of assets held in debt service funds a. True b. False

4. The balance sheet of a General Long-Term Debt Account Group is often entitled Statement of General Long-Term Debt. a. True b. False

5. Since debt service funds accounts tax-supported debt it is not necessary to use a General Long-Term Debt Account Group. a. True b. False