1. In a debt service fund

a. expenditures for interest are recognized as incurred

b. fund transferred from the general fund to cover debt payments are recorded as revenue

c. expenditures for interest and principal are recognized when they are due

d. long-term debt is reduced by principal payments

2. a private, not-for-profit hospital received the following restricted contributions and other receipts during the year ended December 31, 20X8

1) for research $300,000

2) for equipment acquisitions $200,000

3) income from endowment to be used for new addition to hospital plant $100,0000

none of the contributions r other receipts were expended during the year ended December 31, 20X8. For the year ended December 31,

20X8, what amount would be reported on the hospital's statement of changes in net assets as an increase in temporarily restricted net assets?

3. Pine city's year end is June 30. Pine levies property taxes in January of each year for the calendar year. One-half of the levy is due in May and one-half is due in October. Property tax revenue is budgeted for the period in which payment is due. The ff information pertains to Pine's property taxes for the period from July 1 year 1 to June 30 Year 2.

Levy Year 1 $2,000,000 Levy year 2 $ 2,400,000

Collected in:

May Year 1 $ 950,000 Year 2 $ 1,100,000

July Year 1 $ 50,000 Year 2 $ 60,000

October Year 1 920,000

December Year 1 80,000

The $40,000 balance due for the May year 2 installments was expected to be collected in August year 2. What amount should Pine recognize for property tax revenue for the year ended June 30, year 2?

a. $2,160,000

b. $2,400,000

c.$2,360,000

d.$2,200,000

4.

Expenditures $30,000

Cash $30,000

the above entry for a non profit entity most likely to record