1. Regarding capital projects funds, which of the following is correct?

A) Regarding capital projects funds, which of the following is correct?

B)Regarding capital projects funds, which of the following is correct?

C)Capital projects funds exist only for the duration of the project for which it is created.

D)Monies received from the general fund are recorded as revenues in the capital projects funds.

2. Which of the following statements is not correct with respect to investment trust funds?

A)Investments are recorded at fair value on the Statement of Fiduciary Net Position.

B)Investment trust funds use the economic resources measurement focus and accrual basis of accounting.

C)External investment pools are required to be accounted for in an investment trust fund.

D)External investment pools are required to be accounted for in an investment trust fund.

3. What is the correct journal entry for a Tax Custodial Fund to record tax levies on behalf of other governments?

A) DR Taxes Receivable - Current

CR Due to Other Governments

B)DR Taxes Receivable - Current

CR Due to Other Governments

4. With regard to the government-wide statements, indicate the measurement focus and basis of accounting that should be employed.

5. What conditions must be satisfied in order to use the modified approach for recording infrastructure?