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

• Expenditures are recorded as temporary assets until the project is completed.

• Capital projects funds use accrual accounting.

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

• 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?

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

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

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

• Internal 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?

• Taxes Receivable - Current

  Due to Other Governments

• Taxes Receivable for Other Governments

  Additions Tax Collections for Other Governments

• Taxes Receivable

  Transfer Out

• Taxes Receivable - Current

  Revenues Control