Question
1) The premium on bonds issued by the Capital Improvement Fund are usable by the fund. Usability cannot be determined from the financial statements. Yes,
1) The premium on bonds issued by the Capital Improvement Fund are usable by the fund.
| Usability cannot be determined from the financial statements. | ||
| Yes, the premium was usable by the fund. | ||
| No, the premium was not usable by the fund. | ||
| The bonds sold by the Capital Improvement Fund were sold at par. |
2)
What is a city's capitalization policy?
| Capitalize all assets over $5,000. | ||
| The city does not have a capitalization policy. | ||
| Capitalize all assets. | ||
| Capitalize all assets over $1,000. |
3)
Which of the following statements is true regarding the City of Dayton's Infrastructure?
| The city is NOT using the modified approach regarding the initial recording of infrastructure. | ||||||||||||||
| The city IS using the modified approach regarding the initial recording of infrastructure. | ||||||||||||||
| The city is NOT using the modified approach regarding the depreciation of infrastructure. | ||||||||||||||
| The city IS using the modified approach regarding the depreciation of infrastructure. 4) Which account is least likely to be found in the general ledger of Dayton's Capital Improvement Fund?
|
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Accounting Principles Volume 1 And Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
9th Canadian Edition
1119786649, 978-1119786641
