9) Capital assets used by governmental funds should be reported in:

A. The appropriate governmental funds.

B. The property, plant, and equipment fund.

C. Departmental memorandum records.

D. The governmental activities column of the government-wide statements.

10) The following items were included in City of Kazoo General Fund expenditures for the year

ended June 30

Personal computer for the city treasurer $ 6,000

Furniture for the mayors office $ 20,000

How much should be classified as capital assets in City of Kazoo General Fund balance sheet at June 30?

A. $ 0.

B. $ 6,000.

C. $20,000.

D. $26,000.

11) During the year, a wealthy local merchant donated a building to the City of Juno. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The appraised fair market value of the donation at the date of the gift was $600,000, of which $40,000 was the value of the land on which the building was situated. At what amount should Juno record this donated property in the General Fund?

A. $50,000.

B. $300,000.

C. $600,000.

D. $0.

12) How should a capital lease for a general capital asset be recorded in the General Fund accounts at the inception of the lease?

A. Debit to a capital asset account.

B. Debit to a capital expenditure account.

C. Credit to Capital Lease Obligations Payable.

D. Both A and C are correct.

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13) The City of Wilson issued bonds at par for the construction of a new city office building. Receipt of the bond proceeds would result in journal entries in which funds?

A. Capital Projects Fund: Yes; Debt Service Fund: No

B. Capital Projects Fund: No; Debt Service Fund: Yes

C. Capital Projects Fund: Yes; Debt Service Fund: Yes

D. Capital Projects Fund: No; Debt Service Fund: No

14) Transfers from the General Fund to the capital projects fund to provide partial financing of a capital project would be reported by the capital projects fund as a(an):

A. Fund balance addition.

B. Revenue.

C. Other financing source.

D. Current liability.