A special revenue fund used its resources to pay amounts due under a short-term lease.No entry has yet been made to record this lease.What account would the special revenue fund debit?

a.Other Financing Sources

b.Vouchers Payable

c.Other Financing Uses

d.Expenditures

On January 1, Year 1, an Enterprise Fund issued bonds at par in the amount of $500,000 and immediately acquired land, a building, and equipment with the bond proceeds plus additional surplus cash of $100,000, for a total cost of the capital assets of $600,000.As of December 31, Year 3, accumulated depreciation on the capital assets was $20,000 and the Enterprise Fund had paid back $30,000 of bond principal.In its December 31, Year 3, Statement of Net Position, how much should the Enterprise Fund report as Net Position - Net Investment in Capital Assets?

A.$580,000

B.$110,000

C.$80,000

D.$10,000

The property owners of Biloxi's Beach Blvd. requested an enhanced seawall to protect them from the next hurricane.Biloxi's City Council agreed to the seawall but will assess the Beach Blvd. property owners for the next ten years.The city issued 10-year general obligation bonds backed by the city's full faith and credit, but payable from special assessments on the Beach Blvd. property owners, levied specifically for the repayment of the debt.Biloxi would most likely account for the receipts from the special assessment in a (an)

A.Debt Service Fund

B.Capital Projects Fund

C.Custodial Fund

D.Special Assessment Fund

The general fund made a $100,000 five-year loan to the internal service fund.How would this transaction be recorded in the general fund?

A.Expenditure

B.Other Financing Uses

C.Loan Receivable

D.No Entry

Restricted Fund Balance is a fund balance category that reports net resources that

A.Cannot be expended for any reason

B.Have spending conditions that have been imposed by external parties

C.Must be accounted for only in the government's special revenue fund

D.Can be spent at the discretion of the government's top decision makers

River County received the following proceeds that are legally restricted for specified purposes:

Levies on affected property owners to installsidewalks$700,000

Hotel taxes to finance construction of a visitors'center800,000

What amount should be accounted for in River County's capital projects funds?

A.$1,500,000

B.$800,000

C.$700,000

D.$0

On March 1, Year 2, Bill City issued 20-year general obligation bonds at face amount, with interest payable March 1 and September 1.The proceeds were to be used to finance the construction of a new public library.During the fiscal year ending June 30, Year 2, no resources had been provided to the debt service fund for the payment of principal and interest.On June 30, Year 2, Bill City's debt service fund should include interest payable on the general obligation bonds for:

A.6 months

B.4 months

C.3 months

D.0 months

In an enterprise fund's statement of cash flows, cash interest and dividends received is classified under

A.Operating activities

B.Capital and related financing activities

C.Noncapital financing activities

D.Investingactivities

All of the following funds use the accrual basis of accounting and the economic resources measurement focus, except:

A.Enterprise Funds

B.Private Purpose Trust Funds

C.Debt Service Funds

D.Pension Trust Funds

When a sanitation truck purchased by a city is received, it should be recorded in the general fund as a (an):

A.Expenditure

B.Encumbrance

C.Capital Asset

D.Appropriation

Which of the following statements istrueabout fund-based financial statements?

A.Separate financial statements are produced for the governmental funds and the proprietary funds but no statements are produced for the fiduciary funds.

B.A single combined set of statements is produced for the governmental funds, proprietary funds, and fiduciary funds.

C.Separate financial statements are produced for the governmental funds, the proprietary funds, and the fiduciary funds.

D.Separate financial statements are produced for the governmental funds but the proprietary funds and the fiduciary funds are combined into a single set of statements

The general fund uses the consumption method to account for its supplies inventory.They expenditure the supplies when purchased.At year-end, supplies on hand had increased $4,000 over the beginning balance.What account would the general fund credit when making the year-end adjusting entry for the supplies?

A.Expenditures

B.Nonspendable Fund Balance

C.Supplies Inventory

D.Vouchers Payable