EX. 2-2 Select the best answer Ouk Townshijp issued the following bonds during the year $3.000.000 Bonds to acquire equipment for a vehicle repair service that is accounted for in an s8.000.000 $9.000,000 internal service fund Bonds to construct a new city hall Bond to improve its water uti lity, which is accounted for in an enterprise fund The amount of debt to be reported in the general fund is a.so h. $3,000,000 d. $20,000,000 2. Oak Township should report depreciation in which of the following funds: a. General fund h. Special revenue fund c. Internal service fund d. Capital projects fund taxes, I it is most Assuming that Bravo County receives all of its revenues from unassigned property likely to account for the activities of its police department in its a. Police department fund b. Police enterprise fund c. Property tax fund d. General fund 3. 4. The city of Alpine incurred the following costs during the year in is property tax collction departmer Purchase of computer equipment $10,000 $400,000 $40,000 $10,000 Salaries and wages Purchase of electricity from the city-owned electric utility Purchase of supplies, all of which were used during the year As a consequence of these transactions, the amount that Alpine should report as expenditures general fund is a. $400,000 b. $410,000 c. $450,000 d. $460,000 . Grove City received the following resources during the year Property taxes A federal grant to acquire police cars Hotel taxes, which must be used to promote tourism Proceeds of bonds issued to improve the city's electric utility $50,000,000 $400,000 $3,000,000 $12,000,000 its special revenue fund, thas ihe city should most ikely report as revenuesi a s4noo0 The dono for t full-ye d. $13,400000 A city ises 520 million of general obligation bonds to improve its streets and roads, Io wsth the hond covenants, it commined $1 miltion to help ensure that it is able to meet its principal and $100,000 for is first payment of interest. The amount of liability that the 4 Ithired repot in its debs service fand is .so a. Preg $18.9 millin G $19 million d. $20 million During the year to the township, expecting to remit the balance shortly a the county should report as its year end net position is after the eng 7. this amunt a an County ollacr $12 million of property taxes on behalf of Urton it remits $10 miltion to the of its fiscal year. The amount that $2 miltion a. so e. $10 million d. $12 million EX. 2-4 City of Round Lake roceives a contribution of $20 million. The donor stipulates that the a city-owned nature center. The city should report the contribution in a s The to be invested. he principal is to remain intact, and the investment proceeds are to be used to suppon a. Special revenue fund h. Permanent fand .Fiduciary fund d. Custodial fund city receives a $30 million contribution. The donor stipulates that the money is to be invested. The principal is children of city employees. The contribution should be reported as revenue of a o remain intact and the investment proceeds are to be used to provide scholarships for the a. Special revenue fund b. Permanent fund c. Fiduciary fund d. Custodial fund 10. The Summerville Preparatory School (a private not-for-profit school) receives a donation of $14 mil- lion. The donor stipulates that the entire amount must be used to construct a new athletic field house. The school should classify the donation as a. Not restricted by donor b. Restricted by donor c. Semi-restricted d. No transaction should be recorded 11. Who may impose constraints for the use of a committed fund balance? a. The government's highest level of decision-making authority b. Creditors or bondholders c. A majority vote of the finance committee d. Any government official 12. Under GASB Statement No. 54, what is the hierarchy classification of fund balances? a. Spendable, unrestricted, committed, assigned, unassigned h. Nonspendable, restricted, committed, assigned, unassigned e. Nonspendable, unrestricted, committed, assigned, unassigned d. Spendable, restricted, uncommited, assigned, unassigned