(Governmental Accounting for the United States)

a 5. The City of Opelousas has a number of long-term debt and capital improvement transactions associated with its general governmental operations. For each of the situations below, choose the correct answer from the option choices provided (place an X in the correct selection box). Selection Option Choices A. The City's Police Station Capital Project Fund has been Non-spendable funded by a bond issue. The covenants of the bond Restricted issue limit proceeds for use on either the police station Committed or the protection of the bondholders. What is the Assigned most likely classification of the fund balance Unassigned B. The City issued a $6,000,000 refunding bond issue to General refinance previously-issued bonds. The bond proceeds Special Revenue issued would most likely be accounted for in which Debt Service fund? Capital Project C. The City issued a $10,000,000 bond issue for the construction of a new airport. The proceeds from the bond would most likely be accounted for in which fund? General Special Revenue Debt Service Capital Project D. In the governmental fund financial statements, new long term debt is recorded in which account? Current Liability Long term liability Revenue Other Financing Source a 5. The City of Opelousas has a number of long-term debt and capital improvement transactions associated with its general governmental operations. For each of the situations below, choose the correct answer from the option choices provided (place an X in the correct selection box). Selection Option Choices A. The City's Police Station Capital Project Fund has been Non-spendable funded by a bond issue. The covenants of the bond Restricted issue limit proceeds for use on either the police station Committed or the protection of the bondholders. What is the Assigned most likely classification of the fund balance Unassigned B. The City issued a $6,000,000 refunding bond issue to General refinance previously-issued bonds. The bond proceeds Special Revenue issued would most likely be accounted for in which Debt Service fund? Capital Project C. The City issued a $10,000,000 bond issue for the construction of a new airport. The proceeds from the bond would most likely be accounted for in which fund? General Special Revenue Debt Service Capital Project D. In the governmental fund financial statements, new long term debt is recorded in which account? Current Liability Long term liability Revenue Other Financing Source