Governmental units, such as the City of Norman, use a general fund which uses the modified accrual method of accounting. If the city purchases a building and accounts for the transaction within the general fund, what sort of account would be debited?

Group of answer choices

Property, Plant, and Equipment which is an asset account

Building expense which is an expense account

Capital Outlay which is an expenditure account

Transfer out which is a use of funds account

When a governmental unit, such as the City of Norman, issues general obligation bonds to be used to build a new library building, the bonds are likely to be accounted for and paid using a(n):

Group of answer choices

Debt Service Fund

Capital Projects Fund

General Fund

Agency Fund

When a not-for-profit entity's funds are classified as restricted, who has imposed the restrictions?

Group of answer choices

the entity's board of trustees

donors

the bondholders

government regulators

Use the numbers from the following financial statements required in a county governments ACFR to identify where the account is reported:

Government-wide statement: Statement of net position

Government-wide statement: Statement of activities

Fund statement: Balance sheetGovernmental funds

Fund statement: Statement of revenues, expenditures and changes in fund balancesGovernmental funds

Fund statement: Statement of net positionProprietary funds

Fund statement: Statement of revenues, expenses and changes in net positionProprietary funds

On which financial statement(s) are the proceeds from disposal of capital assets of governmental and proprietary funds reported?

Group of answer choices

2 and 6

2 and 4

4 only

2, 4 and 6

Use the numbers from the following financial statements required in a county governments ACFR to identify where the account is reported:

Government-wide statement: Statement of net position

Government-wide statement: Statement of activities

Fund statement: Balance sheetGovernmental funds

Fund statement: Statement of revenues, expenditures and changes in fund balancesGovernmental funds

Fund statement: Statement of net positionProprietary funds

Fund statement: Statement of revenues, expenses and changes in net positionProprietary funds

On which financial statement(s) are the proceeds from disposal of capital assets of governmental and proprietary funds reported?

Group of answer choices

2 and 6

2 and 4

4 only

2, 4 and 6