Need assistance on following multiple choice questions. Please send answers to carin_mccrae@yahoo.com Thanks 1. Assume that a gov't entity has, in addition to the General Fund, four other governmental funds. Upon applying the quantitative criteria to determine the minimum requirements for major fund reporting, it is determined that two of tose four funds meet the criteria. At a minimum, the gov't entity will report how many major funds? a. zero b. two c. three d. four e. five 2. A city has, in addition to the General Fund, three other governmental funds. Two of those three governmental funds have been deemed to be major funds. At most, how many funds may be reported as major funds? a. zero b. one c. two d. three e. four 3. An Enterprise Fund incurs $35,000 in interest during the current year related to its outstanding bonds. The $35,000 will be reported as: a. operating expenses b. non-operating expenses c. other financing uses d. capitalized interest because all interest must be capitalized in an Enterprise Fund 4. When preparing external financial statements that are in accordance with gennerally accepted accounting principles, a government is required to prepare: a. basic financial statements, management's discussion & analysis, and other required supplementary information b. a comprehensive annual financial report c. none of the above d. both items a and b 5. An Enterprise Fund would potentially include all of the following liabilities on the face of the statement of net assets except: a. notes payable b. bonds payable c. compensated absences d. claims & judgments e. All of the above 6. A gov't entity issued general obligation bonds with a face value of $10,000,000 and at a premium that totaled $100,000 for a governmental capital project. The General Long-Term Liability accounts would report total liabilities as of the end of year of issuance of: a. $0 b. $100,000 c. $10,000,000 d. $10,100,000 7. Assume that Onyx County's annual required contribution for their OPEB plan was determined to be $35,000. The County, however, chose to only fund $10,000 of that amount for the current year. The General Fund, which is the only fund with employees, would recognize expenditures in the current year of: a. $35,000 b. $25,000 c. $10,000 d. $45,000 e. $0 f. None of the above 8. A city's annual required contribution for the OPEB plan offered to their General Fund employees is $14,000. The city does not choose to make the annual required contribution but instead will continue to pay post-retirement benefits as they come due. The current year's benefit payments total $2,500. The General Fund would recognize an expenditure of: a. $0 b. $2,500 c. $14,000 d. $16,500 e. None of the above 9. The General Fund borrowed $10,000 on a six-month note, with 5% interest, on April 1. As of June 30 fiscal year end, the General Fund would report accrued interest payable in the amount of: a. $0 b. $125 c. $250 d. $500 10. Assume a Capital Projects Fund of County A is holding investments as of the end of the fiscal year. Which of the following statements is true related to the interest earned on the investment? a. County A would report accrued interest receivable and interest revenue in the Capital Projects Fund as of the end of the fiscal year b. County A would only report interest revenue when the investment matured c. County A may choose to report interest revenue on the modified accrual basis or on the cash basis d. None of the above statements are true. 11. Which of the following statements is true concerning accounting and financial reporting practices related to capital asset acquisitions? a. Routine capital purchases such as vehicles and equipment often may be financed and accounting for in a General Fund or a Special Revenue Fund b. Most capital lease transactions related to governmental funds are accounted for in either the General Fund or a Special Revenue Fund c. Both items a and b are true d. Both items a and b are false