Question 11 (1 point)

The Town of Truro issued $20 million of tax-supported bonds at 102 to finance a new jail. Upon issuance, how will the premium be recorded?

Question 11 options:

	A $400,000 revenue to the capital projects fund and a $400,000 revenue in governmental activities.
	A $400,000 revenue to the debt service fund and a $400,000 premium on bonds payable in governmental activities.
	A $400,000 expenditure in the debt service fund and a $400,000 expense in governmental activities.
	A $400,000 other financing source to the debt service fund and a $400,000 premium on bonds payable in governmental activities.

Question 12 (1 point)

Typically, proceeds from general obligation bonds will be recorded in the:

Question 12 options:

	Debt service fund.
	General obligation bond fund.
	Permanent fund.
	Capital projects fund.

Question 13 (1 point)

Which of the following assets would not be found in the balance sheet of a debt service fund?

Question 13 options:

	Cash with fiscal agent.
	Investments.
	Equipment.
	Interest Receivable.

Question 14 (1 point)

The City of Falmouth's fiscal year ends on December 31. On October 1, 2023, the city issued $1,000,000 of 3%, 10-year term bonds with semiannual interest payments due on April 1 and October 1 each year, beginning on April 1, 2024. What amount of expenditures should the city recognize in its debt service fund for the years 2023 and 2024?

Question 14 options:

	$30,000 in 2023; $30,000 in 2024.
	$15,000 in 2023; $30,000 in 2024.
	$7,500 in 2023; $30,000 in 2024.
	$0 in 2023; $30,000 in 2024.

Question 15 (1 point)

Which of the following basic financial statements can contain a column for debt service funds?

Question 15 options:

	Statement of cash flows.
	Statement of revenues, expenditures, and changes in fund balances-governmental funds.
	Statement of revenues, expenses, and changes in net position-proprietary funds.
	Statement of activities.