QUESTION 5 When the adjusting entry is made to the Investment in Capital Asset account, what other account is debited or credited Restricted net position Capital Assets Committed net position Unrestricted net position QUESTION 7 Are revenues from sewer operations sufficient to cover operating expenses in the long run Yes No QUESTION 8 Assume the city's general fund has an outstanding payable to its sewer fund, which has a corresponding receivable from the general fund In the city's government wide statement of net position, which would be correct The payable may be aggregated with payables to the internal service fund and reported as payables to proprietary funds The payable should be reported in the business activities column and the receivable in the governmental activities column The payable and the corresponding receivable would be eliminated in the preparation of the government wide statements and thus would not be reported The payable should be reported in the governmental activities column and the receivable in the business activities column QUESTION 9 Which of the following accounts would not be reported in the operating statement of an Enterprise Fund Depreciation expense Bond Proceeds Salaries and wages expense Capital Contributions QUESTION 10 The city is considering collecting a sewer deposit when new residents begin receiving services What effect would the customer deposits have on the net position accounts An increase in the Unrestricted Net Position no effect on the Net Position An increase in the Net Investment in Capital Assets An increase in the Restricted Net Position,

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Posted on Jul 22, 2024

QUESTION 5 When the adjusting entry is made to the Investment in Capital Asset account, what other account is debited or credited? Restricted net position

QUESTION 5

When the adjusting entry is made to the "Investment in Capital Asset" account, what other account is debited or credited?

Restricted net position

Capital Assets

Committed net position

Unrestricted net position

QUESTION 7

Are revenues from sewer operations sufficient to cover operating expenses in the long-run?

Yes

No

QUESTION 8

Assume the city's general fund has an outstanding payable to its sewer fund, which has a corresponding receivable from the general fund. In the city's government-wide statement of net position, which would be correct?

		The payable may be aggregated with payables to the internal service fund and reported as "payables to proprietary funds."
		The payable should be reported in the business-activities column and the receivable in the governmental activities column.
		The payable and the corresponding receivable would be eliminated in the preparation of the government-wide statements and thus would not be reported.
		The payable should be reported in the governmental activities column and the receivable in the business-activities column.

QUESTION 9

Which of the following accounts would not be reported in the operating statement of an Enterprise Fund?

Depreciation expense.

Bond Proceeds.

Salaries and wages expense.

Capital Contributions

QUESTION 10

The city is considering collecting a sewer deposit when new residents begin receiving services. What effect would the customer deposits have on the net position accounts?

		An increase in the Unrestricted Net Position.
		no effect on the Net Position.
		An increase in the Net Investment in Capital Assets.
		An increase in the Restricted Net Position,