The proprietary funds operating statement reports:

Select one:

A. Expenditures for capital assets.

B. Accrued interest revenue.

C. Proceeds from sale of property.

D. Payments of principal on long-term debt

Fiduciary funds of a state or local government include all of the following except:

Select one:

A. Private purpose trust funds.

B. Custodial funds.

C. Permanent funds.

D. Investment trust funds

At the beginning of the year, a capital projects fund purchases $4 million in equipment for cash. The equipment has a 10-year life, straight-line.

A year-end, this purchase reduces the capital projects fund's fund balance by

Select one: A. $4 million. B. $400,000. C. $3.6 million. D. No effect.

A state lottery is reported in an enterprise fund. Its statement of cash flows reports a reconciliation of:

Select one:

A. Capital and noncapital financing activities to investing activities

B. Change in net position to cash from operating activities

C. Operating income to cash from operating activities

D. Change in cash to cash from operating activities

A city has a special revenue fund that reports cash of $100,000, inventories of $25,000, and accounts payable of $60,000. The resources for the fund are provided by a county grant. How is fund balance reported for the special revenue fund?

Select one:

A. Committed, $65,000

B. Nonspendable, $25,000; committed $40,000

C. Nonspendable, $25,000; restricted, $40,000

D. Restricted, $65,000

On April 1, 2020, Summit County issued $10,000,000 in variable rate debt, with interest paid on March 31 of each year, the county's fiscal year-end. The variable rate is adjusted at the beginning of each year. The variable rate for fiscal 2021 was 2.9%. On the same date, the county entered a receive variable/pay fixed interest rate swap, where the county pays a 3.1% fixed rate to a counterparty. The swap qualifies for hedge accounting. At the end of fiscal 2021, the variable rate is reset to 3.2% and the swap has increased in value by $75,000. By the end of fiscal 2022, the variable rate is reset to 3.4%, and the swap has increased in value by $125,000. At the beginning of fiscal 2022, the county decides the swap no longer qualifies for hedge accounting. The adjusting entry results in

Select one:

A. a write-off of the derivatives investment, in the amount of $200,000.

B. an increase in deferred inflows of resources, in the amount of $200,000.

C. a $200,000 loss, reported on the government-wide statement of activities.

D. a $200,000 gain, reported on the government-wide statement of activities.