TRUE/FALSE 1. Inter-period equity is concerned with annual budget compliance. 2. The Government-Wide statements are on a full accrual basis. 3. In accounting for costs incurred on a major construction project in a capital projects fund, the construction outlays are reported as expenditures, not capital assets. 4. When budgets are integrated into a government's accounting system, estimated revenues are debited. 5. Cash-basis budgets help governments focus on inter-period equity. 6. Sales tax revenue is an example of a derived non-exchange transaction 7. If recording in a governmental fund the issuance of a bond, the credit should be to a bonds payable account. 8. Most governments budget (appropriate) resources for principal and interest only for the period in which a payment is duc - not for future payments. 9. When governments establish capital projects funds, they may choose to maintain a separate fund for each major project, or they may choose to combine two or more projects in a single fund. 10. The revenue-recognition issues facing governments are generally focused on the exchange transaction earning process similar to those of businesses. MULTIPLE CHOICE ul, Which of the foloing is not major diflree betensate & local governments and not-for-profits a) Issuance of tax-exempt bonds b) Receive donations/grants c) Power to collect taxes d) Legislative authority to obtain resources