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QUESTION 1 Encumbrances under modified accrual accounting are recognized when fund liabilities are incurred. True False QUESTION 2 Modified accrual accounting is essentially the same as cash basis except that long term assets are not recorded. True False QUESTION 3 There are no expenses in modified accrual funds. True False Chale Sau QUESTION 4 Revenues, but not expenses, are recorded the same under accrual and modified accrual accounting True False QUESTIONS Taxes receivable are increased by $100,000 for the current period for Roosevelt City. History indicates that 5% of these taxes will be uncollectible. Roosevelt presents the following General Fund Lunch Statement at year end. Revenue.... ...$100,000 $5,000 Expenditure.... Change in FB.. ...595,000 WHich of these accounts present incorrect balances in the Lunch Statement. Revenue, Expenditure and Change in Fund Balance Revenue only Revenue & Expenditure Expenditure only QUESTION 6 This information on Gordon County is used to answer the next few questions. Gordon recently (January 1, 2020) issued long-term bonds to fund construction of a new city baseball park in the amount of $12,000,000. The bonds accrue and pay interest every six months at an 8% annual rato, Save mit ins and submit. Click Save All Answers to save all answers. QUESTION 6 This information on Gordon County is used to answer the next few questions. Gordon recently (January 1, 2020) issued long-term bonds to fund construction of a new city baseball park in the amount of $12,000,000. The bonds accrue and pay interest every six months at an 8% annual rate. In the entry to record the sale of the bonds for Gordon, what is the impact if any on Revenue? If none write 0 QUESTION 7 This information on Gordon County is used to answer the next few questions. Gordon recently (January 1, 2020) issued long-term bonds to fund construction of a new city baseball park in the amount of $12,000,000. The bonds accrue and pay interest every six months at an 8% annual rate. In the entry to record the sale of the bonds for Gordon, what is the impact if any on Change in Fund Balance? If none write 0 QUESTION 8 This information on Gordon County is used to answer the next few questions. Gordon recently (January 1, 2020) issued long-term bonds to fund construction of a new city baseball park in the amount of $12,000,000. The bonds accrue and pay interest every six months at an 8% annual rate. In the entry to record the sale of the bonds for Gordon, what is the impact if any on Net Position in the non-fund? If none write 0 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save muestion Completion Status: QUESTIONS This information on Gordon County is used to answer the next few questions. Gordon recently (January 1, 2020) issued long-term bonds to fund construction of a new city baseball park in the amount of $12,000,000. The bonds accrue and pay interest every six months at an 8% annual rate. How much cash interest is paid on the bonds on 7/1/20? QUESTION 10 This information on Gordon County is used to answer the next few questions. Gordon recently (January 1, 2020) issued long-term bonds to fund construction of a new city baseball park in the amount of $12,000,000. The bonds accrue and pay interest every six months at an 8% annual rate. How much accrued interest should be recorded on 12/31/207 QUESTION 11 This information on Gordon County is used to answer the next few questions. Gordon recently (January 1, 2020) issued long-term bonds to fund construction of a new city baseball park in the amount of $12,000,000. The bonds accrue and pay interest every six months at an 8% annual rate. On 7/1/20, after the interest is paid, the impact if any on net position in the non-fund Is equal to? QUESTION 12 Cunnen that stimator van Alavnantaria ha 15 000. Ina Innalaun is equal to? QUESTION 12 Suppose that estimated revenue is expected to be $185,000,000 for a local county Imagine further that appropriations are deemed to be $180,000,000 for that same county At the end of the current year, the Revenues Subsidiary Ledger balance is ($190,000,000). What does this indicate in relation to revenue? OTwo of the listed are correct. O Revenue collections were $5,000,000 deficient Revenue collections were $5,000,000 in excess O Revenue collections were deficient for the year. QUESTION 13 Which of the following are considered to be budget accounts? Encumbrances O Appropriations Estimated Revenues All of the listed accounts are budget accounts O Budgetary Fund Balance Click Save and Submit to save and submit. Click Save All Ansters to save all answers Save As Answers MacBook Pro