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1) On December 31, the city of Vane paid a contrac...




1) On December 31, the city of Vane paid a contractor $3 million for the total cost of a new municipal annex built during the year on city-owned land. Financing was provided by a $2 million general obligation bond issue sold at face amount on December 31, with the remaining $1 million transferred from the general fund. What accounts and amounts should be reported in Vane?s current-year financial statements for the capital projects fund? A. Revenues control, $2,000,000; expenditures control, $2,000,000. B. Revenues control, $3,000,000; expenditures control, $3,000,000. C. Other financing sources control, $3,000,000; expenditures control, $3,000,000. D. Other financing sources control, $2,000,000; general long-term debt, $2,000,000. 2) In the government-wide statement of activities, depreciation of A. General infrastructure assets should be allocated to the various functions. B. General infrastructure assets must be presented as a separate line item. C. Capital assets shared by some of the government?s functions is an indirect expense. D. Capital assets shared by all of the government?s functions is not required to be included in the direct expenses of those functions.


Paper#12889 | Written in 18-Jul-2015

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