Details of this Paper

Strayer ACC 410 Gov't, NonProfit Quiz 5

Description

solution


Question

Question;ACC 410 ? Quiz 5Question 1 Overlapping debt should be reported in which of the following ways? Question 2 A governmental entity that is unable to satisfy claims against it Question 3 General long-term debt of a governmental entity includes Question 4 A City entered into a long-term capital lease for some office equipment. Assuming the city maintains its books and records in a manner to facilitate preparation of fund financial statements, what entry would be made in the General Fund to record this event? Question 5 In the government-wide financial statements, the assets acquired under a capital lease would be reported at Question 6 In governmental fund-type financial statements, the assets acquired under a capital lease would be reported at Question 7 Why would a government issue revenue bonds (which generally are issued at a higher rate of interest than general obligation bonds) even though the government knows that if revenues from the project are not sufficient to cover principal and interest payments, the government will use resources from general government activities to fund the principal and interest payments? Question 8 To seek protection under the Federal Bankruptcy Code, a governmental entity must Question 9 A state created a Housing Authority to provide financing for low-income housing. The Authority issues bonds and uses the proceeds for that purpose. Currently the Authority has outstanding $200 million in bonds backed by the State?s promise to cover debt service shortages should they arise. The State Constitution specifically limits the State to no more than $2 million in general obligation debt. How can the state officials defend the $200 million in debt outstanding? Question 10 The City of Pocahontas issued $20 million in general obligation bonds at par. The City loaned the proceeds to Domsee Fish Processors to expand the size of their facility, which would allow Domsee to hire additional workers. The loan payments from Domsee to the City are established to match the principal and interest payments on the bond issue. The bonds are payable exclusively from the loan repayments by Domsee. The bonds are secured by the additional plant facilities built by Domsee. Where should the City report the bonds on the annual financial report? Question 11 Which of the following funds is most likely to receive the proceeds of revenue bonds? Question 12 New City entered into a lease agreement for several new dump trucks to be used in general government activities. Assuming the City maintains its books and records in a manner that facilitates the preparation of the fund financial statements, acquisition of these dump trucks would require entries in which of the following funds and/or schedules? Question 13 The Southside City has $95 million of debt recorded in its Schedule of Changes in Long-Term Obligations, made up of $60 million of general obligation debt, $2 million of compensated absences payable, $8 million claims and judgments, and $25 million of obligations under capital leases. The State limits the amount of general obligation debt that can be issued by a City to 20% of the assessed value of taxable property. The assessed value of property in Southside City is $500 million. The amount of legal debt margin for Southside City is Question 14 Debt that is issued by one entity but backed by the promise of another entity to make up any debt service deficiency is Question 15 Pulling County has a December 31 fiscal year-end. In November, the County borrowed $8 million from a local bank, due in six months at 6% interest, to finance general government operations. The county pledges property tax revenues to secure the loan. At year-end, how should the bank note be displayed in the fund financial statements? Question 16 Cash flows from Operating Activities does NOT include which of the following as cash outflows? Question 17 Which of the following is NOT a rationale/justification for reporting the business-type activities of a government in a separate fund? Question 18 Which of the following is not a proprietary fund? Question 19 Which of the following is NOT a valid reason for governmental entities to engage in business-type activities? Question 20 Which of the following is NOT a budget typically prepared for an activity accounted for in a proprietary fund? Question 21 Over the long run, governmental internal service funds are intended to Question 22 Which of the following is NOT true about internal service funds as reported in the fund financial statements? Question 23 Lehi City has designated an internal service fund as the single fund to account for its self-insurance activities. Most of the insured activities such as the police department, fire department, and general government functions are accounted for in the General Fund. What is the maximum amount that can be charged to expenditure in the General Fund related to the self-insurance activities? Question 24 The appropriate basis of accounting for the proprietary funds of a governmental entity is Question 25 Franklin County operates a solid waste landfill that is accounted for in an enterprise fund. The County calculated this year?s portion of the total closure and post closure costs associated with the landfill to be $300,000. The entry(ies) to record this cost should be Question 26 When a governmental enterprise fund has restricted assets on its balance sheet which of the following is a true statement? Question 27 A Statement of Revenues, Expenses, and Changes in Fund Net Assets should include which of the following in addition to operating revenues and operating expenses and ending Net Assets? Question 28 The City of Brockton voted to establish an internal service fund to account for its printing services. The City transferred $500,000 cash from the General Fund to the newly created internal service fund. The appropriate entry in the General Fund to account for this transfer would be a credit to cash for $500,000 and a debit for $500,000 to Question 29 Which of the following are required basic statements of a proprietary fund? Question 30 The City of Brockton voted to establish an internal service fund to account for its printing services. The City transferred $500,000 cash from the General Fund to the newly created internal service fund. The appropriate entry in the proprietary fund is a debit to cash for $500,000 and a credit for $500,000 to

 

Paper#41503 | Written in 18-Jul-2015

Price : $24
SiteLock