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ACC 410 chapter 7 Quiz

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ACC 410 chapter 7 Quiz The objectives of financial reporting for fixed assets should be to provide information If a government elects the modified approach with regard to capitalization of infrastructure Which of the following costs will be included in the cost of land on the government-wide financial statements? General fixed assets are excluded from governmental funds because With regard to capitalization of infrastructure, which of the following is true? Which of the following is NOT an infrastructure asset? For a government that elects NOT to capitalize its works of art and similar assets, the appropriate entry when receiving a contribution of a work of art at the government-wide level is Governments must classify bank balance in one of three categories. Which of the following is NOT one of those categories? A governmental entity may record long-term assets in which of the following funds or account groups? A broker-dealer or other financial institution transfers cash to a government in exchange for securities and the government agrees to repay the cash plus interest and return the securities. From the government’s point of view, this transaction is a Which of the following is NOT an example of a derivative? For a government that elects to capitalize its works of art and similar assets, the appropriate entry when receiving a contribution of a work of art at the government-wide level is The City of Shiloh sold a used police car. The police car, which had a historical cost of $17,000 and a fair value of $12,000, was sold for $5,000. Assuming that the City maintains its books and records in a manner to facilitate the preparation of the fund financial statements, what is the appropriate entry in the General Fund to record this sale? GASB standards require that depreciation be reported on all capital assets except If a government receives a donation of a work of art, the government must recognize revenue

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