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ACC 410 Final Exam Part 1

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ACC 410 Final Exam Part 1 Voters in Phillips City approved the construction of a new $10 million city hall building and approved a $10 million bond issue with a stated rate of interest of 6% to fund the construction. When the bonds were issued, they sold for 101. What are appropriate entries related to the premium? In the debt service fund A City issued bonds for the purpose of financing a major capital improvement. Which fund is the most appropriate fund in which to record the receipt of the bond proceeds? In which fund type would a governmental entity’s capital project fund be found? Voters in Lincoln School District approved the construction of a new high school and approved a $10 million bond issue with a stated rate of interest of 6% to fund the construction. Bids were received and the low bid was $10 million. When the bonds were issued, they sold for face value less bond underwriting fees of $.5 million. The School Board voted to fund the balance of the construction by a transfer from the general fund. The entry in the capital project fund to record the receipt of the bond proceeds would be The capital project fund of a governmental entity is accounted for using which of the following bases of accounting? Investments, other than bank balances, must be classified into one of three categories. Which of the following is NOT one of those categories? 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 Which of the following is NOT an infrastructure asset? A governmental entity may record long-term assets in which of the following funds or account groups? 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 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? A governmental entity that is unable to satisfy claims against it An obligation issued in the name of a government on behalf of a nongovernmental entity is called Southwest City enters into a lease agreement that contains a nonappropriation clause. The clause 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? 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 Cash flows from Operating Activities does NOT include which of the following as cash outflows? On the fund financial statements, internal service activities should be presented Which of the following is NOT a valid reason for governmental entities to engage in business-type activities? 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 A plan’s unfunded actuarially accrued liability is the excess of Citizens within a defined geographic area of Hill City created a special assessment district to facilitate the construction of sidewalks. Hill City was respo

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