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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 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 capital project fund 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 additional funding for the construction would be The debt service fund of a governmental entity is accounted for using which of the following bases of accounting? With regard to the resources dedicated to the acquisition of fixed assets which will be used in general government activities, which of the following is true? With regard to capitalization of infrastructure, which of the following is true? If a government capitalizes works of art and similar assets, which of the following statements is true relative to depreciation on the works of art and similar assets? The objectives of financial reporting for fixed assets should be to provide information Governments must classify bank balance in one of three categories. Which of the following is NOT one of those categories? 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 Debt that is issued by one entity but backed by the promise of another entity to make up any debt service deficiency is 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? 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 In the government-wide financial statements, the assets acquired under a capital lease would be reported at 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? Washington County has designated the general fund as the single fund to account for its self-insurance activities. What is the maximum amount that can be charged to expenditure in the general fund related to the self-insurance activities? Which of the following is not a proprietary fund? Lehi City has designated an internal service fund as the single fun

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