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ACC 410 Week 11 Final Exam Part 1

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ACC 410 Week 11 Final Exam Part 1 In which fund type would a government’s capital projects fund be found? The debt service fund of a government is accounted for using which of the following bases of accounting? The City of Williamsburg decided to defease old 6 percent bonds carried in its Electric Enterprise Fund with new 4.5 percent bonds. As a result of the defeasance, the city incurred an accounting loss. The loss should be recognized Harbor City issued 6 percent tax-exempt bonds and used the proceeds to acquire federal government securities yielding 7 percent. After paying the interest on the tax-exempt bonds, the city cleared 1 percent. This is an example of Under existing federal statutes, arbitrage, as it applies to state and local governments is Salvador County issued $25 million of 5 percent demand bonds for construction of a county maintenance building. Before year-end the county entered into a two-year noncancellable take-out agreement with a local bank with a 10-year payback period. The county estimates that 20 percent of the bonds would be demanded (called) by the buyers if interest rates increased by at least One percentage point. At year-end, rates on comparable debt were 7 percent. How should these demand bonds be reported in the county’s government-wide financial statements at year-end? Easterly City has $47 million of debt recorded in its schedule of changes in long-term obligations, made up of $30 million of general obligation debt, $1 million of compensated absences payable, $4 million of claims and judgments, and $12 million of obligations under capital leases. The state limits the amount of general obligation debt that can be issued by a city to 20 percent of the assessed value of its taxable property. The assessed value of property in Easterly City is $250 million. The city’s legal debt margin is General long-term debt of a government includes Which of the following funds is most likely to receive the proceeds of revenue bonds? North City enters into a lease agreement that contains a nonappropriation clause. The clause Which of the following is a valid argument for separate accounting principles for proprietary activities? Which of the following are required basic statements of a proprietary fund? In which of the following circumstances must an enterprise fund be used to account for the activity? Which of the following entities is required to use the direct method to report its cash flows? In a statement of net position, the net position of a proprietary fund should be displayed in which of the following categories? Lomond City receives a federal grant to assist in nutrition programs for its senior citizens. The city will select the contractors that will provide meals and approve the participants in the program. The proceeds of this grant should be accounted for in which of the following funds of the city? A wealthy citizen provided in her will for a gift of cash and other assets to Balsa city. The will specified that the gift was to be kept intact and that the earnings from the gift were to be used to support public parks. At the time of the donation, the gift had a book value in the hands of the donor of $300,000 and a fair value of $500,000. When recording this gift the city would credit Financial assets reported by most investment trust funds of governments should be reported at Ashby City receives a federal grant to assist in nutrition programs for its senior citizens. Senior citizens whose income is below a specified amount (the amount was specified by the Federal government) are eligible to participate in the program. Monthly checks of $100 (this amount was specified by the Federal government) will be mailed to eligible senior citizens. The proceeds of this grant should be accounted for in which of the following funds of the city? A government receives a gift of cash and investments with a

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