Transactions under capital projects and debt service funds will be reported in the government-wide statements as part of transfers out and transfers in. Various accounting questions are addressed.
Capital projects - This fund accounts for the accumulation of resources to be used exclusively for the purchase or construction of capital assets. Capital assets are those assets with economic life of more than 1 year. 4.
The money would go into the capital projects fund (300,000), and would then remain in the capital projects fund until it is credited out, to pay for the building, which would decrease the capital projects fund by the $300,000.
The state incurred a total capital outlay for fund of about $1 million from a major construction of new capital assets. c. Does this fund have any long-term debts associated with it?
13) Governmental units use which fund type to account for services provided to the general public on a user-charge basis? A. Permanent fund B. Enterprise fund C. General fund D. Internal service fund 14) Proprietary funds utilize what basis of accounting? A. Cash B. Accrual C. Modified accrual D. Budgetary 15) Funds that are used to account for activities similar to those often engaged in by profit-seeking businesses are: A. capital project funds B. special revenue funds C. proprietary funds D. agency funds 16) The tax agency fund of Fulton County collected $6,000,000 for a school district, $3,000,000 for the county general fund and $4,000,000 for a municipality. County general fund employees handle the collections and a 3% collection fee is charged all units except the county. The total amount of revenue recognized by the county general fund would be: A. $3,090,000 B. $3,000,000 C. $2,910,000 D. $3,300,000 17) The City of Sycamore has investments in bonds. These bonds have an amortized cost of $998,000 and a market value of $1,001,000. The market value is quoted and available in the financial press. The original cost of the bonds was $996,000. The par value at maturity will be $1,000,000. The amount at which the investments would be reported is: A. $ 1,000,000 B. $ 998,000 C. $ 996,000 D. $ 1,001,000 18) Ford County levies for its General Fund $1,000,000 in property taxes. In addition, the county is responsible for collecting $2,000,000 in property taxes for the consolidated school district and $500,000 in property taxes for a town within the county. 2% of all taxes levied are expected to be uncollectible. When recording the levies in an agency fund, what amount would Ford County record as Taxes Receivable for Other Governments - Current and Due to Other Governments? A. $3,500,000 B. $2,500,000 C. $3,430,000 D. $2,450,000 19) When a purchase order is issued under a Capital Projects Fund, how should the transaction be recorded? A. Debit Expenditures and credit Vouchers Payable B. Debit Encumbrances Control and credit Vouchers Payable C. Debit Expenditures and credit Reserve for Encumbrances D. Debit Encumbrances Control and credit Reserve for Encumbrances
$2,450,000 19) When a purchase order is issued under a Capital Projects Fund, how should the transaction be recorded? A. Debit Expenditures and credit Vouchers Payable B.
Section II Problem #1 Super City maintains the following funds: · General Fund · Special Revenue Fund · Capital Projects Fund · Debt Service Fund · Enterprise Fund · Internal Service Fund · Permanent Fund · Agency Fund For each
644862 City of Monroe: General Fund entries and statements governmental City of Monroe: General Fund entries and statements governmental Please see the attached file.
246421 Capital Projects Fund in Salt Lake City Capital Projects Fund in Salt Lake City Please also see the attached file General Journal Debit Credit a Cash 50,500,000 Other financing sources-premium on general obligations bond 500,000 Other
If you combine Glynn's capital structure with Monroe's operating plan, what is the degree of combined leverage? b. If you combine Monroe's capital structure with Glynn's operating plan, what is the degree of combined leverage? c.
128121 Accounting for governmental and non profit entities Accounting for governmental and non profit entities 1 (a). The cash received for the sale of the bonds? Capital Projects Fund and governmental activities. 1 (b).