3. Which of the following accounts appears on both the interim and year-end balancesheets of the General Fund?a) Revenues.b) Reserve for encumbrances.c) Encumbrances.d) Appropriations.4. Which of the following would be considered a general capital asset?a) A vehicle purchased from general fund revenues.b) A vehicle purchased and maintained by an enterprise fund.c) A computer purchased from revenues of an internal service fund and used by thesupplies department.d) Real estate purchased with the assets of a pension trust fund.5. A machine is sold for $500. It had originally been purchased for $8,000 using GFIt is fully depreciated. Gain on sale of equipment accountrevenues.should berecorded in the General fund journal as:a) Debit in 500S.b) Credit in 500$.c) Credit in 7500S.d) Gain on sale of equipment account will not recorded in general fund journal.Question Three: mini cases

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3. Which of the following accounts appears on both the interim and year-end balance sheets of the General Fund? a) Revenues. b) Reserve for encumbrances. c) Encumbrances. d) Appropriations.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

3. Which of the following accounts appears on both the interim and year-end balance
sheets of the General Fund?
a) Revenues.
b) Reserve for encumbrances.
c) Encumbrances.
d) Appropriations.
4. Which of the following would be considered a general capital asset?
a) A vehicle purchased from general fund revenues.
b) A vehicle purchased and maintained by an enterprise fund.
c) A computer purchased from revenues of an internal service fund and used by the
supplies department.
d) Real estate purchased with the assets of a pension trust fund.
5. A machine is sold for $500. It had originally been purchased for $8,000 using GF
It is fully depreciated. Gain on sale of equipment account
revenues.
should be
recorded in the General fund journal as:
a) Debit in 500S.
b) Credit in 500$.
c) Credit in 7500S.
d) Gain on sale of equipment account will not recorded in general fund journal.
Question Three: mini cases

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