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- 33) When a capital lease is used to lease fixed assets for the general government, the governmental fund acquiring the fixed assets debits ________ at the ________. A) expenditures; future value of the lease payments B) fixed assets; future value of the lease payments C) expenditures; present value of the lease payments D) fixed assets; present value of the lease payments 34) When recording an approved budget into the accounts of the general fund, which of the following accounts would be credited? A) Appropriations B) Encumbrances C) Estimated revenues D) Revenue collected in advance 35) When a city enters into a capital lease for a fixed asset for the general government, A) government-wide statements will report the asset and liability for the leased asset. B) government-wide statements will not report the liability, Capital Lease Obligation. C) governmental fund statements will report a fixed asset. D) governmental fund statements will report a liability, Capital Lease…For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses: A. Governmental funds only. B. Proprietary funds only. Bond Proceeds Long Term liability for Compensated Absences Deferred Inflows/Outflows of Resources Taxes Receivable Estimated Revenues Operating RevenuesWhen a government orders equipment which is to be used by an activity accounted within the General Fund, it should be recorded in the General Fund as a(an): Multiple Choice Encumbrance. Capital asset. Expenditure. None of the choices are correct, the General Fund does not record capital assets purchases..
- Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.If an internal service fund is intended to operate on a cost-reimbursement basis, then user charges should a. cover the full costs, both direct and indirect, of operating the fund. b. cover the full costs of operating the fund and provide for future expansion and replacement of capital assets. c. cover at a minimum the direct costs of operating the fund. d. do all of the above.Encumbrances outstanding at year-end in a state’s general fund should be reported as a a. liability in the general fund. b. fund balance reserve in the general fund. c. liability in the general long-term debt account group. d. fund balance designation in the general fund.
- In a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets a.Yes Yes b.No No c.No Yes d.Yes Nocustodial fund assets and liabilities are to be recognized: When the earnings process is complete and collection is reasonably assured At the time the government becomes responsible for assets. When they are available and measurable Only in the government wide financial statements.In what fund type should the proceeds from special assessment bonds issued to finance construction of sidewalks in a new subdivision be reported? a. Agency fund b. Special revenue fund c. Enterprise fund d. Capital projects fund
- ________________ is the action by which OMB distributes amounts available for obligation, including budgetary reserves established pursuant to law, in an appropriation of and account. An apportionment divide amounts available for obligation by specific time periods. (usually quarters), activities, projects, objects or a combination incurred. In apportioning any account, some funds may be reserved to provide for contingencies or to effect savings, pursuant to the Anti-deficiency Act. Funds, including Anti-deficiency Act reserves, may also be proposed for deferred or recession, pursuant to the impoundment Control Acts of 1974In a governmental fund, which of the following is considered an expenditure? a. The purchase of a capital asset b. The consumption of supplies c. Salaries earned by employees d. All of the aboveIn a government’s comprehensive annual financial report, proprietary fund types are included in which of the following combined financial statements? Statement of Revenues, Expenditures, and Changes in Fund Balances Statement of Net Assets a.Yes Yes b.No No c.No Yes d.Yes No In a government’s comprehensive annual financial report, account groups are included in which of the following combined…