The estimated revenues control account balance of a governmental fund type is eliminated when:
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1 .Which of the following fund types of a governmental unit has (have) an economic measurement focus?
A General Funds No； Permanent Funds Yes B General Funds Yes；Permanent Funds No C General Funds No； Permanent Funds No D General Funds Yes；Permanent Funds Yes
2 .During the current year, Wythe County levied USD2,000,000 property taxes, 1% of which is expected to be uncollectible. During the year, the county collected USD1,800,000 and wrote off USD15,000 as uncollectible. What amount should Wythe County report as property tax revenue in its government-wide statement of activities for the current year?
A USD1,800,000 B USD1,985,000 C USD2,000,000 D USD1,980,000
3 .Which of the following local government funds uses the accrual basis of accounting?
A Special revenue. B Enterprise. C Debt service. D Capital projects.
4 .Which internal account should Spring Township credit when it issues a purchase order for supplies?
A Encumbrance control. B Budgetary control. C Vouchers payable. D Appropriations control.
5 .For the budgetary year ending December 31, Year 1, Maple City's general fund expects the following inflows of resources:Property taxes, licenses, and finesUSD9,000,000Proceeds of debt issue5,000,000Interfund transfers for debt service1,000,000In the budgetary entry, what amount should Maple record for estimated revenues?
A USD15,000,000 B USD9,000,000 C USD10,000,000 D USD14,000,000
7 .In Soan County's general fund statement of revenues, expenditures, and changes in fund balances, which of the following has an effect on the excess of revenues over expenditures?
A Special items. B Payment to a debt-service fund. C Purchase of fixed assets. D Proceeds from the sale of capital assets.
8 .How should a city's general fund report the acquisition of a new police car in its governmental fund statement of revenues, expenditures, and changes in fund balances?
A Expenditure. B Expense. C Noncurrent asset. D Property, plant, and equipment.
9 .In Year 1, Palm City acquired, through forfeiture as a result of nonpayment of property taxes, a parcel of land that the city intends to use as a parking lot for general governmental purposes. The total amount of taxes, liens, and other costs incurred by Palm incidental to acquiring ownership and perfecting title was USD20,000. The land's fair market value at the forfeiture date was USD60,000. What amount should Palm City capitalize relative to its governmental activities?
A USD20,000 B USD60,000 C USD0 D USD80,000
10 .On January 1, Year 1, the City of Potterville approved a 30-year bond issue for USD20,000,000 to construct a civic center to bring tourism to the city. The principal and interest payments on the bond are secured by a pledge of the city's tourist development tax revenues collected on sales volume from tourist-related industries. Potterville anticipates collecting USD1,200,000 in tourist development taxes during the year ending December 31, Year 1. The bonds will be issued at 98 to yield 4 percent on July 1, Year 1, and Potterville will make its first payments on the debt on January 2, Year 2. In its fund financial statements dated December 31, Year 1, Potterville will display the following in its debt service fund:DebtProceedsPrincipalExpendituresInterestExpendituresTouristDevelopmentRevenues
A USD20,000,000;USD0;USD0;USD1,200,000 B USD0;USD0;USD0;USD0 C USD19,600,000;USD360,000; USD800,000;USD0 D USD0;USD0;USD400,000;USD0
