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
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1 .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
2 .The estimated revenues control account balance of a governmental fund type is eliminated when:
A Property taxes are recorded. B The budgetary accounts are closed. C The budget is recorded. D Appropriations are closed.
3 .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.
4 .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.
5 .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
7 .Interfund transfers received by a governmental-type fund should be reported in the Statement of Revenues, Expenditures, and changes in Fund balance as a (an):
A Addition to net assets. B Reimbursement. C Other financing source. D Addition to contributed capital.
8 .Fixed assets donated to a governmental unit should be recorded:
A At estimated fair value when received. B At the lower of donor's carrying amount or estimated fair value when received. C At the donor's carrying amount. D As a memorandum entry only.
9 .Which of the following funds of a local government would report transfers to other funds as an other financing use?
A General. B Internal service. C Pension trust. D Enterprise.
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A Yes; No B No; No C No; Yes D Yes; Yes
