For which of the following governmental entities that use proprietary fund accounting should a statement of cash flows be presented?Public Benefit CorporationsGovernmental Utilities
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1 .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
2 .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
3 .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.
4 .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.
5 .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.
7 .Which of the following funds of a governmental unit records depreciation?
A Debt service fund. B Special revenue fund. C Internal service fund. D Capital projects fund.
8 .In which of the following funds should the debt service transactions of a special assessment issue for which the government is not obligated in any manner be reported?
A Trust fund. B Internal service fund. C General fund. D Agency fund.
9 .The City of Opulence maintains an investment pool to invest idle cash. The city extends the service to benefit its own funds as well as other governments. The invested assets would be accounted for as follows:City-owned fundsFunds from other governments
A Assets of investing fund; Investment trust fund B Investment trust fund; Internal service fund C Internal service fund; Agency fund D Agency fund; Assets of investing fund
10 .Nox City reported a USD25,000 net increase in the fund balances for total governmental funds. Nox also reported an increase in net position for the following funds:Motor pool internal service fundUSD9,000Water enterprise fund12,000Employee pension fund7,000The motor pool internal service fund provides service to the general fund departments. What amount should Nox report as the change in net position for governmental activities?
A USD34,000 B USD46,000 C USD25,000 D USD41,000
