ACCT 360 Week 6 Accounting Assignment Help

ACCT 360 Week 6 Accounting Assignment Help | Franklin University 

E7-2 (Multiple Choice) Identify the best answer for each of the following:

1.      The funding sources for a Capital Projects Fund include proceeds of a general obligation bond issuance and a capital grant from the State Highway Trust. Assuming there are no other funding sources and expenditures have not exceeded such resources, the ending fund balance should be reported as

a.       nonspendable.

b.      restricted.

c.       committed.

d.      assigned.

2.      If a state or local government uses a single Capital Projects Fund for several different capital projects, it is recommended that

a.       “subfunds” be used to differentiate the separate projects.

b.      project-length budgets not be used.

c.       enterprise fund-related projects be included as well.

d.      fund balance be classified as unassigned.

3.      When grant resources are received before eligibility requirements other than time requirements are met, the recipient should report both

a.       an asset and a deferred inflow of resources.

b.      an asset and a revenue.

c.       an asset and a liability.

d.      neither an asset nor a liability.

4.      Bonds are sold to finance the construction of a new public safety station. Bond proceeds equal to the face value of the bonds are reported in a Capital Projects Fund as

a.       a deferred inflow of resources.

b.      an other financing source.

c.       an other financing use.

d.      a revenue.

5.      After restricted and committed levels of fund balance have been identified in a Capital Projects Fund that has no inventory or prepaid assets, the remaining positive amount of fund balance would automatically be classified as

a.       nonspendable.

b.      assigned.

c.       designated.

d.      unassigned.

6.      Which of the following would not be reported on the balance sheet of a Capital Projects Fund?

a.       Bond anticipation note payable.

b.      Restricted fund balance.

c.       Nonspendable fund balance.

d.      Capital assets.

7.      The City of Hope received an unrestricted grant in the General Fund. The City chose to transfer an amount equal to this unrestricted grant to the Capital Projects Fund. Assuming expenditures had not occurred by the end of the fiscal year, the transferred funds would be reported in the Capital Projects Fund as

a.       restricted fund balance.

b.      committed fund balance.

c.       assigned fund balance.

d.      unassigned fund balance.

8.      Expenditures are made in a Capital Projects Fund from resources advanced from the General Fund. The Capital Projects Fund anticipates receiving bond proceeds that will be restricted to the purpose for which the expenditures were made. Assuming no other resources currently exist in the Capital Projects Fund, the fund balance will reflect

a.       a negative restricted fund balance.

b.      a positive restricted fund balance.

c.       a negative assigned fund balance.

d.      a negative unassigned fund balance.

9.      A GAAP-based Statement of Revenues, Expenditures, and Changes in Fund Balance for a Capital Projects Fund includes each of the following categories except

a.       revenues.

b.      expenditures.

c.       nonoperating revenues and expenditures.

d.      other financing sources and use.

10.  As capital assets are acquired or constructed in a Capital Projects Fund, they are reported as

a.       construction in progress only in the Capital Projects Fund financial statements.

b.      construction in progress in both the Capital Projects Fund and the government-wide financial statements.

c.       construction in progress only in the government-wide financial statements.

d.      capitalized and depreciable capital assets only in the Capital Projects Fund financial statements.

E8-8 (Operating Statement) The December 31, 20X1, preclosing trial balance of the St. Louey Independent School District DSF is presented below. Prepare the Statement of Revenues, Expenditures, and Changes in Fund Balance for the DSF for the year ended December 31, 20X1.