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ACC245 > Ch. 2 HW > Flashcards

Ch. 2 HW Flashcards

1
Q

Which type of fund would be used?

To construct a new office building for use by various departments.

A

Governmental

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2
Q

Which type of fund would be used?

To pay salaries of personnel who maintain state parks.

A

Governmental

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3
Q

Which type of fund would be used?

To accumulate resources in a trust fund to pay pension benefits for its employees.

A

Fiduciary

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4
Q

Which type of fund would be used?

To collect sales taxes for local governments who “piggy-back” their sales taxes on top of the state sales tax.

A

Fiduciary

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5
Q

Which type of fund would be used?

To operate a central printing department that prints forms and reports for all state departments.

A

Proprietary

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6
Q

Which specific fund is used to account for the activity?

To construct a new office building for use by various departments.

A

Capital Projects Fund

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7
Q

Which specific fund is used to account for the activity?

To pay salaries of personnel who maintain state parks.

A

General Fund

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8
Q

Which specific fund is used to account for the activity?

To accumulate resources in a trust fund to pay pension benefits for its employees.

A

Pension Trust Fund

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9
Q

Which specific fund is used to account for the activity?

To collect sales taxes for local governments who “piggy-back” their sales taxes on top of the state sales tax.

A

Custodial Fund

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10
Q

Which specific fund is used to account for the activity?

To operate a central printing department that prints forms and reports for all state departments.

A

Internal Service Fund

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11
Q

Which governmental-type fund should be used?

The proceeds of a federal grant received to assist in financing the construction of a police training facility.

A

Capital Projects Fund

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12
Q

Which governmental-type fund should be used?

Receipts from a special tax levied, after approval by the citizenry, to pay the principal and interest on general obligation bonds issued to finance construction of an office building.

A

Debt Service Fund

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13
Q

Which governmental-type fund should be used?

Receipts from a special tax on gasoline to be used, pursuant to law, solely to finance the annual costs of fixing potholes.

A

Special Revenue Fund

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14
Q

Which governmental-type fund should be used?

The bi-weekly payroll of the police officers, fire fighters, and trash collectors.

A

General Fund

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15
Q

Which fund would be used to report the transaction?

A city-owned water utility sent bills to the city for water provided to city departments.

A

Enterprise Fund and General Fund

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16
Q

Which fund would be used to report the transaction?

The city’s mass transit facility received an operating subsidy from the city and a construction grant from the federal government.

A

General Fund sending money to Enterprise Fund

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17
Q

Which fund would be used to report the transaction?

The city sent out property tax bills to finance day-to-day city operating activities.

A

General Fund

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18
Q

Which fund would be used to report the transaction?

The city sold bonds to construct new roads—a major capital project.

A

Capital Projects Fund

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19
Q

Which fund would be used to report the transaction?

The city used tax resources to pay for new police sedans. (The city classifies the purchase of all sedans as “minor capital items,” to be paid from tax resources rather than the sale of bonds.)

A

General Fund

20
Q

Which fund would be used to report the transaction?

The city paid principal and interest on a bond issue from resources accumulated for that purpose.

A

Debt Service Fund

21
Q

Which fund would be used to report the transaction?

The city’s centralized printing facility billed the city’s Tax Department for printing tax forms.

A

General Fund and Internal Service Fund

22
Q

Which fund would be used to report the transaction?

The fund that finances the city’s day-to-day activities makes a payment to the trust fund that invests money pending payment of pensions to city employees.

A

Special Revenue Fund

23
Q

What would be reported as a) expenditures in the governmental fund and b) expenses in the enterprise fund?

Friendly paid $600,000 in salaries during the year. In addition, during the last pay period, Friendly’s employees earned $5,000 by December 31, but that amount was not paid until the first week of January, 2022 2.

A

a) $605,000

b) $605,000

24
Q

What would be reported as a) expenditures in the governmental fund and b) expenses in the enterprise fund?

Friendly used the proceeds of long-term bonds to buy a sanitation truck. The truck was delivered on July 1, 2021, and immediately placed into service. The truck cost $100,000 and had an estimated useful life of 10 years.

A

a) $100,000 (what was laid out)

b) $5,000 (6 months of depreciation)

25
Q

What would be reported as a) expenditures in the governmental fund and b) expenses in the enterprise fund?

Friendly had agreed to pay off the $100,000 used to buy the sanitation truck over a 5-year period, starting December 31, 2021. On that date, Friendly paid the first installment on the debt, $10,000 in principal and $3,000 in interest.

A

a) $13,000 (outflow of resources)

b) $3,000 (principal is a reduction of liability)

26
Q

Which fund best fits the description?

Services are provided to the general public, and the costs of providing the services are financed by user charges.

A

Enterprise Fund

27
Q

Which fund best fits the description?

Resources are accumulated to pay principal and interest on general long-term debt.

A

Debt Service Fund

28
Q

Which fund best fits the description?

Salaries are paid to police officers, fire fighters, and other personnel of the operating departments.

A

General Fund

29
Q

Which fund best fits the description?

Goods or services are furnished to other segments of the government on a user charge basis.

A

Internal Service Fund

30
Q

Which fund best fits the description?

Specific revenue sources are dedicated to a particular purpose other than capital projects or debt service.

A

Special Revenue Fund

31
Q

Which fund best fits the description?

Expenditures are made by the city’s street departments.

A

General Fund

32
Q

Which fund best fits the description?

An “operating income” figure is computed.

A

Enterprise Fund or Internal Service Fund

33
Q

Which governmental fund would be used for the transaction?

Property taxes were received directly by the fund used to accumulate resources to pay bond principal and interest.

A

Debt Service Fund

34
Q

Which governmental fund would be used for the transaction?

The city received its share of a state sales tax that is legally required to be used solely to finance library operations.

A

Special Revenue Fund

35
Q

Which governmental fund would be used for the transaction?

The city sent property tax bills to homeowners to help pay for day-to-day operating costs.

A

General Fund

36
Q

Which governmental fund would be used for the transaction?

The city paid for five fire engines, using resources accumulated in a fund to pay for capital assets.

A

Capital Projects Fund

37
Q

Which governmental fund would be used for the transaction?

The city received a grant from the state to build an addition to the city hall.

A

Capital Projects Fund

38
Q

Which governmental fund would be used for the transaction?

The city received the proceeds of general obligation bonds to finance the construction of a new police station.

A

Capital Projects Fund

39
Q

Which governmental fund would be used for the transaction?

The mayor was paid his monthly salary.

A

General Fund

40
Q

Which governmental fund would be used for the transaction?

Expenditures for the day-to-day operations of the police department were recorded.

A

General Fund

41
Q

Which governmental fund would be used for the transaction?

Parks admissions fees, dedicated for use in day-to-day maintenance of the city park system were collected.

A

Special Revenue Fund

42
Q

Which governmental fund would be used for the transaction?

The city paid a contractor who had completed a report on the potential for improving police deployment as a way to reduce the crime rate.

A

General Fund

43
Q

Which governmental fund would be used for the transaction?

The city workers were paid their weekly salaries.

A

General Fund

44
Q

Which governmental fund would be used for the transaction?

The city retired some of its outstanding bonds, using money accumulated for that purpose.

A

Debt Service Fund

45
Q

Which governmental fund would be used for the transaction?

A federal grant was received to help pay for the cost of constructing the new city hall.

A

Capital Projects Fund

46
Q

Which governmental fund would be used for the transaction?

The city received a donation from a taxpayer with the stipulation that it be invested and kept in perpetuity, so that the income from the investments could be used to buy library books.

A

Permanent Fund

47
Q

Which governmental fund would be used for the transaction?

The city received income from the investments made from the permanent fund.

A

General Fund or Special Revenue Fund

ACC245 (13 decks)

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