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Exam 16: Governmental Accounting: Other Governmental Funds, Proprietary Funds, and Fiduciary Funds

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Question 31

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On July 1, 20X5, Rhodes City approved the construction of a new library costing $8,000,000. The project was to be financed with a $4,000,000 general obligation bond issue and a matching state grant. Required: Record the following events in the Capital Project Fund for Rhodes City during 20X5. a.The city estimated that approximately one-fourth of the contract price would be paid for in the current fiscal year and that the bond issue will be sold this year. The project should be completed and the matching grant received next year. b.The bonds are sold at 102 and premium to be used for future principal payment, forwarded to the Debt Service Fund. c.A contract was signed to construct the library at a cost of $7,900,000 with a retained percentage of 10% until final inspection at completion. d.The contractor submits a $1,000,000 progress billing. e.The books are closed at year end.

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Question 32

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In the Statement of Cash Flows for an Proprietary Fund, the acquisition of a fixed asset would be included in cash flows from:

A) operating activities.
B) noncapital financing activities.
C) capital and related financing activities.
D) investing activities.

E) None of the above
F) B) and D)

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Question 33

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When a city plans to build a fire station by issuing long-term debt, it could obtain money to start construction before the bonds are sold by

Revenue in a Capital Projects Fund includes all but:

The best fund in which to account for the interest and dividends from an endowment to purchase library books would be a(n)

Place a check mark in the appropriate column to indicate in which of the following funds and accounts groups the given accounts would commonly be found:

A government may decide to do an advance refunding of long-term debt to remove legal impairments or lower the effective interest rate. If the refunding does not pay off the old debt, but simply sets aside monies irrevocably with a trustee to pay it as it comes due, it is a(n)

The activities of a central motor pool that supplies and services vehicles for the use of municipal employees on official business should be accounted for in a(n) ?

The entry in the General Fund to record the an operating subsidy paid to the city's Water Utility Enterprise Fund for which it does not expect repayment would include a debit to:

If a county collects taxes on behalf of the city and school district, it would record the taxes in the

An enterprise fund should be used to account for

Rankin City established a Central Printing and Reproductions Fund during the fiscal year ending 6/30/05. Transactions affecting the fund are as follows: a.The fund was established with a $100,000 contribution from the General Fund on 7/1/04. The transfer will be recorded as Contributed Capital for the fund. b.Equipment costing $30,000 was acquired on 7/3/04. The equipment is assigned a 10 year life, no salvage. It will be paid at a future date. c.Supplies costing $65,000 were acquired. A physical inventory was taken on 6/30/05 of the supplies, the count showed supplies valued at $11,000. The voucher will be paid at a later date. d.Various operating expenses were incurred for a total of $67,000. Of that amount, $7,000 represented charges from the city's electric utility (an enterprise fund). All the vouchers were then paid. The payments for the equipment and supplies acquisition are also made. e.Total billings to the city's various departments were $125,000. Of this amount, $9,000 pertained to services performed for the city's electric utility (enterprise fund).f. Cash was collected on the above billings in full.Required:Make the necessary journal entries for fiscal year 2004-2005 (ending 6/30/05) for Rankin City's Internal Service Fund including any year end adjusting entries. Closing entries are not required.

The following summary events are for the Village of Carsonville: Required: Prepare the journal entries necessary to record these events in the Special Revenue Fund. The fund was established to record the city's share of state gasoline tax, which is used for street maintenance.

Service-type special assessments:

What is escheat property and how do we account for it?

The basis of accounting for the Public Purpose Trust is the

On December 1, $125,000 was deposited with a fiscal agent for payment on bonds payable in the amount of $90,000 and interest payable for $35,000 due maturing on the last day of December. This will require a debit of

In the space provided, fill in the name of the one fund or account group in which each of the following items is most likely to be recorded.