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ACC410-Ch-10-Quiz

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Question 1
4 out of 4 points
What basis of accounting is used to account for transactions of a government permanent fund?
Answer
Selected Answer:
Modified accrual basis of accounting.
Correct Answer:
Modified accrual basis of accounting.
Question 2
4 out of 4 points
Citizens within a defined geographic area of Hill City created a special assessment district to
facilitate the construction of sidewalks. Hill City was responsible for overseeing the entire
construction project. Hill City issued bonds in its own name to pay the contractor for the
construction. However, Hill City was not responsible in any manner for the bonds. The bonds
were secured by the special assessments which would be levied against the property within the
special assessment district. Collections of special assessments would be recorded in which of
the following funds of Hill City?
Answer
Selected Answer:
Agency Fund.
Correct Answer:
Agency Fund.
Question 3
4 out of 4 points
Several years ago, a donor gave $5 million to the City and specified that the principal was to be
kept intact but the earnings were to be used to support operations of the city parks. During the

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current year, the City earned $300,000 on the gift. To what type of fund should the City transfer
accountability for the $300,000 earnings.
Answer
Selected Answer:
A special revenue fund.
Correct Answer:
A special revenue fund.
Question 4
4 out of 4 points
Previously a city received a $1 million gift, the income from which was restricted to support
maintenance of city-owned parks. During the current year the endowment earned $70,000 of
which $50,000 was transferred to the City Park Special Revenue Fund. On the year-end fund
financial statement, the endowment fund would report the $50,000 transferred to the Special
Revenue Fund as:
Answer
Selected Answer:
Correct Answer:
Question 5
0 out of 4 points
The City of Highland Hills receives a federal grant to assist in nutrition (feeding) programs for
senior citizens. The City will select the contractors to provide the feeding and approve the
participants in the program. The proceeds of this grant should be accounted for in which of the
following funds of the City?
Answer

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Question 1 4 out of 4 points What basis of accounting is used to account for transactions of a government permanent fund? Answer Selected Answer: Modified accrual basis of accounting. Correct Answer: Modified accrual basis of accounting. Question 2 4 out of 4 points Citizens within a defined geographic area of Hill City created a special assessment district to facilitate the construction of sidewalks. Hill City was responsible for overseeing the entire construction project. Hill City issued bonds in its own name to pay the contractor for the construction. However, Hill City was not responsible in any manner for the bonds. The bonds were secured by the special assessments which would be levied against the property within the special assessment district. Collections of special assessments would be recorded in which of the following funds of Hill City? Answer Selected Answer: Agency Fund. Correct Answer: Agency Fund. Question 3 4 out of 4 points Several years ago, a donor gave $5 million to the City and specified that the principal was to be kept intact but the earnings were to be used to support operations of the city parks. During the current year, the City earned $300,000 on the gift. To what type of fund should the City transfer accountability for the $300,000 earnings. Answer Selected Answer: A special revenue fund. Correct Answer: A special revenue fund. Question 4 4 out of 4 points Previously a city received a $1 million gift, the income from which was restricted to sup ...
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