ACC410-Ch-10-Quiz

Apr 30th, 2015
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Strayer University
Course: business and management
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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?

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Question 14 out of 4 pointsWhat basis of accounting is used to account for transactions of a government permanent fund?AnswerSelected Answer:Modified accrual basis of accounting.Correct Answer:Modified accrual basis of accounting.Question 24 out of 4 pointsCitizens within a defined geographic area of Hill City created a special assessment district tofacilitate the construction of sidewalks. Hill City was responsible for overseeing the entireconstruction project. Hill City issued bonds in its own name to pay the contractor for theconstruction. However, Hill City was not responsible in any manner for the bonds. The bondswere secured by the special assessments which would be levied against the property within thespecial assessment district. Collections of special assessments would be recorded in which ofthe following funds of Hill City?AnswerSelected Answer:Agency Fund.Correct Answer:Agency Fund.Question 34 out of 4 pointsSeveral years ago, a donor gave $5 million to the City and specified that the principal was to bekept intact but the earnings were to be used to support operations of the city parks. During thecurrent year, the City earned $300,000 on the gift. To what type of fund should the City transferaccountability for the $300,000 earnings.AnswerSelected Answer:A special revenue fund.Correct Answer:A special revenue fund.Question 44 out of 4 pointsPreviously a city received a $1 million gift, the income from which was restricted to sup

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