CC410-Ch-10-Quiz

Apr 30th, 2015
Studypool Tutor
Strayer University
Course: business and management
Price: $10 USD

Tutor description

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?

Word Count: 995
Showing Page: 1/7
Question 1 4 out of 4 pointsWhat 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 pointsCitizens 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 pointsSeveral 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

Review from student

Studypool Student
" AMAZING as always! "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1828 tutors are online

Other Documents

04/30/2015
04/30/2015

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors