Final-Exam-Part-1

Apr 30th, 2015
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4 out of 4 points A City issued bonds for the purpose of financing a major capital improvement. Which fund is the most appropriate fund in which to record the receipt of the bond proceeds? Answer Selected Answer: Capital Project Fund. Correct Answer: Capital Project Fund.

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4 out of 4 pointsThe capital project fund of a governmental entity is accounted for using which of the following bases of accounting?Answer Selected Answer: Modified accrual basis.Correct Answer: Modified accrual basis.Question 2 4 out of 4 pointsVoters in Lincoln School District approved the construction of a new high school and approved a $10 million bond issue with a stated rate of interest of 6% to fund the construction. Bids were received and the low bid was $10 million. When the bonds were issued, they sold for face value less bond underwriting fees of $.5 million. The School Board voted to fund the balance of the construction by a transfer from the general fund. The entry in the capital project fund to record the receipt of the bond proceeds would beAnswer Selected Answer: Debit Cash $9.5 million and Expenditures $.5 million; Credit Other Financing Sources $10.Correct Answer: Debit Cash $9.5 million and Expenditures $.5 million; Credit Other Financing Sources $10.Question 3 4 out of 4 pointsA City issued bonds for the purpose of financing a major capital improvement. Which fund is the most appropriate fund in which to record the receipt of the bond proceeds?Answer Selected Answer: Capital Project Fund.Correct Answer: Capital Project Fund.Question 4 4 out of 4 pointsSue City has outstanding $5 million in general term bonds used to finance the construction of the n

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