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Question 1   Which of the following financial statements are required for a Debt Service Fund?    Question 2   The Town of Golden purchased a squad car for the police department

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Question 1  

Which of the following financial statements are required for a Debt Service Fund?

  

Question 2  

The Town of Golden purchased a squad car for the police department. If the operations of the police department are financed by general revenues, which of the following is correct concerning where the capital asset would be recorded?

  

Question 3  

Which of the following activities would most appropriately be recorded by a trust fund?

  

Question 4  

A government experienced significant loss of certain roadways and bridges as a result of major flooding. Which of the following estimation approaches would be most useful in estimating the amount of asset impairment that has occurred?

  

Question 5  

The comprehensive annual financial report (CAFR) of a government should contain a statement of revenues, expenses, and changes in net position for:

  

Question 6  

How should a lease for a general capital asset be recorded in the General Fund accounts at the inception of the lease?

  

Question 7  

Which of the following types of risk is related to the financial ability and dependability of the issuer of debt securities?

  

Question 8  

Which of the statements concerning custodial funds is true?

  

Question 9 

Streets, curbs, and sidewalks constructed or acquired through use of capital projects fund resources should never be reported in the financial statements of a government because they are for the use of the public, not for use by the government.

  

Question 10  

Which of the following assets would not be found in the balance sheet of a debt service fund?

  

Question 11  

Under a service concession arrangement:

  

Question 12  

A city recorded an asset impairment to a public works facility. Which of the following is correct concerning the recording of the amount of the asset impairment?

  

Question 13  

The City of Crescent Hill operates a central motor pool as an internal service fund for the benefit of the city's other funds and departments. In the current year, this fund charged the Parks Department $30,000 for vehicle rentals. What account should the internal service fund use to record these charges?

  

Question 14  

State laws often require that assets no longer needed in a capital projects fund be transferred to the fund that will service the debt incurred for the project, a debt service fund.   

Question 15  

Which of the following would be reflected in the operating statement of a proprietary fund?

  

Question 16  

Which of the following is one of the three sections of a comprehensive annual financial report?

Question 17

What is the difference between using the modified approach to accounting for infrastructure assets and depreciating infrastructure assets?

Question 18

Explain the essential differences between regular serial bonds, deferred serial bonds, annuity serial bonds, and irregular serial bonds. How do regular serial bonds differ from term bonds?