Government Accounting

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COURSES > ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES:, 15/E- WILSON > CONTROL PANEL > POOL MANAGER > POOL CANVAS

Pool Canvas

Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question creation. Add !"#$%&#'()*+%,' Creation Settings

Name Chapter 06 Accounting for General Long-Term Liabilities and Debt Service Description Questions which Blackboard's assessment component is incapable of supporting are not included in the export. Instructions Add Question Here

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True/False Question Both general capital assets acquired or constructed from the proceeds of special assessment debt, and the related long-term liability are recorded in the governmental fund. Answer True False Correct Feedback Incorrect Feedback GASB requires general capital assets and the related long-term liabilities to be reported in the governmentwide statements, not in governmental funds. GASB requires general capital assets and the related long-term liabilities to be reported in the governmentwide statements, not in governmental funds. Add Question Here

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True/False Question Debt backed by both special assessments and the full faith and credit of a government should be reported in the government-wide statement of net assets in the Business-type Activities column. Answer True False Correct Feedback Incorrect Feedback GASB standards require that the obligation for special assessment debt be recorded in the governmental activities accounts if the government is obligated in any manner for the debt, even though primary responsibility for the debt rests with taxpayers in the special benefit district. GASB standards require that the obligation for special assessment debt be recorded in the governmental activities accounts if the government is obligated in any manner for the debt, even though primary responsibility for the debt rests with taxpayers in the special benefit district. Add Question Here

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True/False Question When a capital lease payment of $20,000 is legally due, an entry is made in the debt service fund to record the expenditure of $20,000, and an entry is made in the governmental activities accounts to reduce Capital Lease Obligations Payable by $20,000. Answer True False Correct Feedback Incorrect Feedback The first part of the statement is correct, but the reduction of Capital Lease Obligations Payable in the governmental activities accounts should only be for the portion of the payment that is a payment on principal of the lease obligation, not for the portion that is a payment of interest on the unpaid lease obligation. The first part of the statement is correct, but the reduction of Capital Lease Obligations Payable in the governmental activities accounts should only be for the portion of the payment that is a payment on principal of the lease obligation, not for the portion that is a payment of interest on the unpaid lease obligation. Add Question Here

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True/False Question Issuance of tax supported debt having a maturity of more than one year from date of issue results in a journal entry in only the governmental activities general journal. Answer True False Correct Feedback Incorrect Feedback The fund or funds that received the proceeds of the debt must also record the issuance. The fund or funds that received the proceeds of the debt must also record the issuance. Add Question Here

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True/False

Question Debt limit is a term used to denote the total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any one time. Answer True False Correct Feedback Incorrect Feedback This paraphrases the definition given in Chapter 6. This paraphrases the definition given in Chapter 6. Add Question Here

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True/False Question Debt margin is the...
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