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Week 2 Quiz Acc380

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  • April 1, 2012
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| Question :| If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are:|
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 | Student Answer:| | Included as a liability of the general fund |  | | | Recorded as operating transfers to the debt service fund |  | | | Included as revenues of the debt service fund |  | | | Both A and B are correct |

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 | Points Received:| 1 of 1 |
 | Comments:| |
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 2.| Question :| If taxes and/or special assessments are levied by the General Fund and then are subsequently transferred to the debt service fund, they are:|
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 | Student Answer:| | Recorded as revenues of the debt service fund |  | | | Included in the revenues budget of the general fund and are also budgeted by that fund as transfers out to the debt service fund |  | | | Included as transfers out in the General Fund but are not budgeted as revenue in that fund |  | | | Recorded as an expense and voucher payable by the general fund and are recorded as a revenue and receivable by the debt service fund | |

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 | Points Received:| 0 of 1 |
 | Comments:| |
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 3.| Question :| What is a Special Revenue Fund?|
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 | Student Answer:| | Fund created to account for all resources and revenues to be used for the construction or acquisition of capital assets |  | | | Fund used to account for all revenue transactions of a governmental unit that are not accounted for in another fund |  | | | Fund used to account for revenues from general taxes or other revenue sources that by law are designated to finance general activities of the government |  | | | Fund used to account for revenues from specific taxes or other revenue sources that by law are designated to finance particular activities of the government other than capital projects | |

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 | Points Received:| 1 of 1 |
 | Comments:| |
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 4.| Question :| Which of the following...