Governmental and Nonprofit Accounting (11th Edition)
11th Edition
ISBN: 9780133799569
Author: Robert J. Freeman, Craig D. Shoulders, Dwayne N. McSwain, Robert B. Scott
Publisher: PEARSON
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Textbook Question
Chapter 7, Problem 1.6E
Common expenditures in a Capital Projects Fund include
- a. bond issue costs.
- b. payments to contractors.
- c. bond discounts.
- d. Items a and b only.
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Defines the meaning of Capital Projects Fund and Debt Service Funds.
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The fund that records the payment of principal and interest associated with long-term debt is the _________________, and the fund that records construction project activity is the _______________.
None of these
capital projects fund; debt service fund
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capital projects fund; general fund
debt service fund; capital projects fund
Chapter 7 Solutions
Governmental and Nonprofit Accounting (11th Edition)
Ch. 7 - When is a Capital Projects Fund used by a...Ch. 7 - Prob. 2QCh. 7 - What is the life cycle of a Capital Projects Fund?Ch. 7 - Why is each significant capital project usually...Ch. 7 - In what situations could several capital projects...Ch. 7 - Prob. 6QCh. 7 - Prob. 7QCh. 7 - Prob. 8QCh. 7 - Prob. 9QCh. 7 - Prob. 10Q
Ch. 7 - Prob. 11QCh. 7 - Prob. 12QCh. 7 - Which of the following general government capital...Ch. 7 - Budgets for Capital Projects Funds are a. often...Ch. 7 - Which of the following are sometimes reported as...Ch. 7 - Wakefield Heights sold 6,000,000 of general...Ch. 7 - Which of the following statements regarding the...Ch. 7 - Common expenditures in a Capital Projects Fund...Ch. 7 - Prob. 1.7ECh. 7 - In practice, which of the following is false...Ch. 7 - The funding sources for a Capital Projects Fund...Ch. 7 - Prob. 2.2ECh. 7 - When grant resources are received before...Ch. 7 - Bonds are sold to finance the construction of a...Ch. 7 - After restricted and committed levels of fund...Ch. 7 - Which of the following would not be reported on...Ch. 7 - The City of Hope received an unrestricted grant in...Ch. 7 - Expenditures are made in a Capital Projects Fund...Ch. 7 - A GAAP-based Statement of Revenues, Expenditures,...Ch. 7 - Prob. 2.10ECh. 7 - (General Ledger Entries) The following...Ch. 7 - (Long-Term Debt Issuances) Swenson Township issued...Ch. 7 - (Short Discussion and Analysis) Briefly discuss...Ch. 7 - (Statement of Revenues, Expenditures, and Changes...Ch. 7 - (Multiple Choice Problems and Computations)...Ch. 7 - Prob. 2PCh. 7 - (Statement of Revenues, Expenditures, and Changes...Ch. 7 - Prob. 6PCh. 7 - (CPF Journal EntriesBlue Earth County, Montana)...
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- Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.arrow_forwardThe long-term asset account group is used for which of the following funds? Enterprise Capital Projects Internal Service General Both b and darrow_forwardExtra money was left over from a construction project is transferred for payment of interest on general obligation bonds used to finance the project. Which funds would be involved in this transfer of cash? A) Capital Projects Fund & Debt Service Fund. B) Agency Fund & Debt Service Fund. C) Capital Projects Fund & General Fund. D) Capital Projects Fund & Agency Fund.arrow_forward
- If an internal service fund is intended to operate on a cost-reimbursement basis, then user charges should a. cover the full costs, both direct and indirect, of operating the fund. b. cover the full costs of operating the fund and provide for future expansion and replacement of capital assets. c. cover at a minimum the direct costs of operating the fund. d. do all of the above.arrow_forwardIdentify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.arrow_forwardFor long-term construction projects, the amount of “billings” is reported in the balance sheet by: Multiple Choice netting it against “construction in progress.” adding it to “construction in progress.” adding it to “accounts receivable.” netting it against “accounts receivable.”arrow_forward
- Revenues that are legally restricted to expenditures for specified purposes should be accounted for in special revenue funds, includinga. accumulation of resources for payment of general long-term debt principal and interest.b. pension trust fund revenues.c. gasoline taxes to finance road repairs.d. proprietary fund revenues.arrow_forwardTraditional Approach of finance was limited to Select one: a. Utilization of Funds Ob. Procurement and efficient utilization of funds c. All of the above O d. Procurement of Fundsarrow_forwardWhich of the following neither increases nor decreases fund balance of the General Fund during the current period? a. Revenues. b. Other financing sources. c. Deferred revenues. d. Expenditures.arrow_forward
- 5-3. What are the major sources of funds for capital project and debt service funds, and how are the sources classified in the Statement of Revenues, Expenditures and Changes in Fund Balance?arrow_forwardScope: Sources and Uses of Short-Term and Long-Term Fundsarrow_forwardIn what fund type should the proceeds from special assessment bonds issued to finance construction of sidewalks in a new subdivision be reported? a. Agency fund b. Special revenue fund c. Enterprise fund d. Capital projects fundarrow_forward
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