FINAL EXAM - AC 395 QUESTIONS WITH VERIFIED ANSWERS LATEST UPDATE GRADED A+

FINAL EXAM - AC 395 QUESTIONS WITH VERIFIED ANSWERS LATEST UPDATE GRADED A+ Which of the following is not required disclosure about each major class of capital assets? Capital acquisitions and sales or other dispositions during the year showing the date and method of acquisition or disposition Which of the following funds of a government uses the modified accrual basis of accounting? Capital projects The city of Columbus issued bonds for the construction of new city office bridling. Receipt of the bond proceeds would result in journal entries in which funds? CPR: YES; DSF: NO A capital projects fund might be used to account for which of the following activities? Building a parking garage When part of a progress payment for construction is withheld until final settlement of the contract, what account is credited? Contracts payable--retained percentage Which funds would recognize the sale of tax-supported bonds for the construction of new city jail? Capital projects fund and governmental activities Interfund transfers from the GF to the CPF to provide partial financing of a capital project would be reported by the CPF as a Other financing source When materials are used fro a construction project, what account is debited? Construction expenditures Premiums received on tax-supported bonds are generally transferred to what fund? Debt service Which of the following is not true for CPF? CPF use a construction work in progress account to record costs until the project is completed