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Chapter 5 governmental accounting questions with actual answers.

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2024/2025 Written for academic year
Institution Governmental Accounting
Course Governmental Accounting
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Chapter 5 governmental accounting questions with actual answers.

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Chapter 5 governmental accounting
questions with actual answers.
Capital project fund ANS - Accounts for and reports financial resources that are restricted, committed or
assigned to expenditure for capital outlays



Who accounts for issuance of bonds and OFS ANS - Capital Project funds



Capital project funds is used for ____ of major long term assets such as buildings Bridget's etc ANS -
Construction or acquisition



Proprietary funds account for construction activities in proprietary funds, they Do/do not require use of
capital project fund ANS - Do not



What are some primary sources of funds for capital project ANS - Issuance of bonds, grants, dedicated
taxes, transfers, interest in funds held



What would be the journal entry for issuing bonds ANS - Debit: cash

Credit: OFS- bonds proceeds



What is fund within a fund ANS - Government accounts for all or related construction projects In a singe
fund



What is the general rule ANS - Must be traceable



What are operating leases ANS - True rental situation



What are capital leases ANS - In substance purchases of long term assets on time w interest

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