Shreveport issued a total of $50,000,000 of bonds to construct a city hall. Shreveport
also received a $50,000,000 grant from the state to build a new soccer and baseball
complex. The funds received for these two projects would likely be placed in
______________________. A. a debt service fund ($50,000,000) and a capital projects fund
($50,000,000) B a single capital projects fund for the combined $100,000,000 C. Two
capital projects funds. One for the city hall and one for the sports complex D. The
general fund until plans are approved for construction
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C These funds are committed/restricted for use on specific projects. Both
amounts of money would go into capital projects funds because they are
intended to be used for construction projects. They would not share the
same fund, because the funds came from two different sources, for two
different intended uses, with two different sets of contraints imposed on
the funds (the grant language and the bond documents). If the money
came from two sources, but all of it was intended for one construction
project, then the money would go into a single CP fund. A is incorrect
, because a debt service fund is used to accumulate money for repayment of
debt, not the proceeds of a debt issuance
Overlapping Debt
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the proportionate share of the debts of local governments located wholly
or in part within the limits of the government reporting entity that must be
borne by property within each government
Governments must maintain capital project funds for?
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legally restricted and contractually required capital assets
Which of the following financial statements are prepared using the modified accrual
basis of accounting and thus do not report long term assets? A. Government Wide FS
B. Governmental Funds FS C. Enterprise Funds FS D. Internal Service Funds
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B. Governmental Only governmental funds are focused on availability of
current financial resources only. The other financial statements are reported
under the full accrual method.
In bond reporting, govs should report the underwriting and other costs as
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expenditures
Lafayette received $150,000 from the state legislature without stipulation of its use,
other than it is to be used to supplement maintenance of city infrastructure. The city
also received $50,000 of interest on the bank account in the name of the City of
Lafayette Employee Pension Plan. How much of these receipts would be accounted
for in the general fund of the city? A. $50,000 B. $200,000 C. $150,000 D. $0
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C $150,000 Maintenance of city infrastruture (roads and bridges) is a basic
function of government. the $150,000 to be used on maintenance of city
infrastructure would go into the general fund. The $50,000 of interest does
not belong to the city, it belongs to the retirement plan. The $50,000 would
go into a fiduciary fund.
Capital assets are not accounted for in
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capital project funds
_______ provides loophole for ________ to account for enterprise type funds
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also received a $50,000,000 grant from the state to build a new soccer and baseball
complex. The funds received for these two projects would likely be placed in
______________________. A. a debt service fund ($50,000,000) and a capital projects fund
($50,000,000) B a single capital projects fund for the combined $100,000,000 C. Two
capital projects funds. One for the city hall and one for the sports complex D. The
general fund until plans are approved for construction
Give this one a try later!
C These funds are committed/restricted for use on specific projects. Both
amounts of money would go into capital projects funds because they are
intended to be used for construction projects. They would not share the
same fund, because the funds came from two different sources, for two
different intended uses, with two different sets of contraints imposed on
the funds (the grant language and the bond documents). If the money
came from two sources, but all of it was intended for one construction
project, then the money would go into a single CP fund. A is incorrect
, because a debt service fund is used to accumulate money for repayment of
debt, not the proceeds of a debt issuance
Overlapping Debt
Give this one a try later!
the proportionate share of the debts of local governments located wholly
or in part within the limits of the government reporting entity that must be
borne by property within each government
Governments must maintain capital project funds for?
Give this one a try later!
legally restricted and contractually required capital assets
Which of the following financial statements are prepared using the modified accrual
basis of accounting and thus do not report long term assets? A. Government Wide FS
B. Governmental Funds FS C. Enterprise Funds FS D. Internal Service Funds
Give this one a try later!
B. Governmental Only governmental funds are focused on availability of
current financial resources only. The other financial statements are reported
under the full accrual method.
In bond reporting, govs should report the underwriting and other costs as
, Give this one a try later!
expenditures
Lafayette received $150,000 from the state legislature without stipulation of its use,
other than it is to be used to supplement maintenance of city infrastructure. The city
also received $50,000 of interest on the bank account in the name of the City of
Lafayette Employee Pension Plan. How much of these receipts would be accounted
for in the general fund of the city? A. $50,000 B. $200,000 C. $150,000 D. $0
Give this one a try later!
C $150,000 Maintenance of city infrastruture (roads and bridges) is a basic
function of government. the $150,000 to be used on maintenance of city
infrastructure would go into the general fund. The $50,000 of interest does
not belong to the city, it belongs to the retirement plan. The $50,000 would
go into a fiduciary fund.
Capital assets are not accounted for in
Give this one a try later!
capital project funds
_______ provides loophole for ________ to account for enterprise type funds
Give this one a try later!
