ACC 308 MC LATEST QUESTIONS AND 100% VERIFIED ANSWERS A+ GRADE GUARANTEED

ACC 308 MC LATEST QUESTIONS AND 100% VERIFIED ANSWERS A+ GRADE GUARANTEED of the following funds of a governmental until would account for long-term assets in the fund's accounts? a. General b. Enterprise c. Debt Service d. Special Revenue e. both b. and d. CORRECT ANSWER: B 2.If a governmental unit established a data processing center to service all agencies within the unit, the center should be accounted for as a(n) a. Enterprise fund b. Trust fund c. Internal service fund d. agency fund CORRECT ANSWER: C Brainpower Read More 3.A municipality's special revenue fund is an example of which of the following types of funds? a. internal service b. proprietary c. governmental d. fiduciary CORRECT ANSWER: C 4.Recreational facilities run by a government unit and financed on a user-charge basis would be accounted for in which fund? a. capital projects b. general c. trust d. internal service e. enterprise CORRECT ANSWER: E 5.Taxes collected and held by a municipality for a school district would be accounted for in a(n) a. special revenue fund b. agency fund c. enterprise fund d. debt service fund e. internal service fund CORRECT ANSWER: B 6.Fixed assets purchased from capital projects fund revenue were received. What account, if any, should have been debited in that fund? a. expenditures b. fixed assets c. fund balance - unassigned d. expenses CORRECT ANSWER: A 7.The Brizzo Electric Utility Fund (an enterprise fund) had the following during its 2018 fiscal year ending 12/31/18. Dep Expense: $76,000 Prepaid Rent: $34,000 .What amount should be reflected in the fund's statement of revenues, expenses, and changes in fund net assets for these items? a. $110,000 b. $76,000 c. $42,000 d. $34,000 CORRECT ANSWER: B 9.The primary measurement focus in accounting and reporting for governmental funds is on a. capital maintenance b. flow of all economic resources c. income determination d. flow of current financial resources CORRECT ANSWER: D 10.Which of the following funds of a governmental unity uses the same basis of accounting as a debt service fund? a. special revenue b. agency fund c. internal service d. capital projects e. both a. and d