90.2K

Verified Solution

Link Copied!

6. The City of Thomasville had the following debt outstanding: General obligation bonds to be paid from a debt service fund $2.90.000 General obligation bonds to be paid from utility revenues $3.100,000 S3.400.000 Revenue bonds to be paid from utility revenues The amount that should be shown as debe in the utility (enterprise) fund would be: A. $9,400,000. B, S6,500,000. C. $3.400,000. D. $3,100,000. 7. Which of the following statements is true regarding proprietary funds? A. Proprietary funds use the modified accrual basis of accounting B. Accruals and deferrals common to business accounting are recorded in proprietary funds. C. GASB standards require budget-actual reporting for proprietary funds. D. The purchase of a capital asset is recorded as an expenditure in proprietary funds. 8. According to GASB 34, Enterprise funds must be used when A. Debt is backed solely by fees and charges. B. A legal requirement exists that the cost of providing services for an activity, including capital costs be recovered through fees or charges. C. A government has a poliey to establish fees and charges to cover the cost of providing services for D. Any of the above apply. activity 9. Which type of pension plan most commonly results in an unfunded actuarial A. Defined benefit plan. B. Defined contribution. C. Both A and B D. Neither A or B. the Village of Edenton, $1,200,000 for the Eden Park District, and $700,000 for Eden County, Co General Fund employees handle the collections, and a 3 percent collection fee is charged all units the county. The amount to be remitted to the county General Fund would be 10. The tax agency fund of Eden County collected S2,000,000 for the Eden School District, $1,000,00 A. $126,000. B. $147,000 C $747,000 D. $826,000

Answer & Explanation Solved by verified expert

See Answer