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(Multiple choice)1. Several years ago a city established a sinking fund to retire an issue of general obligation bonds. This year the city made a $ 50,000 contribution to the sinking fund from general revenues and realized $ 15,000 in revenue from securities in the sinking fund. The bonds due this year were retired. These transactions require accounting recognition in which of the following funds? a. General Fundb. Debt Service Fundc. Debt Service Fund and General Fundd. Capital Projects Fund, Debt Service Fund, and General Funde. None of the above2. To provide for the retirement of general obligation bonds, a city invests a portion of its general revenue receipts in marketable securities. This investment activity should be accounted for in which of the following funds?a. Trust Fundb. Enterprise Fundc. Special Assessment Fundd. Special Revenue Funde. None of the above.3. As part of its process to legally adopt Brockton City, General Fund budget for the year beginning January 1, 2013, the city council includes a portion of its existing fund balance as a budgetary resource to eliminate a projected excess of expected expenditures over estimated revenues. What will be the effect of the council, action on Brockton City, financial statements for the year ended December 31, 2012?a. A cash overdraftb. An increase in encumbrancesc. An increase in Assigned fund balanced. A decrease in revenuese. None of the above4. Which of the following funds is used to account for the operations of a public library receiving the majority of its support from property taxes levied specifically for that purpose? (AICPA adapted)a. General Fundb. Special Revenue Fundc. Enterprise Fundd. Internal Service Funde. None of the above5. A special tax was levied by Downtown City to retire and pay interest on general obligation bonds that were issued to finance the construction of a new city hall. Where are the receipts from the tax recorded?a. Capital Projects Fundb. Special Revenue Fundc. Debt Service Fundd. General Funde. None of the above6. Which of the following funds use(s) modified accrual accounting?a. All governmental- type fundsb. General Fund and Special Revenue Funds onlyc. Only the General Fundd. Only Debt Service Fundse. None of the above7. The current financial resources measurement is used to account for which of these?a. All assets and liabilitiesb. Financial assets and short- term liabilities in governmental type fundsc. Capital assets and long- term liabilities recorded in governmental fundsd. The timing of the recognition of revenues and expensese. None of the above
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