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(Multiple Choice)1. The resources used to finance Capital Projects Funds may come from which of the following sources?a. Private donationsb. General obligation debtc. Intergovernmental revenuesd. All of the above2. The issuance of bonds to provide resources to construct a new courthouse should be recorded in a Capital Projects Fund by crediting which of the following accounts?a. Bonds payableb. Revenues, bondsc. Fund balanced. Other financing source, long- term debt issued3. What entry must be made at the beginning of the new period when encumbrance accounting is used for a construction project that continues beyond the end of an accounting period? a. A credit to Revenues b. A debit to Cash c. A debit to Expenditures d. A debit to Encumbrances4. What is done with resources that remain in a Capital Projects Fund after the project is completed?a. Always transferred to a Debt Service Fundb. Always returned to the provider(s) of the resourcesc. Disbursed according to the directives of the resource providerd. Always transferred to the General Fund5. What journal entry is made in the Capital Projects Fund when a contract is signed and encumbrance accounting is used?a. Encumbrances............ xxxxBudgetary fund balance reserved for encumbrances .. xxxxb. Vouchers payable........ xxxxReserve for encumbrances ............. xxxxc. Expenditures construction costs... xxxxVouchers payable............. xxxxd. Budgetary fund balance reserved for encumbrances.. xxxxFund balance.................. xxxx6. The principal amount of bonds issued to finance the cost of a new city hall would be recorded as a liability in which of the following funds?a. General Fund b. Special Revenue Fundc. Capital Projects Fundd. Debt Service Funde. None of the above7. Why is encumbrance accounting usually used in Capital Projects Funds?a. Long- term debt is not recorded in these funds.b. The budget must be recorded in these funds.c. It helps the government control the expenditures.d. The modified accrual basis of accounting is used.8. The City of New Easton constructed a convention center. After completion of the project, the convention center should be recorded as an asset in which of the following funds?a. General Fundb. Capital Projects Fundc. Debt Service Fundd. Both b and ce. None of the above9. The City of Matthews has been given a $ 1,000,000 gift that is restricted by the donor, Rebecca Smith. Ms. Smith, gift agreement mandates that only the earnings from the gift may be used to maintain or improve athletic facilities owned by the city. Which fund should be used to account for the gift?a. Special Revenue Fundb. Permanent Fundc. Capital Projects Fundd. Private Purpose Trust Fund10.The gift from Rebecca Smith (see previous question) earned $ 50,000 this year. The city council decides that these resources should be used to construct new sand volleyball courts for public use. Which fund should be used to account for the construction of the courts?a. Capital Projects Fundb. General Fundc. Special Revenue Fundd. Enterprise Fund
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