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Exam 4: The General Fund and Special Revenue Funds

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Question 41

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Which of the following would be classified as Other Financing Sources (Uses) ?

A) Purchase of capital assets.
B) Proceeds from the issuance of 6-month notes payable.
C) Transfers from an Internal Service Fund.
D) Special item.

E) A) and D)
F) B) and D)

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Question 42

Multiple Choice

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Which of the following could never be considered part of assigned fund balance?

A) The finance director sets aside a substantial amount of resources for a special project.
B) Unassigned amounts loaned to another fund for more than one year.
C) Program manager - with blessing of city council - sets aside funds for multi-year project.
D) Fund balances remaining in a Special Revenue Fund after determining the appropriate balances for nonspendable fund balance, restricted fund balance, and committed fund balance.

E) None of the above
F) A) and C)

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Question 43

Multiple Choice

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A Special Revenue Fund

General Fund resources are provided to a Capital Projects Fund to finance a portion of a major capital project. The Capital Projects Fund is required to repay the resources that it received from the General Fund. This transaction is an example of an interfund

Assume the General Fund borrows $50,000 from the Enterprise Fund. The interfund loan is scheduled to be paid back in five years. Which of the following statements properly characterizes the reporting effects of this transaction?

$40,000 of General Fund expenditures had been paid for from and recorded in a Special Revenue Fund. Upon discovery of this situation, $40,000 was paid from the General Fund to the Special Revenue Fund. This transaction is recorded in the Special Revenue Fund by debiting Cash and crediting

A city acquired a dump truck for general government usage. The government paid nothing down and signed a 10%, short-term note payable for the price of the truck, $80,000. The note will mature in the next fiscal year. What items should appear in the statement of revenues, expenditures, and changes in fund balance for the General Fund in the year the truck was purchased?

The Special Revenue Fund of the city of Wakefield ended its fiscal year with revenues of $750,000, other financing sources of $50,000, and expenditures of $725,000. The closing entry in the Special Revenue Fund would be

Which of the following events could potentially qualify for reporting as an extraordinary item?

Assume the General Fund has two outstanding investments as of its 6/30/X5 year end, as follows: -$100,000 Certificate of Deposit, 6 month original maturity, 3% annual interest rate, purchased 4/30/X5 -$500,000 Commercial Paper, 8 month original maturity, 3% annual interest rate, purchased 1/31/X5 The interest revenue that would be recorded in the GAAP-based external financial statements for the General Fund under the fair value method as of 6/30/X5 assuming a 3% interest rate still applies to such investments would be

A school district receives a federal grant of $200,000 that is restricted to support a program designed to teach elementary school students a foreign language. The grant pays for only about five percent of the program costs. The remaining funds for the program come from a special tax levy made for this purpose. The program is accounted for in one fund. Which of the following funds could be used for this activity?