ACCT 567 Week 4 Midterm (Version 5)
- 1a. What are the typical sources of financing for the general governmental capital projects? Where are these sources reported in the statement of revenues, expenditures, and changes in fund balance for A Capital Projects Fund?
- 1b. You are in a staff meeting with the city controller and one of your colleagues was quoted as follows: “Capital projects funds are established by a government to account for all plant or equipment acquired by construction.” Do you agree with this statement? Why or why not?
- 1c. The City of Holland issued bonds on August 1, 2012. The interest on its bonds ……….? Would you have a different answer if the interest payment dates were July 15 and January 15? Please explain.
- 2a. What are fiduciary funds? Please identify and explain the two main types and what is the main difference between the funds?
- 2b. Under the what circumstances should a governmental entity use a Special Revenue Fund? A Capital Projects Fund? A Debt Service Fund?
- 2c. How are the major funds …….. governmental entity?
- 3a. CITY OF RIDGETOWN
- 3b. CITY OF MELVIN
- 3c. CITY OF NORTON
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