Week 2 Quiz Acc380
| Question : | If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are: | | | Student Answer: | | Included as a liability of the general fund | | | | Recorded as operating transfers to the debt service fund | | | | Included as revenues of the debt service fund | | | | Both A and B are correct | | | | Points Received: | 1 of 1 | | Comments: | | | |
2. | Question : | If taxes and/or special assessments are levied by the General Fund and then are subsequently transferred to the debt service fund, they are: | | | Student Answer: | | Recorded as revenues of the debt service fund | | | | Included in the revenues budget of the general fund and are also budgeted by that fund as transfers out to the debt service fund | | | | Included as transfers out in the General Fund but are not budgeted as revenue in that fund | | | | Recorded as an expense and voucher payable by the general fund and are recorded as a revenue and receivable by the debt service fund | | | | Points Received: | 0 of 1 | | Comments: | | | |
3. | Question : | What is a Special Revenue Fund? | | | Student Answer: | | Fund created to account for all resources and revenues to be used for the construction or acquisition of capital assets | | | | Fund used to account for all revenue transactions of a governmental unit that are not accounted for in another fund | | | | Fund used to account for revenues from general taxes or other revenue sources that by law are designated to finance general activities of the government | | | | Fund used to account for revenues from specific taxes or other revenue sources that by law are designated to finance particular activities of the government other than capital projects | | | | Points Received: | 1 of 1 | | Comments: | | | |
4. | Question : | Which of the
2. | Question : | If taxes and/or special assessments are levied by the General Fund and then are subsequently transferred to the debt service fund, they are: | | | Student Answer: | | Recorded as revenues of the debt service fund | | | | Included in the revenues budget of the general fund and are also budgeted by that fund as transfers out to the debt service fund | | | | Included as transfers out in the General Fund but are not budgeted as revenue in that fund | | | | Recorded as an expense and voucher payable by the general fund and are recorded as a revenue and receivable by the debt service fund | | | | Points Received: | 0 of 1 | | Comments: | | | |
3. | Question : | What is a Special Revenue Fund? | | | Student Answer: | | Fund created to account for all resources and revenues to be used for the construction or acquisition of capital assets | | | | Fund used to account for all revenue transactions of a governmental unit that are not accounted for in another fund | | | | Fund used to account for revenues from general taxes or other revenue sources that by law are designated to finance general activities of the government | | | | Fund used to account for revenues from specific taxes or other revenue sources that by law are designated to finance particular activities of the government other than capital projects | | | | Points Received: | 1 of 1 | | Comments: | | | |
4. | Question : | Which of the