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72.Explain the difference between operating revenues/expenses and nonoperating revenues/expenses. Why does the GASB require that operating revenues/expenses be reported separately on proprietary statements of revenues, expenses, and changes in fund net position? 73.Explain how capitalization of interest costs differs for enterprise funds as opposed to governmental funds. 7-1 .

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Short Answer Questions 81.The following are key terms in Chapter 4 that relate to exchange and nonexchange transactions:  A. Derived tax revenues  B. Exchange transactions  C. Nonexchange transactions  D. Imposed nonexchange transactions  E. Voluntary nonexchange transactions For each of the following definitions, indicate the key term from the list above that best matches by placing the appropriate.

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89.During fiscal year 2017, the Town of Tonawanda issued purchase orders to various vendors in the amounts shown for the following functions of the town: General Government$82,500 Public Safety148,700 Public Works130,400 Culture and Recreation97,300 Health and Welfare94,800 Miscellaneous14,200 Total$567,900 All goods ordered during the year were received at the following actual costs: General Government$83,720 Public Safety147,940 Public Works131,140 Culture and Recreation98,780 Health and.

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41.The following general capital assets were owned by the Town of Otterville: Town buildings$3,250,000 Intangible assets1,000,000 Streets, sidewalks, and water lines2,000,000 What amount should be recorded as capital assets in the town's governmental activities accounts? A.$0. B.$3,250,000. C.$5,250,000 D.$6,250,000 42.Equipment that had been acquired several years ago by a special revenue fund at a.

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90.The following transactions occurred for the City of Fontaine’s General Fund. 1. The budget prepared for the fiscal year included Total estimated revenues of $2,774,000 and appropriations of $2,693,000. 2. Encumbrances issued against the appropriations during the year were $931,000. 3. The current year’s tax levy of $2,005,000 was recorded; uncollectibles.

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True / False Questions 1.General capital assets should be distinguished from capital assets that are specifically associated with activities financed by proprietary and fiduciary funds, since capital assets acquired by proprietary and fiduciary funds are accounted for by those funds. 2.GASB standards require that all governmental expenditures for long-lived assets be.

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87.The following is a pre-closing trial balance for Sun City's General Fund as of June 30, 2017: DebitsCredits Cash$116,500 Taxes Receivable—Current29,000 Allowance for Uncollectible Current Taxes$3,000 Accounts Payable7,800 Due to Other Funds5,500 Tax Anticipation Notes Payable50,000 Fund Balance—Unassigned70,200 Budgetary Fund Balance1,000 Estimated Revenues100,000 Revenues102,000 Appropriations99,000 Expenditures93,000 Totals$338,500$338,500 What is the fund balance as of June 30, 2017, after all closing entries have been made? Show.

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11.Financial statement note disclosures on long-term liabilities should include information on authorization of new debt issues, sale of previously authorized issues, and retirement and refunding of debt during the year. 12.Notes to the financial statements of a state or local government should include a schedule, or summary, of debt service.

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Multiple Choice Questions 31.Which of the following may properly be reported as a component of net position in the proprietary fund statement of net position? A.Retained earnings. B.Designated equity. C.Restricted net position. D.Contributed capital. 32.Which of the following properly portrays the components of net position for proprietary funds? A.Net investment in.

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68.The debt limit for general obligation debt for Milos City is 1 percent of the assessed property valuation for the city. Using the following information, calculate the city’s debt limit and debt margin. Assessed property valuation $10,863,511,000 Approved but unissued tax-supported debt10,000,000 Revenue bonds issued32,000,000 General obligation serial bonds issued43,000,000 Capital leases outstanding5,230,000 6-1 .

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51.A capital projects fund might be used to account for which of the following activities? A.Maintaining sidewalks. B.Building a parking garage. C.Providing water and sewer services. D.Servicing long-term debt. 52.Which of the following is true regarding capital projects funds? A.Encumbrances accounting is employed. B.Encumbrances accounting is not normally employed, but Appropriations.

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Multiple Choice Questions 31.Which of the following is not properly recorded in the governmental activities accounts? A.Tax-supported general obligation bonds. B.Obligations under capital leases used to finance general capital assets. C.The long-term portion of judgments and claims. D.Revenue bonds issued by an enterprise fund. 32.Which of the following statements regarding debt service funds is true? A.Given.

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61.A government experienced significant loss of certain roadways and bridges as a result of major flooding. Which of the following estimation approaches would be most useful in estimating the amount of asset impairment that has occurred? A.Deflated depreciated replacement cost approach. B.Service units approach. C.Restorative cost approach. D.None of the.

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