The Town of Ashland levied property taxes in the amount of $800,000. The town estimates that 1 percent will be uncollectible. The journal entry to record the tax levy will include  (Points : 2)
A debit to cash for $792,000.
A credit to revenues for $792,000.
A debit to estimated uncollectible current taxes for $8,000.
A debit to estimated revenues for $800,000.

37. Which of the following is a fiduciary fund?  (Points : 2)
Investment trust fund.
Special revenue fund.
Debt service fund.
Enterprise fund.

38. Which of the following should not be reported as a liability of the General Fund?  (Points : 2)
General obligation bonds payable (due in 10 years).
Vouchers payable.
Tax anticipation notes payable.
Due to federal government.

39. A capital projects fund might be used to account for which of the following activities?  (Points : 2)
Maintaining roads and bridges.
Building a parking garage.
Providing water and sewer services.
Servicing long-term debt.

40. The fund financial statements for governmental funds should include a  (Points : 2)
Statement of cash flows.
Statement of revenues, expenses, and changes in fund net assets.
Balance sheet.
Statement of activities.


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