Business & Finance

On what should the government-wide financial statements report?  (Points : 2)
Net assets and results of financial operations of the government as a whole.
Fiscal accountability.
The cost of government services.
Budgetary compliance.

27. Which of the following is true for debt service funds?  (Points : 2)
A legally required budget should be recorded in the accounts.
A combining balance sheet may not be prepared for a comprehensive annual financial report (CAFR) when more than one debt service fund exists.
Encumbrance accounting is often used.
GAAP requires that a separate debt service fund be established for each bond issue.

28. Which of the following budgetary accounts is typically used by a debt service fund?  (Points : 2)
Estimated Uncollectible Accounts.
Reserve for Encumbrances.

29. Which of the following is not a budgetary account?  (Points : 2)
Reserve for Encumbrances.
Estimated Revenues.

30. When bonds are sold at a premium for a capital project, the premium amount generally  (Points : 2)
Increases the cash available to the capital projects fund.
Is transferred to the debt service fund.
Is transferred to the General Fund.
Is ignored by both the capital projects fund and any other fund.


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