Business & Finance

In late June, the Everready Construction Co. submitted a $600,000 progress billing on a construction contract. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. Construction expenditures should be debited when  (Points : 2)
The bill is approved for payment.
The bill is received.
The bill is paid (except for the five percent retention).
The final five percent of the bill is paid.

12. Which of the following information should be included in the financial section of a comprehensive annual financial report?  (Points : 2)
Transmittal letter.
The basic financial statements, including notes thereto.
Tables and charts showing demographic and economic data.
A description of the government.

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13. The city of Milan was notified that it had been approved for a state government grant in the amount of $1,000,000 to help finance its new city jail. The money from the grant will be received later in the current fiscal year. The journal entry to record this transaction will include  (Points : 2)
A credit to Other Financing Sources upon notification.
A credit to Revenues when all eligibility requirements are met.
A credit to Revenues upon receipt of the money from the state.
A credit to Other Financing Sources upon receipt of the money from the state.

14. Extraordinary items and special items are reported  (Points : 2)
With normal recurring general revenues.
As separate line items in the Function/Programs section of the statement of activities.
As separate line items below General Revenues in the statement of activities.
As separate line items above General Revenues.

15. The General Fund received $200,000 in lieu of taxes from the city owned water utility, an enterprise fund. This is an example of a(an)  (Points : 2)
Interfund transfer.
Interfund loan.
Internal exchange transaction.
Reimbursement.

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