Essay regarding Acc Quiz

Question you

4 out of 4 details

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| The City of Highland Hills receives a federal grant to aid in diet (feeding) programs for senior citizens. В В Seniors whose income is listed below a specified volume (the sum was particular by the National government) qualify to take part in the program. В Monthly checks of $100 (this quantity was specified by the Federal government government) will be mailed to eligible seniors. В The proceeds of the grant needs to be accounted for by which of the pursuing funds from the City? Answer | | | | | Chosen Answer: | В В Agency Fund.

Appropriate Answer: | В В Agency Fund.

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Problem 2

4 away of 4 points

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| At the beginning of the year, the permanent account ofВ Rapid City recently had an investment portfolio with a traditional cost of two-hundred dollar, 000 and a fair worth of $220, 000. В There were not any purchases or perhaps sales of securities during the year. В In year end the collection had a reasonable value of $240, 500. В Towards the end of the year Rapid Metropolis will take into account this embrace fair worth in which with the following methods? Answer | | | | | Selected Answer: | В В Credit Purchase Income, 20 dollars, 000. | Correct Response: | В В Credit Expenditure Income, 20 dollars, 000.

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Issue 3

4 away of four points

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| The Schedule of Changes in Long term Obligations is made up of an account Net Pension Accountability. В Which of the following describes the case that gave rise for this account? Response | | | | | Selected Answer: | В В Some of the contribution by a governmental account was lower than the actuarially required contribution. | Accurate Answer: | В В Some of the contribution with a governmental pay for was below the actuarially required contribution.

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Question 5

4 out of 4 points

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| Previously a city received a $1 million surprise, the income from which was restricted to support maintenance of city-owned parks. В During the current year the endowment gained $70, 1000 of which $50, 000 was transferred to metropolis Park Unique Revenue Account. On the year-end financial assertions, the exceptional revenue account will reportAnswer | | | | | Selected Answer: | В В 50 dollars, 000 Nonreciprocal Transfer In| Correct Solution: | В В $50, 000 non-reciprocal Transfer In

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Problem 5

4 out of 5 points

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| Recently a city received a $1,000,000 gift, the income that was restricted to support repair of city-owned recreational areas. В During the current yr the endowment earned $70, 000 that $50, 000 was utilized in the City Playground Special Income Fund. On the year-end economic statements, the endowment pay for would statement, as a result of these types of transactions, a fund harmony (net assets) of: Answer | | | | | Picked Answer: | В В $1, 020, 1000

Correct Solution: | В В $1, 020, 000

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Problem 6

4 out of some points

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| Which will of the subsequent activities of a governmental enterprise should be made up in a fiduciary fund? Answer | | | | | Picked Answer: | В В Cash received from an individual who specified that the main must be retained intact nevertheless the income may be used to support families of police officers slain in the type of duty. | Correct Solution: | В В Funds received from somebody who specified which the principal must be kept unchanged but the income can be used to support families of cops killed inside the line of duty.

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Question six

some out of 4 details

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| A government entity will get a gift of cash and opportunities with a reasonable value of $200, 000. В The donor specified that the profits from the gift must be used to beautify city-owned parks plus the principal must be re-invested. В The one-hundred dollar, 000 present should be made up in which in the following funds? Answer | | | | | Selected Response: | В В Permanent pay for.

Correct Solution: | В В Permanent fund.

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Question eight

four out of 4 points

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| In previous years, Center City had received a $400, 000 present of cash and investments. В The...



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