ACC460_COOKE_WEEK3

ACC460_COOKE_WEEK3 - Ch. 2: Exercise 2-1, Questions 1...

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Unformatted text preview: Ch. 2: Exercise 2-1, Questions 1 through 10 Match the fund items below with the amounts that follow. An amount may be selected once, more than once, or not at all. 1. Revenue to be recognized in an enterprise fund -J 2. Revenue to be recognized in special revenue funds- G 3. Bonds payable to be recognized in the general fund- A 4. Bonds payable to be recognized in enterprise funds- H 5. Depreciation expenditure to be recognized in the general fund- A 6. Depreciation expense to be recognized in internal service funds- B 7. Revenue to be recognized in an internal service funds - A 8. Revenue to be recognized in the general fund- I 9. Long-lived assets to be recognized in the general fund- A 10. Long-lived assets to be recognized in internal service funds- F a. $0 b. $140 c. $900 d. $1,260 e. $1,040 f. $1,400 g. $2,200 h. $4,000 i. $6,300 j. $8,000 k. $8,500 l. $10,400 Ch. 4: Exercise 4-1, Questions 1 through 10 4-1 1. Under the modified accrual basis of accounting, revenues cannot be recognized a. Until cash has been collected b. Unless they will be collected within sixty days of year-end c. Until they are subject to accrual d. Until they are measurable and available 2. Available (as in measurable and available) means a. Available to finance expenditures of the current period b. Subject to accrual c. Collectible d. Available for appropriation 3. Property taxes are an example of a. An imposed exchange transaction b. An imposed nonexchange transaction c. A derived transaction d. A government-mandated nonexchange transaction 4. To be considered available, property taxes must have been collected either during the governments fiscal year or within a. The time it takes for the government to liquidate its obligations from the prior year b. Thirty days of year-end c. Sixty days of year-end d. The following fiscal year 5. For its fiscal year ending September 30, 2007, Twin City levied $500 million in property...
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ACC460_COOKE_WEEK3 - Ch. 2: Exercise 2-1, Questions 1...

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