4-7 - Ch. 2: Exercise 2-1, Questions 1 through 10 E. 2-1...

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Ch. 2: Exercise 2-1, Questions 1 through 10 E. 2-1 The following relate to the town of Coupland (dollar amounts in thousands): Equipment used in a vehicle repair service that provides service to other departments on a cost-reimbursement basis; the equipment has a 10-year life with no salvage value $1,400 Property taxes levied and collected $6,300 Hotel taxes (restricted to promotion of tourism) collected $1,200 Proceeds of bonds to build a parking garage that must be repaid from user charges $4,000 Proceeds of general obligation bonds to finance construction of a new city hall; the building, which was completed during the year, has a useful life of thirty years with no salvage value $9,000 Proceeds of a federal grant to hire additional police officers $1,000 Fees charged to, and collected from, customers by the electric utility $8,000 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 8,000 2. Revenue to be recognized in special revenue funds 2,200 3. Bonds payable to be recognized in the general fund 10,400 4. Bonds payable to be recognized in enterprise funds 4,000 5. Depreciation expenditure to be recognized in the general fund 1,040 6. Depreciation expense to be recognized in internal service funds 140 7. Revenue to be recognized in an internal service fund 6,300 8. Revenue to be recognized in the general fund 8,500 9. Long-lived assets to be recognized in the general fund 900 10. Long-lived assets to be recognized in internal service funds 0 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
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Ch. 4: Exercise 4-1, Questions 1 through 10, and Exercise 4-7, Question E. 4-1 Select the best answer. 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 60 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
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This note was uploaded on 04/17/2011 for the course ACCOUNTING 490 taught by Professor Santos during the Spring '11 term at University of Phoenix.

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4-7 - Ch. 2: Exercise 2-1, Questions 1 through 10 E. 2-1...

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