chapter 2 & 3 quiz

chapter 2 & 3 quiz - Question 1 0 out of 4 points...

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Question 1 0 out of 4 points For which of the following entities is fund accounting mandated? Answer Selected Answer: Grace Lutheran Church. Correct Answer: City of New York. Question 2 4 out of 4 points
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Which of the following funds is a governmental fund? Answer Selected Answer: Debt service fund. Correct Answer: Debt service fund. Question 3 4 out of 4 points What is the primary reason that governmental entities use fund accounting? Answer
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Selected Answer: Fund accounting promotes control and accountability over restricted resources. Correct Answer: Fund accounting promotes control and accountability over restricted resources. Question 4 4 out of 4 points Which of the following accounts would you least expect to see in a debt service fund? Answer
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Selected Answer: Outstanding balance of the debt being serviced. Correct Answer: Outstanding balance of the debt being serviced. Question 5 0 out of 4 points The City of San Jose built a new city hall and financed construction by issuing bonds due in installments over the next 30 years. The bond principal and interest will be paid by a special tax levied on property in the City. The money received from this special tax should be accounted for in which of the following funds? Answer Selected Answer: Capital project fund.
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Correct Answer: Debt service fund. Question 6
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This note was uploaded on 08/17/2011 for the course ACCT 410 taught by Professor Khalib during the Spring '11 term at Strayer.

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chapter 2 & 3 quiz - Question 1 0 out of 4 points...

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