Ch5-Acct for Gov and NonProfit Ent 15e

Ch5-Acct for Gov and NonProfit Ent 15e - Add, modify, and...

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Unformatted text preview: Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions. Use Creation Settings to establish which default options, such as feedback and images, are available for question creation. COURSES > ACCOUNTING FOR GOVERNMENTAL AND NONPROFIT ENTITIES:, 15/E- WILSON > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add Multiple Choice Creation Settings Name Chapter 05 Accounting for General Capital Assets and Capital Projects Description Questions which Blackboard's assessment component is incapable of supporting are not included in the export. Instructions Add Question Here Question 1 True/False Question If a capital projects fund starts construction of a building in one year and finishes it in a subsequent year an entry must be made in the governmental activities accounts until the building is completed, inspected, and accepted. Answer True False Correct Feedback In each year during construction, an entry must be made in the general journal of Governmental Activities to record Construction in Progress. During the year the building is completed, Construction in Progress is reclassified to the Building account. Incorrect Feedback In each year during construction, an entry must be made in the general journal of Governmental Activities to record Construction in Progress. During the year the building is completed, Construction in Progress is reclassified to the Building account. Add Question Here Question 2 True/False Question The disposal of a general capital asset, resulting in no revenue or expenditure to the government, is recorded only in the governmental activities accounts. Answer True False Correct Feedback The transaction would not be recorded in a governmental fund since there is no inflow or outflow of current financial resources. Incorrect Feedback The transaction would not be recorded in a governmental fund since there is no inflow or outflow of current financial resources. Add Question Here Question 3 True/False Question A government must capitalize the cost of improvements such as roads, bridges, sidewalks, and so forth, because the GASB requires the cost of such assets to be displayed in the basic financial statements. Answer True False Correct Feedback GASB standards require that improvements that enhance the utility or life of capital assets be capitalized. Incorrect Feedback GASB standards require that improvements that enhance the utility or life of capital assets be capitalized. Add Question Here Question 4 True/False Question General capital assets must be depreciated and the amount of depreciation for the period should be reported in the operating statement for governmental activities at the government-wide level....
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Ch5-Acct for Gov and NonProfit Ent 15e - Add, modify, and...

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