Ch6-Acct for Gov and NonProfit Ent 15e

Ch6-Acct for Gov and NonProfit Ent 15e - COURSES >...

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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 06 Accounting for General Long-Term Liabilities and Debt Service 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 Both general capital assets acquired or constructed from the proceeds of special assessment debt, and the related long-term liability are recorded in the governmental fund. Answer True False Correct Feedback GASB requires general capital assets and the related long-term liabilities to be reported in the government- wide statements, not in governmental funds. Incorrect Feedback GASB requires general capital assets and the related long-term liabilities to be reported in the government- wide statements, not in governmental funds. Add Question Here Question 2 True/False Question Debt backed by both special assessments and the full faith and credit of a government should be reported in the government-wide statement of net assets in the Business-type Activities column. Answer True False Correct Feedback GASB standards require that the obligation for special assessment debt be recorded in the governmental activities accounts if the government is obligated in any manner for the debt, even though primary responsibility for the debt rests with taxpayers in the special benefit district. Incorrect Feedback GASB standards require that the obligation for special assessment debt be recorded in the governmental activities accounts if the government is obligated in any manner for the debt, even though primary responsibility for the debt rests with taxpayers in the special benefit district. Add Question Here Question 3 True/False Question When a capital lease payment of $20,000 is legally due, an entry is made in the debt service fund to record the expenditure of $20,000, and an entry is made in the governmental activities accounts to reduce Capital Lease Obligations Payable by $20,000. Answer True False Correct Feedback The first part of the statement is correct, but the reduction of Capital Lease Obligations Payable in the governmental activities accounts should only be for the portion of the payment that is a payment on principal of the lease obligation, not for the portion that is a payment of interest on the unpaid lease obligation. Incorrect
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This note was uploaded on 09/25/2011 for the course ACCT 3000-5000 taught by Professor Faker during the Spring '11 term at Texas Woman's University.

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Ch6-Acct for Gov and NonProfit Ent 15e - COURSES >...

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