Unformatted text preview: hanges in
net assets in the governmental funds column in the Statement of Activities, a decrease of
$1,000,000 would be entered.
A) true B) false Points Earned: 1.0/1.0 Correct Answer(s): A 3.
The City of Smithfield levied property taxes in and for 2012 in the amount of $200 million. It is
estimated that 1% will be uncollectible. During 2012, $180 million was collected, and $12 million
was collected during the next 60 days after yearend. Smithfield recognizes the maximum possible
property taxes in its governmental funds. The adjustment, when moving from the governmental
funds changes in fund balances to the governmental activities change in net assets would be:
A) $8 million increase. B) $8 million decrease. C) $6 million increase. D) $6 million decrease. Points Earned: 1.0/1.0 Correct Answer(s): C 4.
Whi ch of the f ol l owi ng i s tr ue r egar di ng the gover nmentwi de statements?
A) Bal ances f r om enter pr i se f...
View Full Document
- Spring '13
- Revenue, Correct Answer, Lalit Modi, net assets, Expendi tur es, gover nmental acti