Atrue bfalse pointsearned 1010 correctanswers a 3

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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...
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This note was uploaded on 09/10/2013 for the course ACNT 2330 taught by Professor Corn during the Spring '13 term at Lone Star College System.

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