Week 2 Quiz Acc380

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Date Added: 04 / 01 / 2012
Category: Business and Marketing
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Week 2 Quiz Acc380

View Full Essay | Question : | If taxes are levied specifically for payment of interest and principal on long-term debt, those taxes are: |
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    | Student Answer: | | Included as a liability of the general fund |
  | | | Recorded as operating transfers to the debt service fund |
  | | | Included as revenues of the debt service fund |
  | | | Both A and B are correct |
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    | Points Received: | 1 of 1 |
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   2. | Question : | If taxes and/or special assessments are levied by the General Fund and then are subsequently transferred to the debt service fund, they are: |
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    | Student Answer: | | Recorded as revenues of the debt service fund |
  | | | Included in the revenues budget of the general fund and are also budgeted by that fund as transfers out to the debt service fund |
  | | | Included as transfers out in the General Fund but are not budgeted as revenue in that fund |
  | | | Recorded as an expense and voucher payable by the general fund and are recorded as a revenue and receivable by the debt service fund |
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    | Points Received: | 0 of 1 |
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   3. | Question : | What is a Special Revenue Fund? |
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    | Student Answer: | | Fund created to account for all resources and revenues to be used for the construction or acquisition of capital assets |
  | | | Fund used to account for all revenue transactions of a governmental unit that are not accounted for in another fund |
  | | | Fund used to account for revenues from general taxes or other revenue sources that by law are designated to finance general activities of the government |
  | | | Fund used to account for revenues from specific taxes or other revenue sources that by law are designated to finance particular activities of the government other than capital projects |
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    | Points Received: | 1 of 1 |
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   4. | Question : | Which of the...