1.General Fixed Assets that are acquired with governmental fund resources should be recorded in the General Fund.
a) General Fund
b) Capital Projects Fund.
c) General Fund or Capital Projects Fund.
d) None of the above
2.Which of the following projects would usually be accounted for in a capital projects fund? (A) Payment of interest on bonds that are issued to finance the construction of a new city hall.
(B) The construction of a parking garage that is operated as an enterprise fund.
(C) The construction of a fire station addition.
Both A and B would be accounted for in a capital projects fund.
3. Which of the following funds or activities general journals would it be inappropriate to record depreciation of capital assets?
a)Capital Projects Fund
b) Governmental Activities
c) Internal Service Fund
d) Business-type activities
A transaction in which a government gives or receives value without directly receiving or giving something in equal value in exchange is known as a(n)
a) fair exchange
b) equity transaction.
c) non-exchange transaction.
d) non-fair market exchange transaction.
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