Government and Not

School: Kennesaw State University - Course: ACC 410 - Subject: Accounting

Government and Not-for-Profit TestWeek 6 Quiz - Chapters 6 & 8 Quiz Started5/16/22 6:29 PM LATE Submitted5/16/22 6:41 PM LATE Due Date5/16/22 9:00 AM StatusNeeds Grading Attempt Score0 out of 30 points Time Elapsed12 minutes out of 2 hours InstructionsThe quiz covers Chapters 6 and 8 and has 15 questions. There is a two- hour time limit. You may take the quiz up to two times. Your highest score will be recorded. Results DisplayedSubmitted Answers, Correct Answers, Feedback, Incorrectly Answered Questions Question 1 2 out of 2 points Previously Rose City issued bonds with a face value of $10 million to construct a new city maintenance facility. Assume that the city maintains its books and records in a manner that facilitates the preparation of fund financial statements. What is the appropriate entry when the city receives a progress billing from the contractor? Selected Answer: Debit Expenditures; Credit Accounts payable. Correct Answer: Debit Expenditures; Credit Accounts payable. ResponseFeedback: Good work Question 2 0 out of 2 points Use of a debt service fund is required. Selected Answer: For all bonded debt service payments. Correct Answer: When financial resources are being accumulated for the purpose of paying principal and interest when it matures. Response Feedback: That's not correct Question 3

2 out of 2 points Avon City issued bonds for the purpose of financing a major capital improvement. Which fund is the most appropriate fund in which to record the receipt of the bond proceeds? Selected Answer: Capital projects fund. Correct Answer: Capital projects fund. ResponseFeedback: Good work Question 4 2 out of 2 points In which fund type would a government's capital projects fund be found? Selected Answer: Governmental fund type. Correct Answer: Governmental fund type. ResponseFeedback: Good work Question 5 2 out of 2 points The capital projects fund of a government is accounted for using which of the following bases of accounting? Selected Answer: Modified accrual basis. Correct Answer: Modified accrual basis. ResponseFeedback: Good work Question 6 2 out of 2 points The debt service fund of a government is accounted for using which of the following bases of accounting?