Q: A concerned citizen provides resources and establishes a trust with the local
A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining in which fund to report the trust activities?
See AnswerQ: What are the major sources of funds for capital project and debt
What are the major sources of funds for capital project and debt service funds, and how are the sources classified in the Statement of Revenues, Expenditures, and Changes in Fund Balance?
See AnswerQ: A government has outstanding bonds payable. Interest is payable on a
A government has outstanding bonds payable. Interest is payable on a date other than the fiscal year-end. What is the appropriate method of accounting for interest accruals by debt service funds?
See AnswerQ: The citizens of Spencer County approved the issuance of $2,
The citizens of Spencer County approved the issuance of $2,000,000 in 6 percent general obligation bonds to finance the construction of a courthouse annex. A capital projects fund was established for...
See AnswerQ: A citizen group raised funds to establish an endowment for the Eastville
A citizen group raised funds to establish an endowment for the Eastville City Library. Under the terms of the trust agreement, the principal must be maintained, but the earnings of the fund are to be...
See AnswerQ: a. Armstrong County established a County Office Building Construction Fund to
a. Armstrong County established a County Office Building Construction Fund to account for a project that was expected to take less than one year to complete. The County’s fiscal year ends on June 30....
See AnswerQ: The Village of Hawksbill issued $4,000,000 in
The Village of Hawksbill issued $4,000,000 in 5 percent general obligation, tax-supported bonds on July 1, 2016, at 101. A fiscal agent is not used. Resources for principal and interest payments are t...
See AnswerQ: The Village of Burksville, which has a fiscal year July 1
The Village of Burksville, which has a fiscal year July 1 to June 30, sold $2,000,000 in 5 percent tax-supported bonds at par to construct an addition to its police station. The bonds were dated and i...
See AnswerQ: Describe the “hierarchy of GAAP” for state and local governments
Describe the “hierarchy of GAAP” for state and local governments.
See AnswerQ: The Town of Frostbite self-insures for some of its liability
The Town of Frostbite self-insures for some of its liability claims and purchases insurance for others. In an effort to consolidate its risk management activities, the Town recently decided to establi...
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