Q: On August 2, 30 days prior to the end of its
On August 2, 30 days prior to the end of its August 31 fiscal year, a government issues $3 million of general obligation bonds. The proceeds are being accounted for in a capital projects fund (a gover...
See AnswerQ: A note from the annual report of a city includes the following
A note from the annual report of a city includes the following: As of September 30, the utility fund had the following investments: Credit risk. As of September 30, the U.S. Treasuries and the U.S. Ag...
See AnswerQ: A government holds as investments the assets set forth below and determines
A government holds as investments the assets set forth below and determines its fair value as described. For each, indicate the level (1, 2, or 3) within the hierarchy of inputs to valuation technique...
See AnswerQ: Bear County maintains an investment pool for school districts and other governments
Bear County maintains an investment pool for school districts and other governments within its jurisdiction. Participating governments contribute cash to the pool, which is operated like a mutual fund...
See AnswerQ: The Middleville School district has discovered mold in one of its schools
The Middleville School district has discovered mold in one of its schools. The school was constructed 10 years ago at a cost of $30 million. It had an expected useful life of 50 years and hence was 20...
See AnswerQ: Clarkstown State University acquired specialized laboratory equipment with the expectation that it
Clarkstown State University acquired specialized laboratory equipment with the expectation that it would be used to perform approximately 3,000 tests per year over a 10-year period. The cost was $600,...
See AnswerQ: Northstate University had constructed a theater at a cost of $20
Northstate University had constructed a theater at a cost of $20 million. It anticipated a useful life of 30 years. After 18 years (with the building 60 percent depreciated), the university dropped it...
See AnswerQ: Select the best answer. 1. A key determinant
Select the best answer. 1. A key determinant as to whether, under Circular A133, a program is considered major or nonmajor is a. The overall size of the program as measured by total revenues, regardl...
See AnswerQ: Select the best answer. 1. Which of the
Select the best answer. 1. Which of the following would be least likely to be classified as a city’s general capital assets? a. Roads and bridges b. Electric utility lines c. Computers used by the po...
See AnswerQ: Select the best answer. 1. A government repaves
Select the best answer. 1. A government repaves a section of highway every four years at a cost of $2 million to preserve it at a specific condition level. How much should it report in depreciation c...
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