Questions from Advanced Accounting


Q: The following schedule of capital assets was obtained from the records of

The following schedule of capital assets was obtained from the records of the city of Elmcreek: City of Elmcreek Schedule of General Fixed Assets December 31, 2018 Governmental activities: Land ........

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Q: The city of Clinton was incorporated on January 1, 2014.

The city of Clinton was incorporated on January 1, 2014. On December 31, 2019, a careful study of the city’s records revealed the following information regarding long-term debt: a. General obligation...

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Q: The following selected information was taken from SunValley City’s general fund statement

The following selected information was taken from SunValley City’s general fund statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2019: Revenues: Proper...

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Q: The January 2, 2018, trial balance of Oneida Township follows

The January 2, 2018, trial balance of Oneida Township follows: The following events occurred during the first six months of 2018: a. The adopted budget showed the following: Estimated expenditures...

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Q: Select the best answer for each of the following multiple-choice

Select the best answer for each of the following multiple-choice questions. (Nos. 1, 5, and 7–10 are AICPA adapted.) 1. The encumbrances control account of a governmental unit is inc...

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Q: Land City leases a fleet of garbage trucks. The term of

Land City leases a fleet of garbage trucks. The term of the lease is 10 years, approximately the useful life of the equipment. Based on a sales price of $800,000 and an interest rate of 6%, the city a...

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Q: Regber International is building an addition to one of its overseas manufacturing

Regber International is building an addition to one of its overseas manufacturing facilities with all construction costs being paid in foreign currency (FC) as follows: 200,000 FC, 300,000 FC, 400,000...

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Q: On July 1, 2018, the beginning of its fiscal year

On July 1, 2018, the beginning of its fiscal year, the trial balance of the general fund of the city of Wentworth was as follows: The following events occurred: a. The budget shows estimated general...

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Q: The general fund trial balance of the city of Oakpark at December

The general fund trial balance of the city of Oakpark at December 31, 2018, was as follows: The following data pertain to 2019 general fund operations: a. Budget adopted: Revenues and other financin...

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Q: A summary of the general fund transactions for the city of Toma

A summary of the general fund transactions for the city of Toma for the year ended December 31, 2019, is as follows: a. A budget was approved, showing estimated revenues of $900,000, appropriations of...

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