NEED ANSWERS ASAP! 26, Demand bonds should be reported as governmental fund liab
ID: 2567434 • Letter: N
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NEED ANSWERS ASAP!
26, Demand bonds should be reported as governmental fund liabilities: Al if the government has not entered into a take-out agreement B) If prevailing interest rates are higher than the interest rate on the bonds C) If prevailing interest rates are lower than the interest rate on the bonds D) They are always reported as governmental fund liabilities 27. Which of the following conditions would not automatically classify a lease as a capital lease? A) Ownership is transferred to the lessee at the end of the lease term B) The term of the lease is 75% of the useful life of the property C) The lease contains an option permitting the lessee to purchase the property at a bargain price D) The present value of rental and other minimum lease payments equals or exceeds 50% of the fair value of the leased property 28. An Internal Service fund is an example of a: A) Permanent fund B) Fiduciary fund C) Governmental fund D) Proprietary fund 29. Which of the following funds is on a full-accrual basis? A) Enterprise fund B) General fund C) Special Revenue Fund D) Permanent fund 30. Which of the following is not a required statement of Proprietary funds? A) Statement of Cash Flows B) Statement of Net Position C) Statement of Revenues, Expenses, and Changes in Net Position D) Statement of Activities 31. The Statement of Cash Flows for Proprietary funds has how many categories? A) Two B) Three C) Four D) SixExplanation / Answer
26. Demand bonds should be reported as governmental fund liabilities, if the government has not entered into a take-out agreement.
27. The present value of rental and other minimum lease payments equals or exceeds 50% of the fair value of the lease property is the condition that would NOT automatically classify a lease as a capital lease.
28. An internal service fund is an example of a proprietary funds
Explanation: An internal service fund fund used in governmental accounting to track goods or services shifted between departments on a cost reimbursement basis.
29. Enterprise fund is on a full accural basis.
Explanation: Enterprise fund is a Proprietary Funds which is used on full accural basis . rest all three fund are Govermental fund.
30. Statement of Activites is not a required statement of Proprietary funds.
Explanation: Rest three statments are used to present proprietary funds.
31.The Statment of cash flow for Proprietary fund has four categories .
Explanation: They are Operating Activites , Non-capital financing activites, Capital & related financing activites and Inventsing activites.
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