Acc Quiz

2146 WordsJun 16, 20129 Pages
Question 1 4 out of 4 points | | | The City of Highland Hills receives a federal grant to assist in nutrition (feeding) programs for senior citizens. Senior citizens whose income is below a specified amount (the amount was specified by the Federal government) are eligible to participate in the program. Monthly checks of $100 (this amount was specified by the Federal government) will be mailed to eligible senior citizens. The proceeds of this grant should be accounted for in which of the following funds of the City?Answer | | | | | Selected Answer: | Agency Fund. | Correct Answer: | Agency Fund. | | | | | Question 2 4 out of 4 points | | | At the beginning of the year, the permanent fund of Rapid…show more content…
During the current year, the earnings from this gift were $24,000. The earnings from this gift should generally be considered revenue to which of the following funds?Answer | | | | | Selected Answer: | Permanent fund. | Correct Answer: | Permanent fund. | | | | | Question 9 4 out of 4 points | | | Hill City Light & Water (a proprietary fund) contributes to a defined benefit plan for its employees. During 1999 Hill City contributed $27 million to its pension plan. On February 15, 2000, Hill City made an additional $3 million contribution related to 1999. The actuarially determined contribution amount was $32 million. The amount of pension expense recognized by Hill City Light & Water for 1999 should be:Answer | | | | | Selected Answer: | $ 32 million | Correct Answer: | $ 32 million | | | | | Question 10 4 out of 4 points | | | What basis of accounting is used to account for transactions of a government permanent fund?Answer | | | | | Selected Answer: | Modified accrual basis of accounting. | Correct Answer: | Modified accrual basis of accounting. | | | | | Question 11 0 out of 4 points | | | Citizens within a defined geographic area of Hill City created a special assessment district to facilitate the construction of sidewalks. Hill City was responsible for overseeing the entire construction project. Hill City issued bonds

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