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- Which of the following would be considered a general capital asset? Select one: a. Real estate purchased with the assets of a pension trust fund. b. A vehicle purchased from General Fund revenues. c. A vehicle purchased and maintained by an enterprise fund. d. A computer purchased from revenues of an internal service fund and used by the supplies department.a. What is the difference between distributing property per capita and per stirpes? When would a per stirpes distribution be required? what are two ways in which the duties of an administrator differ from those of an executor? Must the grantor, trustee, and beneficiary of a trust all be different people? What formalities must be followed to create a testamentary trust?Which of the following is usually not accounted for as an adjustment to a trust's income? Multiple Choice Lease cancellation fees. Rent expense. Investment costs and commissions. Insurance expense. Property taxes.
- In which of the following circumstances would the property be deemed to have been disposed of? a. Property sold to a third party. b. Property gifted to another person or charity. c. Property expropriated by a government agency. d. Property redeemed by the issuer, such as bonds or shares.Which of the following statements are correct regarding the characteristics of a conservatorship (guardianship of the estate) used to care for an incompetent person's property? I. the powers of the conservator are set forth in either a revocable living trust or a contingent standby trust. II. the conservator may have to file annual reports regarding the status of the assets under his care. III. the conservator may be required to post a performance bond. IV. the conservator has a fiduciary duty to care for the incompetent person's property. A) I, II, III, and IV B) I and II C) II, III, and IV D) I and IVIn which of the following funds is it appropriate to record depreciation of capital assets? Multiple Choice Capital projects fund. General fund. Permanent fund. Internal service fund.
- Amount at which to record donated property? Which funds would record things such as long-term assets, long-term liabilities, encumbrance, etc?What measurement focus and basis of accounting should be used by a local government's private-purpose trust fund? Current financial resources Modified accrual Economic resources Modified accrual Current financial resources Accrual Economic resources AccrualWho will have control over the operation of the property and decisions involving capital improvements, approving leases to tenants, financing and possibly refinancing the property, and when to sell the property?
- What is the purpose of a special revenue fund? Choose the correct.a. To account for revenues legally or externally restricted as an operating expenditure.b. To account for ongoing activities.c. To account for gifts when only subsequently earned income can be expended.d. To account for the cost of long-lived assets bought with designated funds.Determine the initial cost of property, plant, and equipment and intangible assets acquired in exchange for equity securities or through donation.What is the objective of the process of abatement? Choose the correct.a. To give legal structure to the reductions that must be made if an estate has insufficient assets to satisfy all legacies.b. To ensure that all property distributions take place in a timely manner.c. To provide adequate compensation for the estate executor and any appraisers or other experts that must be hired.d. To ensure that all legacies are distributed to the appropriate party as specified by the decedent’s will or state laws.