all plz ASap Accounting 372 Fall 2017 Exam #2 Professor Silverman Name 1. Which

Question

all plz ASap

Accounting 372 Fall 2017 Exam #2 Professor Silverman Name 1. Which of the following accounts would you least expect to see in a debt service fund? A) Interest charges B) Interest earned C) Outstanding balance of the debt being serviced D) Principal payments 2. A capital project fund is a type of: A) Proprietary fund B) Governmental fund C) General fund D) Fiduciary fund 3. Which of the following are the correct categories of the Net Position section of Proprietary Funds? A) Restricted, Unassigned, Committed B) Net Investment in capital assets less related debt, unrestricted, restricted C) Net Investment in capital assets less related debt, committed, restricted D) Unrestricted, temporarily restricted, permanently restricted 4. Which of the following accounts is least likely to be shown on the balance sheet of a capital projects fund? A) Cash B) Investments C) Buildings D) Due from General fund If a local government has both a capital project and debt service fund and issues $500,000 in bonds, which of the following entries would be most appropriate? A) CPF: Dr. Cash $500k and Cr. OFS-Proceeds from bonds $500k B) DSF: Dr. Cash $500k and Cr. OFS-Proceeds from bonds $500k C) CPF: Dr. Cash $500k and Cr. Bonds Payable $500k 5. D) DSF: Dr. Cash $500 and Cr. Bonds Payable $500k

Explanation / Answer

ANSWER

1. Correct option is - Outstanding balance of the debt being serviced.

A debt service fund is a kind of cash reserve which is used to pay for the interest and principal payments on certain debts.

Interest charges, Interest earned, and principal payments are included in debt service funds, they are generally seen in that fund.

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