all questions asap plz 26, Demand bonds should be reported as governmental fund
ID: 2567471 • Letter: A
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all questions asap plz
26, Demand bonds should be reported as governmental fund liabilities: A) 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 capita lease? A) Ownership is transferred to the lessee at the end of the lease term B) The term of the lease is 7S% 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) Six Fill circle c 30000 0000 ErExplanation / Answer
26) The option A) is correct.Demand bonds should be reported as governmental fund liabilities if the government has not entered into a take-out agreement. Demand bonds give the bondholder the right to demand repayment prior to matuarity.
27) The option D) is correct because the present value of rental and minimum lease payments should equals or exceeds 90% of the fair value of the leased property not 50% for classifying it as a capital lease.
28) The option C) is correct. Internal Service Fund is an example of governmental fund because internal service fund is a fund used in governmental accounting to track goods or services shifted between departments on a cost reimbursement basis.
29) The option A) is correct. Enterprise fund is on a full accrual basis.
30) The option D) is correct because Statement of Activities is not included in Proprietary funds at it includes only statement of Net position, statement of Revenues, Expenses and changes in fund net position and statement of cash flows.
31) the option C) is correct. Statement of cash flows for proprietary funds has four categories.
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