Multiple Choice Quiz

Choose the best answer for each of the following questions and enter the identifying letter in the space provided.

1		In order to provide for the retirement of general obligations bonds, a governmental entity invested a portion of its cash receipts for revenues in marketable securities. This investment activity may be accounted for in:
			A)	A trust fund
			B)	An enterprise fund
			C)	A debt service fund
			D)	A special revenue fund
			E)	Some other fund
2		The proceeds of a federal grant made to assist in financing the construction of an adult education center by a governmental entity are recorded in:
			A)	The general fund
			B)	A special revenue fund
			C)	A capital projects fund
			D)	An internal service fund
			E)	Some other fund
3		The liability for special assessment bonds that carry a secondary pledge of the State of Texas general credit might be recorded in:
			A)	An enterprise fund
			B)	A special revenue fund and the general long-term debt account group
			C)	The general long-term debt account group
			D)	A special assessment fund and disclosed in a note to the statement of changes in general long-term debt
			E)	Some other manner
4		Which of the following types of bonds of a governmental entity is never recognized as a liability of a debt service fund?
			A)	Serial bonds
			B)	Revenue bonds
			C)	Term bonds
			D)	General obligation bonds
			E)	None of the foregoing
5		Might the general capital assets account group of a governmental entity be used to account for the plant assets of? GovernmentalFunds? ProprietaryFunds?
			A)	No - Yes
			B)	No - No
			C)	Yes - No
			D)	Yes - Yes
6		The governmental funds category of a governmental entity include all of the following except:
			A)	General fund
			B)	Agency fund
			C)	Capital projects fund
			D)	Debt service fund
7		Is an Expenditures ledger account included in the accounting records of a governmental entity's: Special Revenue Fund? - Capital Projects Fund? - Debt Service Fund?
			A)	Yes - Yes - Yes
			B)	Yes - No - Yes
			C)	No - Yes - No
			D)	No - Yes - Yes
8		An Amount to Be Provided ledger account is included in the accounting records of a governmental entity's:
			A)	Debt service fund only
			B)	General long-term debt account group only
			C)	Debt service fund and general long-term debt account group
			D)	Special revenue fund only
9		The general capital assets account group and general long-term debt account group do not fit the definition of funds.
			A)	True
			B)	False
10		The proceeds from the issuance of general obligation bonds for a school district are recorded in the general long-term debt account group.
			A)	True
			B)	False