June 30 , 2004 , Finch ' s debt service fund should include interest payable on the general obligation bonds for
Question 12
A company used the percentage-of-completion method of accounting for a four-year construction contract . Which of the following items would be used to calculate the income recognized in the second year ?
Question 13
During 2004 , Mitchell Corp . started a construction job with a total contract price of $ 600,000 . The job was completed on December 15 , 2005 . Additional data are as follows : Under the completed contract method , what amount should Mitchell recognize as gross profit for 2005 ?
Question 14
Which of the following would be reported as program revenues on a local government ' s government-wide statement of activities ?
Question 15
Alinas County manages an endowment of $ 500,000 , the earnings from which are required to be used to maintain the walking trails in the county parks . During the year , the endowment received $ 20,000 in investment earnings , $ 3,000 of which was related to earnings from the previous year which were not received 80 days after the fiscal year end . At the end of the year , the market value of the endowment was $ 510,000 . In its fund-based financial statements , how much should the County recognize in conjunction with this endowment ?
Question 16
A state or local government should not have multiple funds in which of the following fund categories ?