construction of a civic center over the period April 1 , 2004 , to March 31 , 2005 . During the fiscal year ended June 30 , 2004 , no resources had been provided to the debt service fund for the payment of principal and interest . On 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