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On January 2, City of Walton issued $500,000, 10-year, 7%
general obligation bonds. Interest is payable annually, beginning
January 2 of the following year.What amount of bond interest is
Walton required to report in the statement of revenue,
expenditures, and changes in fund balance of its governmental
funds at the close of this fiscal year, September 30?
Question 7
Hospital, Inc., a not-for-profit organization with no governmental
affiliation, reported the following in its accounts for the current
year ended December 31: What amount would the hospital report
as net patient service revenue in its statement of operations for
the current year ended December 31?
Question 8
The encumbrance account of a governmental unit is debited when
Question 9
The following revenues were among those reported by Ariba
Township in 2005: What amount of the foregoing revenues should
be accounted for in Ariba's governmental-type funds?
Question 10
Todd City formally integrates budgetary accounts into its general
fund. Todd uses an internal service fund to account for the
operations of its data processing center, which provides services
to Todd's other governmental units. During the year ended
December 31, 2005, Todd received a state grant to buy a bus, and
an additional grant for bus operation in 2005. In 2005, only 90%
of the capital grant was used for the bus purchase, but 100% of
the operating grant was disbursed. Todd has incurred the