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which must be used to provide medical assistance to victims of
natural disasters. Investment earnings of $5,000 from an
endowment established by the local Lions Club to subsidize
summer camp for the Boy Scouts with demonstrated financial
need. $3,000,000 in proceeds from revenue bonds. How much
money from these transactions should Arnett record in Special
Revenue funds?
Question 4
What is the basic criterion used to determine the reporting entity
for a governmental unit?
Question 5
State University received two contributions during the year that
must be used to provide scholarships. Contribution A for $10,000
was collected during the year, and $8,000 was spent on
scholarships. Contribution B is a pledge for $30,000 to be received
next fiscal year. What amount of contribution revenue should the
university report in its statement of activities?
Question 6
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