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Question 11
On March 2, 2004, Finch City issued 10-year general obligation
bonds at face amount, with interest payable March 1 and
September 1. The proceeds were to be used to finance the
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