State & Local Govt - Capital Assets and Capital Projects

Under a service concession arrangement,

During the year, a wealthy local merchant donated a building to the city of Pasedena. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The appraised fair market value of the donation at the date of the gift was $600,000, of which $40,000 was the value of the land on which the building was situated. At what amount should Rosewood record this donated property in the General Fund?

Equipment in general governmental service that had been acquired several years ago by a special revenue fund at a cost of $40,000 was sold for $15,000 cash. Accumulated depreciation of $30,000 existed at the time of the sale. The journal entry to be made in the governmental activities journal will include all of the following except

How should a capital lease for a general capital asset be recorded in the General Fund accounts at the inception of the lease?

A government enters into a capital lease for the purchase of a new fire truck. The present value of the future lease payments is $745,500 and there is a down payment at the inception of the lease of $25,000. The fire truck should be recorded in the governmental activities accounts at

In 2014, Canon City signed a contract in the amount of $6,000,000 for the construction of a new city hall. Expenditures were $4,000,000 in 2014 and $2,050,000 in 2015, which included a change to the original construction design in the amount of $50,000. What amount should be added to net capital assets in the governmental activities accounts in 2015?

Interfund transfers from the General Fund to the capital projects fund to provide partial financing of a capital project would be reported by the capital projects fund as a(an)

Which of the following activities or transactions would normally not be accounted for in a capital projects fund?

In late June, the Buildit Construction Co. submitted a $600,000 progress billing on a construction contract. On July 2, the bill was approved for payment, subject to a five percent retention, as provided by the contract. Construction expenditures should be debited when

Which of the following is one of the requirements that must be met to elect the "modified approach" to reporting certain eligible infrastructure assets?

Which of the following would be reported as a general capital asset?

The Village of Jonesburg had the following General Fund capital outlay expenditures during its current fiscal year: Police cruiser for Police Department $47,000 Personal computer for Village Clerk's Office $ 3,000 Assuming these were the only capital outlays for the fiscal year, the amount to be reported as capital assets on the Village's General Fund balance sheet at the end of the current fiscal year is:

Which of the following would not be reported as a general capital asset?

Which of the following is a required disclosure regarding capital assets?

State and local governments can avoid reporting depreciation on infrastructure assets if they use the modified approach and meet which of the following two requirements?

Elm City sold a truck for $5,000 that had an original cost of $32,000. Accumulated depreciation on the truck, which had been used by the Parks and Recreation Department, amounted to $28,000 at the date of the sale. The journal entries to record this transaction will include a (an):

Which of the following would be part of the journal entries to be made at the inception of a lease if a government leases a computer for the Police Department, a General Fund department?

Upon the recommendation of its communications director, the City Council has decided that Southland City's public access Internet system has become obsolete and, therefore, meets the GASB's definition of an impaired asset. The amount of impairment is estimated at $100,000. Assuming that the Internet system has been managed by the City's Public Affairs Department, a function of the General Fund, and is not insured, the asset impairment will be recorded as a:

Which of the following accounts would be least likely to be found in the general ledger of a capital projects fund?

During the current fiscal year, Midwest City incurred $500,000 of construction costs on its new city jail project and $15,000 of interest expense for bonds issued to finance the project. The City's engineers estimated the project, begun early in the current fiscal year, was 50 percent complete at year-end. Midwest City's financial statements will reflect which of the following items related to this project?

Which of the following capital assets would not be depreciated?

A city completed construction of its new library. It was decided that the $10,000 remaining in the capital projects fund at the completion of construction should be used to service the long-term debt issued to construct the library. Which of the following is correct concerning the closing of the capital projects fund?

After final inspection of the construction work on its new county jail, Carter County incurred an additional $50,000 of costs for site cleanup and interior rework performed by employees of the Public Works Department. The County had previously retained $40,000 of construction billings from the jail contractor to cover rework or project remediation. The journal entry or entries to record the additional work will include a:

Brisbane Township issued $1,000,000 of 6-month bond anticipation notes to facilitate the beginning of street construction while waiting to see if market conditions improved before issuing $10 million of bonds. Brisbane has a written agreement with an investment firm, Pitch Municipal Services, Inc., to refinance the $1,000,000 of bond anticipation notes with $1,000,000 of bonds when the $10 million of bonds are issued during the next few months. Recording the issuance of the bond anticipation notes will include a:

An interfund transfer from the General Fund to partially finance a capital projects fund would be reported by the capital projects fund as a (an)

The county issued bonds to construct a new jail facility. Sale of the bonds occurred between interest payment dates. Which of the following statements concerning the sale of bonds between interest payment dates is correct?

A capital projects fund will sometimes report a large excess of expenditures over revenues and other financing sources in its operating statement during the early stages of construction. The most likely reason is:

Which of the following accounts will be debited in the capital projects fund journal when a contractor billing that was previously recorded is paid?

In the basic financial statements of a government, financial information for a capital projects fund will be reported in a separate column if: