Governmental Accounting Test

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Pool Canvas

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Name Chapter 05 Accounting for General Capital Assets and Capital Projects Description Questions which Blackboard's assessment component is incapable of supporting are not included in the export. Instructions Add Question Here

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True/False Question If a capital projects fund starts construction of a building in one year and finishes it in a subsequent year an entry must be made in the governmental activities accounts until the building is completed, inspected, and accepted. Answer True False Correct Feedback Incorrect Feedback In each year during construction, an entry must be made in the general journal of Governmental Activities to record Construction in Progress. During the year the building is completed, Construction in Progress is reclassified to the Building account. In each year during construction, an entry must be made in the general journal of Governmental Activities to record Construction in Progress. During the year the building is completed, Construction in Progress is reclassified to the Building account. Add Question Here

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True/False Question The disposal of a general capital asset, resulting in no revenue or expenditure to the government, is recorded only in the governmental activities accounts. Answer True False Correct Feedback Incorrect Feedback The transaction would not be recorded in a governmental fund since there is no inflow or outflow of current financial resources. The transaction would not be recorded in a governmental fund since there is no inflow or outflow of current financial...