05 Jun Question · General Fund and Governmental Activities
Question
· General Fund and Governmental Activities
Submit your responses to the following questions in a 1-2 page summary MSWord document. Label each question clearly. For computations done in an Excel spreadsheet, please copy and paste your work into your MSWord document. For written answers, please make sure your responses are well written, useAPA formatting, and have the proper citation, if needed.
Amber City borrowed $1,000,000 secured by a 5-year mortgage note. The cash from the note was used to purchase a building for vehicle and equipment maintenance. Show how these two transactions should be recorded in the General Fund and governmental activities general journals.
Indicate whether the following revenues would most likely be classified as program revenues or general revenues on the government-wide statement of activities.
1. Unrestricted operating grants that can be used at the discretion of the city council.
2. Capital grants restricted for highway construction.
3. Charges for building inspections.
4. A special assessment for snow removal.
5. Fines and forfeits.
6. Motor vehicle fuel taxes restricted for road repair.
7. Unrestricted investment earnings.
I know that the following references will provide some insight on this assignment:
Government Accounting Standards Board. Codification of Government Accounting and Financial Reporting Standards as of June 30, 2008. Norwalk, CT, 2008
Governmental Accounting Standards Board, Statement No. 34. Norwalk, CT. 1999
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