accy 407 exam 3

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

$0

A government enters into a lease agreement for the purchase of a new snow plow. The present value of the future lease payments is $845,500 and there is a down payment at the inception of the lease of $25,000. The snow plow should be recorded in the General Fund at:

$0

The following items were included in Castle City's General Fund expenditures for the year ended June. Personal computer for the city treasurer $ 6,000 Furniture for the mayor's office $ 20,000 How much should be classified as capital assets in Castle City's General Fund balance sheet at June 30?

$0

The City of Spartan's fiscal year ends on December 31. On October 1, 2020, the city issued $1,000,000 of 6%, 10-year term bonds with semiannual interest payments due on April 1 and October 1 each year, beginning on April 1, 2021. What amount of expenditures should the city recognize in its debt service fund for the years 2020 and 2021?

$0 in 2020 $60,000 in 2021

In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract. On May 2, the bill was approved for payment, subject to a ten percent retention, as provided by the contract. The amount that should be debited to Construction Expenditures is:

$1,200,000

The City of Spartan's fiscal year ends on December 31. On October 1, 2020, the city issued $1,000,000 of 6%, 10-year term bonds with semiannual interest payments due on April 1 and October 1 each year, beginning on April 1, 2021. What amount of expense should the city recognize in its governmental activities journal for the years 2020 and 2021?

$15,000 in 2020 $60,000 in 2021

In 2020, Sunrise City signed a contract in the amount of $8,000,000 for the construction of a new city hall. Expenditures were $4,000,000 in 2020 and $2,050,000 in 2021, which included a change to the original construction design in the amount of $50,000. What amount should be added to capital assets in the governmental activities accounts in 2021?

$2,050,000

The following items were included in Castle City's General Fund expenditures for the year ended June Personal computer for the city treasurer $ 6,000 Furniture for the mayor's office $ 20,000 How much should be classified as capital assets in Castle City's government-wide statement of net position at June 30?

$26000

The following cash transactions were among those reported by Genesee County's Wastewater Enterprise Fund for the year: Proceeds from sale of revenue bonds for construction $ 5,000,000 Interest income 300,000 Capital contributed by developers 1,000,000 In the Wastewater Enterprise Fund's statement of cash flows for the year ended December 31, what amount should be reported as cash flows from investing activities?

$300,000

The City of New Haven issued $20 million of tax-supported bonds at 102 to finance a new jail. Upon issuance, how will the premium be recorded?

$400,000 other financing source to the debt service fund $400,000 premium on bp in gov activities

The following balances are included in the subsidiary records of Carrollwood: Town hall building $ 500,000 Town pool (supported by user fees) 100,000 Police cars 20,000 Equipment 7,500 Office supplies 1,000 What is the total amount of general capital assets held by the town?

$527,500

The following cash transactions were among those reported by Genesee County's Wastewater Enterprise Fund for the year: Proceeds from sale of revenue bonds for construction $ 5,000,000 Interest income 300,000 Capital contributed by developers 1,000,000 In the Wastewater Enterprise Fund's statement of cash flows for the year ended December 31, what amount should be reported as cash flows from capital and related financing activities?

$6,000,000

The following general capital assets were owned by the Town of Otterville: Town buildings $ 3,250,000 Intangible assets 1,000,000 Streets, sidewalks, and water lines 2,000,000 What amount should be recorded as capital assets in the town's governmental activities accounts?

$6,250,000

The Town of Windsor issued the following during the year: (1) $600,000 in bonds for the installation of street lights, to be assessed against properties benefited, but secondarily backed by the town; (2) $800,000 in bonds for construction of a public golf course to be self-supported from fees collected from golf course users. How much should be accounted for through debt service funds for payments of principal over the life of the bonds?

$600,000

During the year, a wealthy local merchant donated a building to the City of Rosewood. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. The appraised value of the donation at the date of the gift was $600,000. At what amount should this contribution be recorded in the governmental activities accounts at the government-wide level?

$600000

A government enters into a lease agreement for the purchase of a new snow plow. The present value of the future lease payments is $845,500 and there is a down payment at the inception of the lease of $25,000. The snow plow should be recorded in the government-wide statement of net position at:

$870,500

On March 2, 2019, 20-year, 6 percent, general obligation serial bonds were issued at the face amount of $3,000,000. Interest of 6 percent per annum is due semiannually on March 1 and September 1. The first payment of $150,000 for redemption of principal is due on March 1, 2020. Fiscal year-end occurs on December 31. What is the interest expenditure for the fiscal year ending December 31, 2019?

$90,000

The City of Oak Park constructed a new storage facility using the city's own public works employees. Construction costs were incurred in the amount of $900,000, plus $25,000 in interest on short-term notes used to finance construction. What amount should be capitalized in the government-wide statements?

$900000

Under utility regulatory accounting principles (RAP), the account "Utility Plant Acquisition Adjustment" reflects:

) The difference between the amount paid for utility plant and the amount originally paid by the utility that first placed the plant into public service, less accumulated depreciation.

) If a city's General Fund acquires a new copier under a lease agreement: 1) The cost of the copier should be recorded in the ________ general journal(s). 2) The "cost" of the copier is computed as ________. 3) A governmental fund should record the cost of the copier as an Expenditure, offset by a credit to ________. 4) The liability for the lease should be recorded in the ________ general journal(s). 5) The liability should be computed as ________.

1) general fund and governmental activities 2) the present value of rentals and other min lease payments, or the fv of the leased property, whichever is less 3) other financing sources- lease agreements 4) governmental activities 5) the present value of rentals and other min lease payments

On March 2, 2019, 20-year, 6 percent, general obligation serial bonds were issued at the face amount of $3,000,000. Interest of 6 percent per annum is due semiannually on March 1 and September 1. The first payment of $150,000 for redemption of principal is due on March 1, 2020. Fiscal year-end occurs on December 31. What is the interest expense for the fiscal year ending December 31, 2019?

4150,000

Which of the following activities would most appropriately be recorded by a trust fund?

Assets held for college scholarships to be awarded to the children of police officers

When a cash and investment pool of a certain city was established, the debt service fund transferred investments to the pool having a cost of $3,000,000 but a current fair market value of $2,900,000. To record this transaction, a single journal entry was made by the debt service fund that included which of the following?

B) A debit to Revenues—Change in Fair Value of Investments in the amount of $100,000.

Goods and services provided by internal service funds to other departments of the government are typically priced to:

Cover full costs, plus an additional charge to capital maintenance and anticipated expansion needs.

Which of the following statements regarding the financial reporting of custodial funds is not true?

Custodial fund financial information is reported in a separate column of the government-wide statement of activities.

Which of the following is not a true statement about the Allowance for Funds Used During Construction (AFUDC)?

D) AFUDC may include the total amount of borrowing during construction.

Which of the following items is not required to be included in the segment information that must be reported for a municipality's enterprise funds?

Enterprise fund tax revenues.

Capital assets of a government that are not recorded in a proprietary or fiduciary fund

General capital assets

Other postemployment benefits may include:

Health care. B) Life insurance. C) Long-term care.

In pension accounting, the employer's net pension liability:

Is measured as the total pension liability less the amount of fiduciary net position held for future pension payments.

A government employer who makes contributions to pension plans for all employees:

Reports as part of pension expenditures in the governmental fund the amount paid. B) Reports as part of pension expense of the proprietary fund the change in net pension liability. C) Recognizes pension costs in the government-wide statements on the accrual basis of accounting.

Which of the following activities would most appropriately be recorded by a custodial fund?

Taxes collected by a county government on behalf of cities within the county.

In financial reporting for proprietary funds and at the government-wide level, the employer's pension expense for the period is equal to:

The change in the net pension liability adjusted for various factors including amortization of amounts related to changes in pension assumptions and differences between projected and actual earnings.

The GASB provides three criteria for determining if a fiduciary relationship exists. Which of the following four is not one of the three criterion listed by the GASB?

The government is not to be involved in administrative decision-making concerning the fund assets.

How should financial information for internal service funds be reported in the government-wide financial statements?

Usually as part of governmental activities, unless the internal service fund predominantly serves one or more enterprise funds.

Which of the following statements is true regarding termination benefits?

Voluntary termination benefits occur when employers provide an incentive to hasten an employee's voluntary termination of employment, such as a one-time payout

Which of the following organizations or units would least likely be accounted for by an enterprise fund?

a computer department

When a new utility customer submits a deposit, the enterprise fund journal entry will include:

a credit to customer deposit

Equipment 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:

a credit to other financing sources for $5,000

The General Fund of the City of Castle Rock transfers $115,000 to the debt service fund for a $100,000 principal and $15,000 interest payment. The recording of this transaction would include:

a credit to other financing sources-interfund transfers in in the debt service fund only

At the inception of a lease for equipment the journal entry required in the capital projects fund will include which of the following?

a credit to other financing sources-lease agreement

Equipment 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 special revenue fund will include:

a debit for Cash $15,000

When a supplies internal service fund records a billing to the General Fund, the journal entry in the internal service fund will include:

a debit to due from general fund

When a supplies internal service fund records a billing to the General Fund, the journal entry in the General Fund will include:

a debit to ependitures

When Sunny City makes its annual lease payment on an unpaid lease obligation, the journal entry for the debt service fund accounts will include:

a debit to expenditures- principal of lease obligation

Which of the following statements regarding debt service funds is true?

a debt service fund is used only for debt service activities related to general long term liabilities

When a government transfers the rights and obligations of an asset to another legally separate governmental or private sector entity, the transaction is referred to as:

a service concession arrangement

Which of the following would be considered a general capital asset?

a vehicle purchased from general fund revenues

Which of the following is the appropriate basis of accounting for a custodial fund?

accrual

Which of the following illustrates the appropriate basis of accounting for enterprise and internal service funds?

accrual and accrual

Which of the following would be reflected in the operating statement of a proprietary fund?

accrual of interest expense

Plan assets of numerous employers are pooled for investment purposes but accounts are maintained for the individual employer participants.

agent multiple employer pension plan

Which of the following statements is not true for debt service funds?

all tax supported bond principal is shown as a liability of the debt service fund

In utility accounting, the net cost for the period of construction of borrowed funds used for construction purposes and a reasonable rate on other funds so used.

allowance for funds used during construction

The liability for general obligation bonds issued for the benefit of a governmentally owned electric utility and serviced by its earnings should be recorded in:

an enterprise fund

An internal service fund normally uses which of the following budgetary accounts?

an internal service fund normally does not use budgetary accounts

Bonds for which the amount of annual principal repayments is scheduled to increase each year by approximately the same amount that interest payments decrease

annuity serial bonds

Significant, unexpected decline in the service utility of a capital asset

asset impairment

Which of the following activities would be recorded by a trust fund?

assets used to assist in the preservation of a private residence

) Which of the following financial statements are required for a Debt Service Fund?

balance sheet statement of revenues, expenditures, and changes in fund balance statement of cash flows

The City of Crescent Hill operates a central motor pool as an internal service fund for the benefit of the city's other funds and departments. In the current year, this fund charged the Parks Department $30,000 for vehicle rentals. What account should the internal service fund use to record these charges?

billings to departments

Short-term interest-bearing instruments issued by a government with a plan to replace with longer-term debt

bond anticipation notes

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

both a debit to a lease asset account and credit to lease obligations payable are correct

A capital projects fund might be used to account for which of the following activities?

building a parking garage

Which of the following is not a required disclosure about each major class of capital assets?

capital acquisitions and sales or other dispositions during the year showing the date and method of acquisition or disposition

When a snowplow is purchased by a government, it should be recorded in the governmental activities general journal as a(an):

capital asset

Which of the following is not true for capital projects funds?

capital project funds use a construction work in progress account to record costs until the project is completed

) In which of the following would it not be appropriate to record depreciation of capital assets?

capital projects fund

To offset engineering and design costs incurred prior to the issuance of a long-term bond issue, a capital projects fund borrowed the sum of $75,000 on a short-term basis from First National Bank. This transaction should be recorded in:

capital projects fund

Typically, proceeds from general obligation bonds will be recorded in the:

capital projects fund

The City of Castle Rock issued bonds at par for the construction of a new city office building. Receipt of the bond proceeds would result in journal entries in which funds?

capital projects fund: yes debt service fund: no

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

construction of airport runways financed by revenue bonds and to be repaid from the revenues of the city airport, an enterprise fund

When part of a progress payment for construction is withheld until final settlement of the contract, what account is credited?

contracts payable- retained percentage

The pension obligations of many employers are pooled and plan assets can be used to pay the benefits of the employees of any employer that provides pensions through the pension plan.

cost sharing multiple employer pension plan

Which of the following types of risk is related to the financial ability and dependability of the issuer of debt securities?

credit risk

When a cash and investment pool of a certain city was established, the debt service fund transferred investments to the pool having a cost of $3,000,000 but a current fair market value of $3,100,000. To record this transfer, a single journal entry was made by the debt service fund that included which of the following?

credit to revenues- change in fv of investments $100,000

Billing and collection of special assessments and payment of debt principal and interest on special assessment debt for which the city is not obligated in any manner should be recorded in a(an):

custodial fund

Which of these fiduciary fund types is allowed to aggregate its additions and deductions provided resources received are held for no more than three months?

custodial funds

Which of the statements concerning custodial funds is true?

custodial funds use the temporary accounts additions and deduction

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

debit to a capital expenditure account

On June 1, Brooktown levied special assessments in the amount of $500,000, payable in 10 equal annual installments beginning on June 30. The assessment installments are intended to pay principal and interest on special assessment bonds for which the town has pledged its full faith and credit should assessments be insufficient. Assuming no allowance for uncollectible receivables, the journal entry in the debt service fund on June 1 would include:

debit to assessments receivable- current $50,000

When utility customers are billed during the year, the enterprise fund journal entry will include:

debit to customer accounts receivable

On the due date for a bond interest and principal payment, the debt service fund journal entry (or entries) will include:

debit to expenditures- bond interest

If a city has an unpaid lease obligation at the beginning of its fiscal year, the journal entry in the debt service fund to record the lease payment during that fiscal year will include:

debit to expenditures- principal of lease obligation

When Sunny City makes its annual lease payment on an unpaid lease obligation, the journal entry for the governmental activities accounts will include:

debit to lease obligation payable

The maximum amount of gross or net debt that is legally permitted

debt limit

Which of the following statements is true?

debt limit represents the total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any one time

Premiums received on tax-supported bonds are generally transferred to what fund?

debt service

Which of the following statements is always true concerning the reporting of debt service funds?

debt service funds are reported in the governmental activities column in the gov wide financial statements

A pension plan which specifies the amount or rate of contribution that the employer and employees must contribute to the members' accounts in the pension plan.

defined contribution plan

65) Which of the following statements is true regarding management of investments?

derivatives are reported at fair value on the fs

If special assessment receivables are recorded in the accounts of a custodial fund, the appropriate account(s) to credit upon receipt of assessments from property owners will include:

due to special assessment bondholders- principal

Which of the following is the appropriate measurement focus for custodial funds?

economic resources

Which of the following is true regarding capital projects funds?

encumbrances accounting is employed

Customers' meter deposits, which cannot be spent for normal operating purposes, would be classified as restricted cash in the balance sheet of which fund type?

enterprise fund

Fiduciary funds use a basis of accounting similar to which of the following funds?

enterprise fund

Which of the following should be accounted for in an enterprise fund? Light poles to be paid for in installments by affected property owners $ 350,000 Van used to transport supplies to all city departments on a cost reimbursement basis 65,000 Equipment used for supplying electric power to residents 1,250,000

equip used for supplying electric power to residents $1,250,000

The Central City Golf Course, an enterprise fund, purchased a new stove for use in the course's snack shop. The debit for the entry to record the purchase should be to:

equipment

Which of the following assets would not be found in the balance sheet of a debt service fund?

equipment

The City of Crescent Hill operates a central motor pool as an internal service fund for the benefit of the city's other funds and departments. In the current year, this fund billed the Parks Department $30,000 for vehicle rentals. If the Parks Department is a governmental fund, which account should the Parks Department use to record these billings?

expenditures

On the due date for bond interest, the debt service fund journal entry (or entries) will include a debit to:

expenditures- bond interest

An investment trust fund is used to report the net position available to the:

external participants only

At the government-wide level, where are fiduciary funds reported?

fiduciary funds are not reported in the gov wide level

Which of the following statements regarding capital assets is not true?

fiduciary funds do not account for property, plant and equip within the fund fs

A statement of cash flows should be prepared for which of the following fiduciary fund types?

fiduciary funds do not provide a statement of cash flows

Which of the following debt service fund accounts would not be closed at the end of each fiscal year?

fund balance

Which of the following accounts would appropriately be included on an enterprise fund balance sheet?

fund balance: no net position unrestricted: yes

A general capital asset constructed several years ago by a capital projects fund was sold by the General Fund. Entries are necessary in the:

general fund and governmental activities fund

The Town of Golden purchased a squad car for the police department. If the operations of the police department are financed by general revenues, which of the following is correct concerning where the capital asset would be recorded?

general fund: no governmental activities: yes

Bonds which carry the pledge of the government entity's full faith and credit, although the intent may be to service them from proprietary revenues rather than general taxes

general obligation bonds

Special assessments levied for debt service of bonds issued for a special assessment capital project will be accounted for by a debt service fund under which of the following situations?

gov is secondarily obligated for the debt: yes gov is not secondarily obligated for the debt: no

The liability for general obligation bonds should be recorded in the:

governmental activities journal

A debt service fund is a:

governmental fund

Governments can opt not to capitalize collections or individual works of art or historical treasures if the collection is:

held for public exhibition, education, or research in furtherance of public service rather than for financial gain protected, kept unencumbered, cared for and preserved subject to an organizational policy that requires the proceeds from sales of collection items to be used to acquire other items for collections

GASB standards require that general capital assets be recorded in the government-wide statements at:

historical cost

The sale of revenue bonds by a water utility fund would be recorded:

in an enterprise fund as a liability

A transaction in which cash or other assets are placed into an irrevocable trust for the benefit of debt holders

in substance defeasance

Roads, bridges, curbs and gutters, streets, sidewalks, and drainage systems installed for the common good

infrastructure assets

Assets that lack physical substance and are nonfinancial in nature

intangible assets

Which of the following statements is correct concerning interest expenditures incurred during the period of construction of capital projects?

interest expenditures may not be capitalized as part of the cost of general capital assets reported in governmental activities

When a new internal service fund is established with a transfer of funds (not to be repaid), which account would be credited in the internal service fund?

interfund transfer in

In which of the following funds is it appropriate to record depreciation of capital assets?

internal service fund

Depending on the characteristics of the fund, which of the following could be reported as a trust fund or a custodial fund?

investment fund

Which of the following funds of a government uses the same basis of accounting as a proprietary fund?

investment trust fund

When bonds are sold at a premium for a capital project, the premium amount generally:

is transferred to the debt service fund

A transaction in which debt is legally satisfied based on certain provisions in the debt instrument even though the debt has not been repaid

legal defeasance

Which of the following activities or services would most likely not be accounted for by an internal service fund?

municipal swimming pool

Which of the following properly portrays the components of net position for proprietary funds?

net investment in capital assets, restricted, unrestricted

Which of the following basic financial statements contains a column for the total of all debt service funds?

no basic fs contains a column for the total of all debt service funds

Which of the following statements is correct regarding depreciation?

no depreciation can be recorded in any governmental fund, but depreciation expense must be recorded in the governmental activities accounts

GASB standards require that general capital assets be recorded in the fund statements at:

none of these are correct: historical cost, fv at fs date, est cost at fs date

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):

other financing source

A city will serve as a conduit for federal grant money, which is sent to the city by the state government and must be remitted to various not-for-profit organizations that will use the money. The ultimate allocation of the money is decided by the state government. Which of the following terms describes the nature of this grant?

pass- through grant

Debt service funds are used to account for which of the following?

payment of principal and interest on general long term debt

) A donor contributed $500,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the a band shell in the city's park. The $500,000 would most appropriately be recorded in a(an):

permanent fund

An Olympic medalist swimmer who grew up in the city contributed $750,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the swimming complex. The $750,000 would most appropriately be recorded in a(an):

permanent fund

Each of the following are reported as fiduciary funds except:

permenant fund

A local civic group gave the county government $25,000 cash to be used to pay the utility bills of persons with income below the poverty level. The city should account for the $25,000 contribution in:

private purpose trust fund

The comprehensive annual financial report (CAFR) of a government should contain a statement of revenues, expenses, and changes in fund net position for:

proprietary but not gov fund

When the debt service fund makes a payment of principal and interest on an outstanding long-term debt, the governmental activities accounts:

reflect both the principal and interest payments

Bonds payable in which the total principal is repayable in a specified number of equal annual installments

regular serial bonds

Accounting principles prescribed by federal or state regulatory commissions for investor-owned and some governmentally owned utilities

regulatory accounting principles

A government experienced significant loss of certain roadways and bridges as a result of major flooding. Which of the following estimation approaches would be most useful in estimating the amount of asset impairment that has occurred?

restorative cost approach

Which of the following may properly be reported as a component of net position in the proprietary fund statement of net position?

restricted net position

Bonds whose principal and interest are payable exclusively from earnings of a public enterprise.

revenue bonds

Which of the following is not properly recorded in the governmental activities accounts?

revenue bonds issued by an enterprise fund

Which of the following accounts is least likely to be used by a tax custodial fund?

revenues

The portion of the actuarial present value of projected benefit payments that is attributed to the current year, interest on the total pension liability, benefit payments, and other changes to the total pension liability.

service cost

Which of the following financial statements is prepared by fiduciary funds?

statement of fiduciary net position

Under GASB standards, an internal service fund should prepare all of the following financial statements except a:

statement of revenues, expenditures and changes in fund balance

Which of the following debt service funds would normally have the largest balance in its Fund Balance account?

term bond debt service fund

In late April, the Acme Construction Co. submitted a $1,200,000 progress billing on a construction contract. On May 2, the bill was approved for payment, subject to a ten percent retention, as provided by the contract. Construction expenditures should be debited when:

the bill is approved for payment

Which of the following is a difference between enterprise funds and internal service funds?

the customers or primarily benefit from the fund's services

Which of the following is not true regarding proprietary funds?

the difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources is call net assets

Which of the following is a true statement regarding in-substance defeasance of bonds?

the gov must place cash or other assets in an irrevocable trust sufficient to pay all future interest and principal payments for the debt being defeased

Which of the following is not a requirement that must be met to elect the "modified approach" to reporting certain eligible infrastructure assets?

the government gets the permission of GASB

The liability for special assessment bonds that carry a secondary pledge of a city's general credit should be reported in the balance sheet(s) of:

the governmental activities accounts

A city recorded an asset impairment to a public works facility. Which of the following is correct concerning the recording of the amount of the asset impairment?

the governmental activities accounts would record a debit to expenses-public works

Capital assets used by governmental funds should be reported in:

the governmental activities column of the government wide statements

Internal service funds should be used only if:

the reporting government provides services primarily to other departments of the same government

Under a service concession arrangement:

the transferring government continues to report the transferred asset as a capital asset and any related contractual obligations as liabilities

The portion of the present value of projected benefit payments to be provided through the pension plan to current active and inactive employees that is attributed to those employees' past periods of service

total pension liability

The cash and investment pool of Lake City allocates dividends, interest, and capital gains and losses on a periodic basis. When the cash and investment pool accrues interest earned on investments in debt securities, pending allocation to participating funds, it would credit which of the following accounts?

undistributed earning on pooled investments

The account that captures the premium paid on a utility plant purchased by a government.

utility plant acquisition adjustment

Which of the following account balances would only be reported if a city-owned utility followed regulatory accounting principles?

utility plant acquisition adjustments

Which of the following should be accounted for in an internal service fund? Light poles to be paid for in installments by affected property owners $ 350,000 Van used to transport supplies to all city departments on a cost reimbursement basis 65,000 Equipment used for supplying electric power to residents 1,250,000

van used to transport supplies to all city departments on a cost reimbursement basis $65,000