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Governmental Accounting: Debt Issuance, Capital Projects, and Fixed Asset Reporting

An assignment covering financial reporting and debt issuance in government accounting.

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Governmental Accounting: Debt Issuance, Capital Projects, and Fixed Asset ReportingThis quiz consist of 30 multiple choice questions. The first 15 questionscover the material inChapter 6.The second 15 questions cover the material in Chapter 7. Besure you are in the correct Chapterwhenyou take the quiz.Question 14 out of 4 pointsA governmental entity has elected to issue new debt and use the proceeds to redeem existingdebt because there is an economic gain in doing so.There is, however, an ‘accounting loss’associated with these events.An accounting loss is defined asAnswerSelected Answer:The cash paid to redeem the old debt less the book value of the old debt.Correct Answer:The cash paid to redeem theold debt less the book value of the old debt.Question 24 out of 4 pointsSix years ago Hill City issued $10 million of 6% term bonds, due 30 years from the date ofissue.Interest on the bonds is payable semi-annually on January 1 andJuly 1.Hill City has aSeptember 30 fiscal year end.The amount of interest payable that would be included on thebalance sheet for the debt service fund of Hill City at September 30 would beAnswerSelected Answer:$-0-CorrectAnswer:

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