Author Question: In what circumstance is a Capital Projects Fund required to be used in governmental accounting? ... (Read 123 times)

Shelles · **on:** Jul 5, 2018

In what circumstance is a Capital Projects Fund required to be used in governmental accounting?

a. to record the acquisition or construction of all capital assets
b. to record the acquisition or construction of any capital asset that is not recorded in an Enterprise Fund
c. when capital projects are at least partially financed by general obligation bond proceeds
d. to record the acquisition or construction of all major capital assets, except infrastructure assets

Question 2

There are four closing entries. The first one is to close revenues, the second one is to close expenses, the third one is to close , and the last one is to close the .
a. Income Summary, drawing account
b. Income Summary, capital account
c. Income Summary, assets
d. drawing account; Income Summary