Author Question: A government university that reports as a business-type special purpose government, purchases land ... (Read 94 times)

bucstennis@aim.com · **on:** Jul 5, 2018

A government university that reports as a business-type special purpose government, purchases land for a planned dormitory by securing a 10-year bank loan. The entry to record the purchase and procurement of funding would include

a. a DEBIT to cash.
b. a CREDIT to notes payable.
c. a DEBIT to expenditures.
d. a CREDIT to other financing sources.
e. Both items a and b.
f. Both items c and d.

Question 2

Which category of funds is used to account for most of the day-to-day public services provided by a government?

a. Fiduciary-type funds
b. Enterprise-type funds
c. Proprietary-type funds
d. Governmental-type funds