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Author Question: Assume the General Fund has two outstanding investments as of its 6/30/X5 year end, as follows: ... (Read 52 times)

bobthebuilder

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on: Jul 6, 2018
Assume the General Fund has two outstanding investments as of its 6/30/X5 year end, as follows:
   100,000 Certificate of Deposit, 6 month original maturity, 3 annual interest rate, purchased 4/30/X5
   500,000 Commercial Paper, 8 month
 
  original maturity, 3 annual interest rate, purchased 1/31/X5
  The interest revenue that would be recorded in the GAAP-based external financial statements for the General Fund as of 6/30/X5 would be
  A. 500.
  B. 6,250.
  C. 6,750.
  D. 11,500.

Question 2

Assume that an Enterprise Fund contributed 85,000 to the General Fund for operations. The money is not intended to be a loan. Which of the following statements is true?
 
  a. The Enterprise Fund will report capital contributions of 85,000
  b. The Enterprise Fund will report expenses of 85,000
  c. The Enterprise Fund will report other financing uses of 85,000
  d. The Enterprise Fund will report advances of 85,000
  e. The Enterprise Fund will report transfers out of 85,000


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courtney_bruh

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Reply #1 on: Jul 6, 2018
Answer to Question 1

C

Answer to Question 2

E


bobthebuilder

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Reply 2 on: Jul 6, 2018
Great answer, keep it coming :)

bbburns21

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Reply 3 on: Yesterday
:D TYSM

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