question archive 1) A debt service fund for the City of Livingston received $300,000 from a capital projects fund
1) A debt service fund for the City of Livingston received $300,000 from a capital projects fund
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1) A debt service fund for the City of Livingston received $300,000 from a capital projects fund. The amount received represented the premium received from the issuance of general obligation bonds. What account should the debt service fund credit to record this receipt?
Multiple Choice
A) Other Financing Sources—Transfer In from Capital Projects Fund.
B)Matured Bonds Payable.
C)Revenue-General Obligation Bond Premium.
D)Due to Capital Projects Fund.
2)
Schedule 13D is filed:
Multiple Choice
A) by entities that acquire a beneficial ownership of more than 5 percent of a class of registered equity securities.
B) to broadly report material information that is being provided to securities analysts, selected institutional investors, or others.
C) to disclose material items related to asset-backed securities such as a bond issue.
D) by management to report the existence and effectiveness of the company's internal control over financial reporting.
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1. The answer is A. Other Financing Sources—Transfer In from Capital Projects Fund.
Other financing sources and uses comprise a few number of special transactions which help in accounting for non-operating incomes and disbursements. Operating transfers and earnings from debt transactions are contained within this financial reporting category. In addition capital projects funds may obtain grants from other governmental entities, earnings of dedicated taxes, transfers from several funds, gifts from people or organizations or a mixture of several sources.
2. The answer is A
Schedule 13D is a form in which an entity is obligated to file with the U.S. Securities and Exchange Commission (SEC) when a person or an entity receives more than 5% of any class of equity shares of a company. There are a number of pieces of significant information that should be disclosed by 10 days of the transaction. It is also referred to as a beneficial ownership report.
