1. In a debt service fund
a. expenditures for interest are recognized as incurred
b. fund transferred from the general fund to cover debt paymentsare recorded as revenue
c. expenditures for interest and principal are recognized whenthey are due
d. long-term debt is reduced by principal payments
2. a private, not-for-profit hospital received the followingrestricted contributions and other receipts during the year endedDecember 31, 20X8
1) for research $300,000
2) for equipment acquisitions $200,000
3) income from endowment to be used for new addition to hospitalplant $100,0000
none of the contributions r other receipts were expended duringthe year ended December 31, 20X8. For the year ended December31,
20X8, what amount would be reported on the hospital's statementof changes in net assets as an increase in temporarily restrictednet assets?
3. Pine city's year end is June 30. Pine levies property taxesin January of each year for the calendar year. One-half of the levyis due in May and one-half is due in October. Property tax revenueis budgeted for the period in which payment is due. The ffinformation pertains to Pine's property taxes for the period fromJuly 1 year 1 to June 30 Year 2.
Levy Year 1 $2,000,000 Levy year 2 $ 2,400,000
Collected in:
May Year 1 $ 950,000 Year 2 $ 1,100,000
July Year 1 $ 50,000 Year 2 $ 60,000
October Year 1 920,000
December Year 1 80,000
The $40,000 balance due for the May year 2 installments wasexpected to be collected in August year 2. What amount should Pinerecognize for property tax revenue for the year ended June 30, year2?
a. $2,160,000
b. $2,400,000
c.$2,360,000
d.$2,200,000
4.
Expenditures $30,000
Cash $30,000
the above entry for a non  profit entity most likelyto record
