[Biff-1955-Tannen]

The answer is D. I was under the impression that fund accounting will not have assets or liabilities. I checked my book from my government accounting class to see what they have as examples, and they have it as a credit to

OFS – proceeds from bond anticipation notes

At the government wide statements, it is a credit to bond anticipation notes payable. Can somebody provide some input on this please?

Grove Township issued $50,000 of bond anticipation notes at face amount in the current year and placed the proceeds into its capital projects fund. All legal steps were taken to refinance the notes, but Grove was unable to consummate refinancing. In the capital projects fund, what account should be credited to record the $50,000 proceeds?

A.

Other Financing Sources Control

B.

Revenues Control

C.

Deferred Revenues

D.

Bond Anticipation Notes Payable

AUD 93 Jan 16
BEC 83 Feb 16
FAR 83 Apr 16
REG 84 May 16

99% Ninja MCQ only

[monikernc]

Biff – they were not able to refinance the notes into bonds. Bonds would go int the non fund account as GLTL but notes are short term liabilities recorded in the capital fund.
What helped me with government was knowing the accounting equations for each type of fund and what financial statements are required.

I took BEC saturday and have no clue how it went. Did you walk out of yours wondering whether it was easy or hard? This is the strangest feeling – i have no clue how it went but feel no anxiety over it all. During and after aud i was an absolute wreck. How did you feel after BEC? Did you have a gut feeling? I have nothing.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Biff-1955-Tannen]

I walked out of BEC a good 95% sure that I would be retaking it. Lots of IT terms that I never once saw before through Ninja or Wiley. If I pulled off an 83, I wouldn't worry too much.

AUD 93 Jan 16
BEC 83 Feb 16
FAR 83 Apr 16
REG 84 May 16

99% Ninja MCQ only

[monikernc]

that is what has me thinking that i answered the pretest IT questions correctly because of my background in IT and got the scored ones wrong. march 9 is not that far off.
good luck with FAR.

FAR 7/25/15 76!
AUD 10/30/15 93
BEC 2/27/16 82
REG 5/23/16 88!
Ninja Book and MCQ and the forum - all the way!!!
and a little thing i like to call, time and effort!
if you want things to change, you have to do something different

[Author]

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