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Study Resources (Accounting)

1.              Which of the following is a distinguishing characteristic of a nonbusiness organization? a.              Its revenues do not exceed its expenses b.              There is an absence of ownership interests that can be sold, transferred, or redeemed c.              It does not depreciate its capital assets d.              It does not charge fees for any of its.
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11.              Which of the following is the most authoritative source of accounting standards for cities and counties? a.              Current practices widely used by not-for-profit entities b.              GASB Statements and Interpretations c.              AICPA Industry Audit Guides d.              Implementation guides published by GASB staff 12.              Concepts statements issued by the GASB and the FASAB emphasize which of.
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55.              (Identifying transactions to the appropriate fund - relatively simple situations) A small village maintains a General Fund, Special Revenue Fund, Capital Projects Fund, and Internal Service Fund. State the fund (or funds) that would be used to record each of the following events. a.Property taxes were collected to finance the day-to-day.
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Multiple Choice 1.              In what way do Internal Service Funds differ from Enterprise Funds? a.              in the basis of accounting that they use b.              in the nature of the entities to which they supply goods or services c.              in the measurement focus that they use d.              in the kinds of financial statements that they prepare 2.             .
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31.              In the statement of revenues, expenditures, and changes in fund balances, a transfer received by the Debt Service Fund from the General Fund should be reported by the Debt Service Fund as a: a.              transfer in, in the other financing sources/uses section b.              negative expenditure, in the expenditure section c.              direct addition.
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42.(Preparing entries to close a Capital Projects Fund) [see p. 195… uses “close” not “abolish”] You are the Finance Director of the Town of Blue Mountain.  Presented below is the trial balance for a Capital Projects Fund of the Town at October 31, 2013.  The Town Engineer has advised you that.
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  21.              Which of the following is a distinguishing characteristic of proprietary funds? a.              they recognize revenues when they are measurable and available b.              they always earn sufficient revenues to cover their expenses c.              they charge fees for the services they provide d.              they are legally prohibited from selling services to other governmental agencies 22.              What.
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38.(Journal entries with emphasis on Capital Projects Fund) Prepare journal entries in the Capital Projects Fund to record the following transactions related to the construction of a building by the Village of Navajo Falls. (Note that only Capital Projects Fund journal entries are required.) The Village adopts a formal budget and.
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21.              Which of the following liabilities normally would not be reported in governmental funds? a.              accrued salaries payable b.              bonds payable c.              vouchers payable d.              all of the above are commonly reported in governmental funds e.              none of the above are commonly reported in governmental funds 22.              Governmental fund liabilities are: a.              claims against current financial resources b.             .
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Multiple Choice 1.              To what does basis of accounting refer? a.              whether an entity is trying to measure the excess of inflows over outflows b.              how much cash an entity received in a particular reporting period c.              the timing of recognition of assets, liabilities, revenues, and expenditures/expenses in financial statements d.              the ownership of the.
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21.              The City of Kent’s police department needs a new police car.  A police car is ordered at an estimated cost of $34,000 and the appropriate budgetary control journal entry is made.  When the car is received, the actual cost is $35,000.  Which of the following is a part of.
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Multiple Choice 1.              What is the purpose of a Debt Service Fund? a.              to account for resources that are restricted or otherwise limited to pay the debt service on all debt of the government, including Enterprise fund debt and short-term debt used to finance General Fund operations b.              to account for resources that.
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41.The information generated from the accounting system of a governmental-type fund a.              is budget oriented b.              measures profitability c.              measures operational efficiency d.              is intended for use only by legislators 42.Which measurement focus and basis of accounting should be used in an Internal Service Fund? measurement focusbasis of accounting a.current financial resources              full accrual b.current financial resources              modified.
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11.              Which of the following classifications will not appear in the annual budget for a General Fund? a.              depreciation b.              capital outlay c.              debt service d.              current operating 12.              The document that lists the steps of the budget process is the a.              budget request b.              budget summary c.              budget calendar d.              budget worksheet 13.              For a typical city government, the.
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188) Describe the four main global strategies that form the basis for global firms' organizational structure. 189) What are the organizational principles a company should follow to develop a global company and its information systems support structure? Do you agree? Would you change these principles, or add others? Support your answer. 190).
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11.              When a city borrows cash short-term in anticipation of the receipt of property tax revenues, which account would it credit? a.              property taxes receivable b.              property tax revenues c.              estimated other financing sources d.              tax anticipation notes payable 12.              The Village of Titus borrows money using a tax anticipation note.  The proceeds from the.
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Multiple Choice 1.              The measurement focus used by governmental fund measures: a.              capital resources b.              spendable resources c.              spendable resources and capital resources d.              economic resources 2.              A government would refer to its property tax calendar to determine whether property taxes receivable at any given time are a.              collectible in part or in full b.              delinquent or current c.             .
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31.              The accounting and financial reporting for the General Fund is least similar to that of a a.              capital projects fund b.              debt service fund c.              pension trust fund d.              special revenue fund 32.              A favorable expenditures variance signifies that, during the year, a.              Unassigned fund balance increased b.              actual spending was less than budgeted spending c.              estimated.
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  Problems 40.(Journal entries - basic events and transactions) Prepare entries to record the following events and transactions for Tropical Township for the year 2013. a.              The Township adopted a budget calling for appropriations of $360,000.  The estimated revenues (all property taxes) were $340,000. b.              The Township sent property tax bills amounting to $340,000 to.
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  Problems 49.              (True or false - Capital Projects Fund items) State whether these statements are true or false.  Discuss why the false statements are false. a.              Assets of the Capital Projects Fund include cash and investments, but not capital assets. b.              It is not possible for expenditures of the Capital Projects Fund to exceed.
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11.              In Proprietary Fund accounting, which of the following statements are true? a.              materials and supplies are recognized as expenditures when purchased b.              materials and supplies are recognized as expenses when consumed c.              capital assets are considered as expenditures when they are acquired d.              capital assets are not recorded in proprietary funds 12.              You are.
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21.              A city constructs a new building by issuing debt in the amount of $3 million. How should the city report the debt proceeds in its Capital Projects Fund statement of revenues, expenditures, and changes in fund balance? a.              as a revenue b.              as an other financing source c.              as a liability captioned.
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  Problems 28.              (Determination of property tax rate) The City of Weston is preparing its budget for calendar year 2013.  After estimating revenues from all other sources, the City calculates that it must raise $7,000,000 from property taxes.  You are given the following information regarding the tax rate: Property taxes to be collected$7,000,000 Estimated uncollectible.
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51.(Treatment of inventory—purchases method) The General Fund of the City of Mineral Wells shows $40,000 in supplies inventory on January 1, 2013.  During the year 2013, General Fund cash is used to purchase $110,000 of supplies.  On December 31, 2013, the city conducts an inventory count and finds $50,000 of supplies.
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40.(Journal entries to record a capital lease transaction) A town enters into a lease-purchase agreement with Trucks, Inc. to acquire four garbage trucks. The agreement provides that the town pay $100,000 at the end of each year for four years. Upon full payment, the trucks become town property. The agreement is.
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21.              Which line item would not properly appear in the closing entry of a governmental fund? a.              expenditures—public safety salaries b.              expenditures—debt service c.              fund balance d.              expenditures—depreciation 22.              If the Budgetary fund balance account was debited when the budget was recorded in the City of Mustangville's General Fund, then a.              appropriations exceed estimated revenues b.              actual.
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53.              (True or false - financial reporting and other items) State whether these statements are true or false.  Discuss why the false statements are false. a.All the long-term debt of a government, including the long-term debt that will be financed by Enterprise Fund revenues, is reported in the fund-level financial statements. b.Long-term liabilities.
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  11.              Which basis of accounting is used by funds that have a current financial resources measurement focus? a.              full accrual basis b.              cash basis c.              modified accrual basis d.              modified cash basis 12.              Which of the following are fiduciary-type funds? a.              Pension Trust Fund, Agency Fund, and Permanent Fund b.              Investment Trust Fund, Special Revenue Fund, and.
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  Problems 36.(Classification of resource inflows in Fund operating statements) A county's Debt Service and Capital Projects Funds had the following resource inflows during 2013. State whether each of the inflows should be reported as revenues or as other financing sources in the fund-level statements of revenues, expenditures and changes in fund balances. a.             .
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192) What options does a company have for providing international connectivity? 193) How does the Internet benefit the development of a global information system? Should all global systems be based on the Internet? 194) John is in a student business consultant program. One of his clients is a producer of irrigation equipment..
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49.(Journal entries - comprehensive problem) The Town of Elderville accounts for its revenues and day-to-day operating expenditures in its General Fund. The Town uses encumbrance accounting to keep budgetary control over the appropriation for "other expenditures." Prepare journal entries to record these transactions in the General Fund for the calendar year.
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Multiple Choice 1.              Accounting for a Special Revenue Fund is most like the accounting for which of the following? a.              the General Fund b.              an Internal Service Fund c.              a Pension Trust Fund d.              an Enterprise Fund 2.              When should property tax revenues be recognized in the accounting records? a.              when the budget is prepared b.              when the.
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11.              Which of the following best describes the general principle for recognizing property tax revenues in the General Fund? a.              They should be recognized in the current period to the extent that cash is collected b.              They should be recognized for the entire amount levied for the current period, regardless of when.
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50.              (Classification of fund balance) The General Fund of the City of Davis Fort has a total fund balance of $1,000,000 as of its fiscal year-end, December 31, 2013.  Please review the following additional information regarding General Fund activities and determine how much fund balance should be classified as nonspendable, restricted,.
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19.(Discussion problem on entity and GAAP hierarchy) A large private bus company in Empire City went bankrupt. At Empire City's request, the  state legislature established a legally separate public benefit corporation named Metro City Bus.  In the law establishing Metro City Bus, Empire City was authorized to appoint Metro's entire governing.
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39.(Journal entries with emphasis on Debt Service Fund) The Shannon Township Debt Service Fund accumulates resources to pay its $2 million general obligation debt. The debt is payable in equal annual installments of principal over 10 years with 5% interest on the unpaid principal.  Prepare journal entries to record the following.
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48.              (Property tax revenue recognition) In its General Fund balance sheet at December 31, 2013, Marathon City reported Property taxes receivable of $40,000, deferred property tax revenues of $15,000, and an allowance for uncollectible taxes of $0. At the start of the year 2014, Marathon City made the following journal entry.
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51.              (True or false - Fiduciary Fund items) State whether these statements are true or false.  Discuss why the false statements are false. a.Pension Trust Funds use the modified accrual basis of accounting. b.The external portion of an investment pool should be reported in a Fiduciary Fund. c.Agency Funds are different from other Fiduciary.
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57.(Identifying transactions to funds - comprehensive problem) Indicate which fund or funds would be used by a state to record each of the following events. Use the codes shown below: General FundGFPension Trust FundPTF Special Revenue FundSRFInvestment Trust FundITF Debt Service Fund DSFPrivate-Purpose Trust FundPPTF Capital Projects FundCPFAgency FundAF Enterprise FundEFInternal Service FundISF a.The state collected personal.
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11.Accrued interest on the following type of debt is reported in a governmental fund: a.              short-term tax anticipation notes payable b.              serial bonds c.              general obligation bonds d.              long-term bank notes 12.Which of the following groups of accounts best describes the types of assets and liabilities likely to be found in Capital Projects Funds? a.              cash,.
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1.              When the chief executive of a governmental unit submits a "balanced budget" to the legislative body, it usually means that: a.              the budget is balanced on the full accrual basis of accounting b.              the budget is balanced in accordance with generally accepted accounting principles c.              proposed expenditures do not exceed estimated monies.
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42.(Closing entries) The preclosing trial balance of the General Fund for the City of Thomaston shows the following balances at the end of its fiscal year. Budgetary fund balance $   10,000 Fund balance, beginning (actual) 150,000 Estimated revenues620,000 Appropriations610,000 Revenues (actual)625,000 Expenditures605,000 Based on information presented above:    Prepare closing entries for the budgetary and financial accounts.   Calculate the.
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17.              (Discussion problem on fund accounting) Discuss the nature and purpose of "fund accounting." 18.(Matching organizational characteristics with different types of organizations.) Listed below are some identifying characteristics of organizations.  Indicate with a check mark (?) in the appropriate column(s) those characteristics that apply to each type of organization.  Some characteristics may apply.
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184) What steps do the authors recommend be taken to develop an international information systems architecture? 185) List at least four general cultural factors and four specific business factors driving global business. Which two factors (one of each) do you feel are most problematic at the current moment? Why? 186) What are.
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47.              (Journal entries - interfund transactions) Theodore County uses a General Fund, a Special Revenue Fund, and an Enterprise Fund. The Special Revenue Fund is financed by a grant from the state to provide care for the elderly. The Enterprise Fund provides bus service both to the public and to government.
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  31.              Which of the following pairs of accounts are likely to appear on the balance sheet of a government's general fund? a.              cash and buildings b.              cash and investments c.              accounts payable and long-term bonds payable d.              current portion of bonds payable and non-current portion of bonds payable 32.              A governmental entity has a General.
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46.              (Journal entries - tax revenue accounting - year-end adjustments) Prepare entries to record the following transactions and events related to Colfax County's tax revenues for the year beginning January 1, 2013: a.              To raise property tax revenue of $800,000, the County bills its property owners a total of $802,000, providing $2,000.
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  45.              (Journal entries - property tax accounting) Prepare entries to record the following transactions and events related to Dominguez County's property taxes for the year beginning January 1, 2013: a.              To raise property tax revenues of $940,000, the County sends bills to property owners totaling $950,000. This will provide $10,000 for uncollectible.
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29.(Recording the budget and a budget revision) The council of the Town of Tulia approved the 2013 budget as follows: Budgeted 2013 revenues from: Property taxes$5,000,000 Sales taxes$1,000,000 Appropriations for 2013: Salaries$4,600,000 Materials$1,200,000 Equipment$100,000 During 2013, the town’s mayor presented the council with a budget revision to increase the amount of appropriation for salaries by $10,000.  The council approved.
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31.(Recording budgetary entries and operating general journal entries and posting detail to subsidiary ledgers) The Town of Roscoe Ridge is a small residential community.  The Town has two revenue sources, property taxes and charges for service; and two programs, administration and public safety.  The Town’s fiscal year 2013 is as follows: Town.
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