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5) Bounty County had the following transactions in 2011. 1.The budget for the county was approved, showing estimated revenues of $320,000 from local income taxes, and total estimated expenditures of $316,000. 2.Tax bills were mailed amounting to $326,000, which are due in 60 days. All but 2% was expected to be collectible. 3.Taxes.
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15) Prepare journal entries to record the following grant-related transactions of an Enterprise Fund. 1.Received an operating grant in cash from the state, $2,500,000. 2.Incurred and paid qualifying operating expenses on the state grant program, $1,600,000. 3.Received a federal grant to finance construction of a plant, $4,500,000 (cash received in advance). 4.Incurred and paid.
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14) Peking County incurred the following transactions during 2011: 1.Marketable securities were donated to support the county's bike and nature trails. The donor acquired the securities for $35,000 ten years earlier; however, their current market value was $200,000. The donor specified that all income from the securities be used for the.
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19) The unadjusted trial balance for the general fund of the City of Jordan at June 30, 2011 is as follows: Debits Accounts receivable$90,000 Cash110,000 Due from agency fund19,000 Encumbrances18,000 Estimated revenues              1,250,000 Expenditures              1,090,000 Taxes receivable175,000 Credits Allowance for doubtful accounts15,000 Allowance for uncollectible taxes35,000 Appropriations              1,180,000 Due to internal service fund51,000 Fund balance - unassigned52,000 Reserve for encumbrances18,000 Revenues              1,130,000 Taxes received in advance22,000 Vouchers payable249,000 Supplies.
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11) Voluntary health and welfare organizations classify fund-raising costs as A) costs of services sold. B) program services. C) auxiliary expenses. D) supporting services. 12) Voluntary health and welfare organizations A) may not have paid executives or staff. B) are governed by separate GASB statements. C) use fund accounting, following the rules for proprietary fund reporting. D) are supported.
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17) The following are transactions for the city of Salem. a.Incurred salaries of $44,000 to be paid next month. b.Tax bills totaling $500,000 mailed to city residents. c.Paid salaries above. d.Computer equipment received in the amount of $11,000, to be paid in 30 days. Required: Analyze the above transactions by using the accounting equation for a.
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13) Journalize the following utility transactions in the Hazzard County Enterprise Fund: 1.The utility sold $4,000,000 of 6.5% revenue bonds at 98 on July 1, 2011 (an interest payment date). The bond proceeds are to be used for new plant construction and the issue will mature in 20 years. Interest is.
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Exercises 1) Will Wealth made three charitable donations in 2011. Each was for $500,000, however they were made to three different organizations as follows: 1.Will donated to a local voluntary health and welfare organization (VHWO), and indicated that the funds could be used as the VHO wanted. 2.Will donated to a local private,.
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17) Based upon the cash flow information provided below for the year ended December 31, 2011, prepare a cash flow statement for the Bloomfield Municipal Golf Course, an enterprise fund. Green fees received$400,000 Membership fees received160,000 League outing fees received90,000 Interest revenue received2,000 Cash received from short-term note payable (not used     for capital assets)75,000 Payments.
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5) Albatross University, a not-for-profit, nongovernmental university, had the following transactions in 2011. 1.Tuition bills were sent amounting to $8,000,000, with 70% collected before the end of the fiscal year; tuition waivers were granted on the total amount of $400,000, and $220,000 was expected to be uncollectible. 2.Cafeteria sales, all cash, were.
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11) The following are transactions for the city of Clinton. a.Borrowed $100,000 by issuing a one-year, 5% note, three months before year-end. b.Accrued interest at year end, but did not pay the interest at year end. c.Charges for services rendered of $2,500 were billed and collected immediately. d.Incurred salary costs of $5,000, unpaid. Required: Analyze the.
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19) Based upon the flow information provided below for the year ending December 31, 2011, prepare a cash flow statement for the Downtown City Motor Pool, an internal service fund. Cash received from customers$830,000 Cash received from General Fund (noncapital loan)20,000 Interest revenue received1,000 Cash received from short-term note payable (not used for capital.
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3) Southtown Community Hospital (SCH) shows the following balances on its trial balance at June 30, 2011, their fiscal year end. SCH is a not-for-profit, nongovernmental hospital. $260,000 cash was spent on equipment from donations restricted for that purpose. Debits: Administrative services expense200,000 Contractual allowances1,200,000 Depreciation expense700,000 Employee discounts300,000 General services expense900,000 Loss on sale of fixed.
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15) Using the revenue types shown below, match each of the revenue sources to a revenue type. Each revenue type may be used more than once. A.Derived Tax Revenues B.Imposed Nonexchange Revenues C.Government-Mandated Nonexchange Transactions D.Voluntary Nonexchange Transactions _____1. Corporate income tax _____2. Sales taxes _____3. Liquor taxes _____4. Fines and penalties paid to a government entity _____5. Cigarette.
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16) Address the following situations separately. 1.For the budgetary year beginning July 1, 2011, Coastal City expected the following cash flow resources: Property taxes, licenses, and fees$3,000,000 Proceeds of debt issue1,000,000 Interfund transfers to debt service fund750,000 In the budgetary entry, what amount did Coastal City record for estimated revenues? 2.During the fiscal year ended June.
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16) Match the following definitions to the appropriate government accounting terms (numbered below). A.Legally separate organization for which primary government is financially accountable B.The use of governmental fund working capital C.Appropriation for a specific time period D.Governmental and Proprietary fund revenues and expenses presented using full accrual accounting E.Approved or authorized expenditures F.Revenues recognized when available.
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9) Static City started a department to provide copy, printing and mailing services for all departments and agencies of the city. During the fiscal year from July 1, 2010 through June 30, 2011, the copy services department had the following transactions: 1.Paper and toner inventory was purchased for $58,000, on account. 2.The paper.
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7) The following are transactions for the city of Franklin. a.Borrowed $20,000 by issuing a two-year note. b.Purchased equipment for $6,000 cash. c.Licenses for $700 were billed on account. d.Accrued employee salary costs of $7,000. e.Depreciation expense on equipment for year, $1,000. Required: Analyze the above transactions by using the accounting equation for a proprietary fund. 8) For.
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5) The following are transactions for the city of Springfield. a.Borrowed $20,000 by issuing a three-month, 5% note. b.Paid $4,000 for equipment. c.Services for $1,000 were billed and collected. d.Year-end accrual of 3 months interest on note in (a). Required: Analyze the above transactions by using the accounting equation for a proprietary fund. 6) The following are.
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13) The following are transactions for the city of Greenville. a.Issued $50,000 10-year bonds. b.Used $30,000 of the cash to buy a truck. c.Sold the truck that was replaced which had cost $28,000, for $2,000. The old truck was fully depreciated. Residual value is zero. d.Computed depreciation on the new truck for the year.
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10) Journalize the following utility transactions in the Quest County Enterprise Fund: 1.Billings to external customers $1,600,000; billings to Quest County governmental funds $130,000. 2.Collected refundable deposits from new customers $10,000. 3.Collected 95% of all billings by fiscal year-end. 4.Refunded $4,000 in deposits to former customers. 5.Unbilled services to outside customers at year-end $14,000. 11) Prepare.
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Exercises 1) The City's municipal golf course had the following transactions. 1.Received a beautification(operating) grant from the state for $600,000. Received cash of $600,000. 2.Incurred and paid qualifying expenses under the state grant program in (1) above of $280,000. 3.Incurred and paid construction costs on an uncompleted clubhouse for $1,200,000. 4.Received $1,000,000 cash from a.
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15) Middlefield County incurred the following transactions during 2011: 1.The county authorized a new general obligation bond issue of $5 million par to construct an office building with a contract price of $4,975,000. The bonds were issued for $4,980,000. 2.The county levied real property taxes of $10,000,000. Eighty-five percent of the net.
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18) The unadjusted trial balance for the general fund of the City of Nineva at June 30, 2011 is as follows: Debits Accounts receivable$              40,000 Cash75,000 Due from agency fund25,000 Encumbrances60,000 Estimated revenues975,000 Expenditures750,000 Taxes receivable250,000 Credits Allowance for doubtful accounts5,000 Allowance for uncollectible taxes50,000 Appropriations785,000 Due to trust fund40,000 Fund balance-unassigned30,000 Reserve for encumbrances60,000 Revenues990,000 Taxes received in advance15,000 Vouchers payable200,000 Supplies on hand at June 30, 2011.
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Multiple Choice Questions 1) What basis of accounting is used by proprietary funds? A) Modified accrual accounting B) Accrual accounting C) Cash basis accounting D) Fair value accounting 2) Enterprise funds are accounted for in a manner similar to A) internal service funds. B) capital project funds. C) special revenue funds. D) debt service funds. 3) On January 1, 2011, the.
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4) Wilhelman University, a not-for-profit, nongovernmental university, had the following transactions in 2011. 1.Tuition bills were sent amounting to $4,000,000, with tuition waivers granted on that amount of $200,000. 2.State funding was received in the amount of $2,000,000. 3.The bookstore and cafeteria sales amounted to $1,600,000, and their cost of sales was $1,500,000..
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18) The four cash flow categories required in an Enterprise Fund's Statement of Cash Flows are listed below and assigned a letter code. A)Cash flows from operating activities B)Cash flows from noncapital financing activities C)Cash flows from capital and related financing activities D)Cash flows from investing activities Required: Use the correct letter code to indicate where.
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12) The general fund trial balance for Lakeview City held the following balances at September 30, 2011, just before closing entries were made: Due from other funds$8,000 Fund balance - unassigned50,000 Estimated revenues180,000 Revenues177,000 Appropriations176,000 Expenditures - current year169,000 Expenditures - prior year16,000 Other financing sources - transfer in from Capital Projects Fund62,000 Required: Prepare the necessary closing entries for.
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19) Hilfmir Corporation filed for Chapter 11 bankruptcy on January 1, 2011. A summary of their financial status is shown below on June 30, 2011, at the date of the approved reorganization, along with the fair value of their assets. Per BooksFair Value Cash$              134,000$134,000 A/R - net20,00020,000 Inventory32,00040,000 Plant Assets - net114,000106,000 Patent 80,0000 $              380,000 A/P$60,000 Wages Payable20,000 Prepetition.
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7) The City of Electri entered the following transactions during 2011: 1.Borrowed $120,000 for a six-month term, to be paid upon receipt of property tax payments which were previously billed. 2.Used the funds borrowed to purchase a new fire truck. The truck is expected to have a 15-year useful life, and a.
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6) Thoroughgood County has a municipal golf course and tennis club which is funded by the membership fees it charges. The club also has 6% bonds outstanding amounting to $20,000,000 on which it pays interest semi-annually. The club had the following transactions. 1.An addition to the golf clubhouse was added for.
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Exercises 1) Match the following fund balance descriptions for a General Fund with the proper classification for a fund balance. Each classification may be used more than once. A.Nonspendable Fund Balance B.Restricted Fund Balance C.Committed Fund Balance D.Assigned Fund Balance E.Unassigned Fund Balance _____1. Amounts can only be spent for the specific purposes determined by a formal.
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11) The proper sequence of events is A) purchase order, appropriation, encumbrance, expenditure. B) purchase order, encumbrance, expenditure, appropriation. C) appropriation, encumbrance, purchase order, expenditure. D) appropriation, purchase order, encumbrance, expenditure. 12) Governments must record a liability for uncollected taxes instead of revenues for uncollected taxes if the taxes are going to be collected A) 30.
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Multiple Choice Questions 1) Which pronouncements have the highest level of authority for state and local governments? A) Financial Accounting Standards Board Statements B) GASB Statements C) Consensus Positions of GASB Emerging Issues Task Force D) GASB Technical Bulletins 2) The key focus of government fund accounting concerns A) capital expenditures. B) intergovernmental transfers from the general fund. C).
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3) Willborough County had the following transactions in 2012. 1.A central motor pool was established with a $200,000 nonreciprocal transfer from the General Fund. 2.The water and sewer authority, which provides services to residents for a fee, issued a bond offering at $750,000 par. Bonds proceeds are restricted to renovating the treatment.
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Multiple Choice Questions 1) When a capital lease is used to lease fixed assets for the general government, the governmental fund acquiring the fixed assets debits ________ at the ________. A) expenditures; future value of the minimum lease payments B) fixed assets; future value of the minimum lease payments C) expenditures, present value of.
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Multiple Choice Questions 1) Which of the following is not true? A) A not-for-profit entity operates for purposes other than to provide goods or services at a profit. B) A not-for-profit entity may be governmental or non-governmental. C) A not-for-profit entity may possess ownership interests like a corporation. D) A not-for-profit entity receives resources from.
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Exercises 1) Match each of the following fund types to one of the following three fund categories as indicated. Each fund category may be used more than once. A.Governmental Fund B.Proprietary Fund C.Fiduciary Fund _____1.Debt Service Fund _____2.Internal Service Fund _____3.Agency Fund _____4.General Fund _____5.Permanent Fund _____6.Enterprise Fund _____7.Capital Projects Fund _____8.Trust Fund _____9.Special Revenue Fund _____10.Pension Fund .
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11) At December 31, 2011, an Enterprise Fund has the following adjusted accounts outstanding: Insurance Expense$2,000 Depreciation Expense3,000 Supplies Expense10,000 Salaries Expense100,000 Service Revenues123,000 When preparing the closing entry for the temporary accounts at December 31, 2011, the Enterprise Fund's accountant will A) credit Retained Earnings $8,000. B) credit Net Cash, $8,000. C) credit Net Assets, Unrestricted $8,000. D) credit.
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