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  36.(Conceptual problem regarding the use of Proprietary Funds) State whether the following are true or false. For the false items, explain why they are false. a.Enterprise Funds are used only when all services are provided to non-governmental entities, and Internal Service Funds are used only when all services are provided to.
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Problems 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 taxes and.
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Problems               39.              (Matching captions with financial statements) Match the specific line items in the left-hand column below with the letter of the financial statement within which each line item would properly appear.  (Note that financial statements are identified generically and answers can be used more than once). 1.     Beginning fund balancea.Debt Service.
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36.              (Preparation of Pension Trust Fund schedule of funding progress) Based on the following data elements (not all of which are relevant to this problem) calculate (a) the funded ratio and (b) the unfunded actuarial accrued liability as a percentage of covered payroll for Elisa County's schedule of funding progress at.
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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 general long-term obligations d.as a.
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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.A school district wants to establish.
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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 to equity, in the.
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Problems 34.(MatchingBfiduciary fund concepts) Listed immediately below are the 4 generic fiduciary funds.  Following these are 12 statements.  Match each fund with the 3 statements that best correspond to each fund.  No statement applies to more than 1 fund Pension trust fund Private purpose trust fund Investment trust fund Agency fund 1.May be used to account for.
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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 expenditures exceed appropriations c.estimated revenues exceed appropriations d.appropriations exceed actual.
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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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21.Proprietary funds sometimes report special assessment revenues.  What are special assessments? a.a means of financing services that benefit one group of citizens more than the general public b.an additional assessment made so that an internal service or enterprise fund can cover all of its costs each year c.a fee charged to cover the.
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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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21.              Liberty County maintains an investment pool on behalf of certain cities within the county. When it prepares its statement of fiduciary net position at year-end, how should Liberty value the corporate securities that it holds on behalf of the cities? a.at the amount of cash originally sent by the cities.
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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 revenues were less than actual revenues d.total expenditures did not.
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11.              A Pension Trust Fund prepares two financial statements and two supplementary schedules. Where does the obligation (calculated by the actuary) for the total benefits earned by employees and retirees, as of a specific point in time, appear? a.in the Statement of Fiduciary Fund Net Position b.in the Schedule of Funding Progress c.in.
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Multiple Choice 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 available for the.
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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 is the purpose of a debt.
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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 Internal Service Fund c.Agency Fund, Internal Service Fund, and.
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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 property owners. c.Property.
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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 borrowing are deposited in the General.
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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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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 Fund and an Enterprise Fund..
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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.obligations not currently payable c.both a and b d.none of the.
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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 are restricted or.
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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 they are.
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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 appropriations bill is signed into law c.when property taxes.
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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 assets, liabilities, and equities.
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40.              (Journal entries for an Enterprise Fund) These transactions relate to Metro Bus, which provides transportation services to residents of Parker County. Metro Bus is accounted for as a County Enterprise Fund. Make journal entries to account for the following 2013 transactions in the Enterprise Fund. a.On April 1, 2013, Metro borrows.
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38.              (Journal entries for Private Purpose Trust Fund) Towry School District accepts donations that are used to provide awards to graduating seniors. Record the following transactions in the Towry Private Purpose Trust Fund - Awards Fund.  Also, prepare a statement of changes in fiduciary net position for the Fund for the.
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Multiple Choice 1.Which of the following characteristics is true of fiduciary funds? a.they report assigned fund balances b.their net assets are unavailable to finance government programs c.they prepare statements of cash flows for external reporting d.their net assets cannot have debit balances under any circumstances 2.If a government participates in a defined contribution pension plan, which.
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31.What is the general rule for reporting on funds in the fund-level financial statements for fiduciary funds? a.There is no requirement for reporting on fiduciary funds in the fund-level statements. b.All individual major funds must be reported in separate columns of the fund-level financial statements for fiduciary funds; nonmajor funds may be.
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54.(Comparative computations of expenditures and expenses based on the same underlying transactions) A department of a local government began operations at the beginning of the current fiscal year with $250,000 cash.  During the fiscal year, the department made cash disbursements for the following: #Salaries and other personnel costs, $100,000 #Office rent and utilities,.
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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, investments, construction contract payable, matured.
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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.sufficient to finance planned expenditures d.larger or smaller than those.
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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..
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41.(Journal entries for a major construction project) Prepare journal entries to record the following transactions of a state, identifying the funds affected by each transaction. Record journal entries for all funds affected.  The state prepares a budget for the Capital Projects Fund and uses encumbrance accounting in that fund.              a.The state.
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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 revenues in.
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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 property.
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11.              Which fund categories should be included in the fund-level financial statements? a.governmental, proprietary, and fiduciary b.only governmental and proprietary c.only governmental, proprietary, and blended component units d.only governmental, proprietary, and discretely-presented component units 12.Which of the following is one of the two basic criteria that makes a primary government financially accountable for a legally.
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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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43.(Preparation of closing entries and fund level financial statements) Following is a trial balance of City of Peachville's General Fund at December 31, 2013. Prepare: (a) closing entries; (b) a post-closing trial balance; (c) a statement of revenues, expenditures, and changes in fund balance for the year ended December 31, 2013;.
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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 computing an hourly billing rate for.
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21.What is the reporting requirement for the fund balance section of the governmental funds balance sheet? a.governmental fund balances should be reported in a single amount b.governmental fund balances should be segregated in three components: invested in capital assets, net of related debt; restricted; and unrestricted c.governmental fund balances should be segregated between.
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Multiple Choice 1.An organization is a component unit of a primary government and hence part of the primary government's financial reporting entity, provided that: a.the primary government provides grants to the organization b.the primary government sells tax-exempt debt on behalf of the organization c.the primary government is financially accountable for the organization d.the primary government.
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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 budget has an important influence on the determination of the annual a.income.
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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 resourcesfull accrual b.current financial resourcesmodified accrual c.economic resourcesmodified accrual d.economic resourcesfull accrual 43.A local.
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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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38.              (Computation of net investment in capital assets) The following information is taken from the financial statements of Corwin Water District 2, an Enterprise Fund. The revenue bonds were issued to construct water mains.  Based on these data, compute the amount that the Fund should report on its statement of.
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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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