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Accounting Expert Answers & Study Resources : Page 712

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True / False Questions 1.Governmental activities are to be classified as governmental or business-type. 2.Governmental funds are identical to governmental activities, proprietary funds are identical to business-type activities, and fiduciary funds are identical to fiduciary activities of a government. 3.Only those governmental and proprietary funds that meet the GASB size criteria.

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  • True / False Questions 1.Governmental activities to be classified as governmental
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Essay Questions95.Private Not-For-Profit (NFP) Entities.Select from this list of terms to answer the following questions.A. Fair valueB. Unrestricted net assetsC. GASBD. FASBE. Statement of Revenues, Expenditures, and Changes in Fund BalanceF. Lower of cost or marketG. Accrual methodH. Statement of ActivitiesI. General fund, restricted fund, endowment fundJ. Modified accrual methodK..

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  • Essay Questions95.Private Not-For-Profit (NFP) Entities.Select from this list of terms
  • Accounting
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True / False Questions 1.Fund-based financial statements are intended to provide detailed financial information about the governmental, proprietary, and fiduciary activities of the primary government.  2.Government-wide financial statements include financial information for all governmental, proprietary, and fiduciary funds.  3.The government-wide statement of net position displays the net expense or revenue for.

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  • True / False Questions 1.Fund-based financial statements intended to provide detailed
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11.Interperiod equity refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden for services previously provided. 12.The minimum requirements for general purpose external financial reporting are (1) management's discussion and analysis (MD&A), (2).

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  • 11.Interperiod equity refers to the concept that current-year revenues sufficient
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11.All encumbrances must be closed at year-end.  12.An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.  13.GASB standards require that all state and local governments present a statement of revenues, expenditures, and changes in fund balances-budget and actual.

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  • 11.All encumbrances must be closed at year-end.  12.An encumbrance represents
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101.Private Not-For-Profit (NFP) Entities.Select from this list of terms to answer the following questions.A. Fair valueB. Unrestricted net assetsC. GASBD. FASBE. Statement of Revenues, Expenditures, and Changes in Fund BalanceF. Lower of cost or marketG. Accrual methodH. Statement of ActivitiesI. General fund, restricted fund, endowment fundJ. Modified accrual methodK. Permanently.

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  • 101.Private Not-For-Profit (NFP) Entities.Select from this list of terms to
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51.Property taxes due and collectible 90 days after the 2017 fiscal year end would be recorded as revenues in 2017 in which journal? General FundGovernmental Activities A)YesNo B)NoNo C)NoYes D)YesYes A.Choice A. B.Choice B. C.Choice C. D.Choice D. 52.Cartier Village's capital expenditures during the year ended December 31 included: Equipment for village tax collector's office$40,000 Vehicles for village electric.

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  • 51.Property taxes due and collectible 90 days after the 2017
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34.The Estimated Revenues control account of a government is credited when: A)YesNo B)NoNo C)NoYes D)YesYes A. Choice A. B. Choice B. C. Choice C. D. Choice D. 35.Under the modified accrual basis of accounting used by the General Fund, financial resources are considered available if the revenue or other financing source is expected to be.

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  • 34.The Estimated Revenues control account of a government credited when: A)YesNo B)NoNo C)NoYes D)YesYes A.
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36.A comprehensive annual financial report (CAFR) prepared in conformity with GASB recommendations should include which of the following sections? A.Letter of transmittal, management's discussion and analysis (MD&A), and financial. B.Introductory, financial, and statistical. C.Introductory, MD&A, and financial. D.Letter of transmittal, financial, and supplementary. 37.Which of the following would be included in a properly prepared comprehensive.

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  • 36.A comprehensive annual financial report (CAFR) prepared in conformity with
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Short Answer Questions 71.GASB standards suggest the following classification scheme for expenditures: A. Function B. Program C. Organization unit D. Activity E. Character F. Object For each of the following expenditure items, indicate its correct classification by placing the appropriate letter in the blank space next to the item. ____ 1.Streetlight repair ____ 2.City.

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  • Short Answer Questions 71.GASB standards suggest the following classification scheme for
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Multiple Choice Questions 26.The Governmental Accounting Standards Board is assigned responsibility for setting accounting and financial reporting standards for A.Governments such as federal agencies, states, cities, counties, villages, and townships. B.State and local government entities and governmentally-related units and agencies, such as utilities, authorities, hospitals, and colleges and universities. C.Not-for-profit organizations. D.State and local governments.

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  • Multiple Choice Questions 26.The Governmental Accounting Standards Board assigned responsibility for
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63.Explain the difference between measurement focus and basis of accounting. Also, explain the difference between the economic resources measurement focus and the current financial resources measurement focus as well as the difference between the accrual and modified accrual bases of accounting. Which funds and government-wide activities use each focus and.

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  • 63.Explain the difference between measurement focus and basis of accounting.
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11.Chapter 11 of the Bankruptcy Code provides for:I. Reorganization.II. Liquidation. A.I only B.II only C.Both I and II D.Neither I nor II 12.Which of the following could be true of the proceedings under Chapter 11 of the Bankruptcy Code? A.Always administered by the bankruptcy courts. B.The debtor's assets are sold and its liabilities extinguished. C.The company does not.

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  • 11.Chapter 11 of the Bankruptcy Code provides for:I. Reorganization.II. Liquidation. A.I
  • Accounting
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73.The Fort Worth city council approved and adopted its budget for FY 2017. The budget for the General Fund contained the following amounts: Estimated revenues$1,900,000 Appropriations1,860,000 Authorized transfer to the debt service fund30,000 When the General Fund budget for FY 2017 is recorded, indicate whether each of the following accounts should be debited (D),.

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  • 73.The Fort Worth city council approved and adopted its budget
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75.At the time items for which purchase orders had previously been issued are received, indicate whether each of the following accounts of the General Fund should be debited (D), credited (C), or is not affected (N). _____ 1.Encumbrances _____ 2.Encumbrances Outstanding  _____ 3.Expenditures  _____ 4.Vouchers payable  _____ 5.Appropriations 76.An interfund transfer of $30,000.

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  • 75.At the time items for which purchase orders had previously
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Essay Questions 61.List the basic financial statements required by GASB standards and briefly explain their purposes. 62."The primary purpose of an accounting system for a state or a local government is to make it possible for financial statements to demonstrate compliance with finance-related legal and contractual provisions." Explain why you believe.

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  • Essay Questions 61.List the basic financial statements required by GASB standards
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Multiple Choice Questions 28.Which of the following is true regarding financial reporting for internal service funds? A.Internal service funds are reported in the governmental fund financial statements. B.Internal service funds are aggregated and reported as a major fund in the proprietary fund financial statements. C.Internal service funds are generally reported in.

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  • Multiple Choice Questions 28.Which of the following true regarding financial reporting
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Short Answer Questions 83.The City of Jackson Hole adopted the following General Fund budget for fiscal year 2017: Estimated revenues: Taxes$3,000,000 Intergovernmental revenues1,000,000 Licenses and permits400,000 Fines and forfeits150,000 Miscellaneous revenues100,000 Total estimated revenues$4,650,000 Appropriations: General government$1,000,000 Public safety2,000,000 Public works950,000 Health and welfare850,000 Miscellaneous50,000 Total appropriations$4,850,000 Prepare a summary general journal entry to record the adopted budget at the beginning of FY 2017. You may.

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  • Short Answer Questions 83.The City of Jackson Hole adopted the following
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True / False Questions 1.Special purpose governments generally provide a wider range of services to their residents than do general purpose governments. 2.Examples of general purpose governments include cities, towns, and public schools that receive tax revenue to finance the services they provide. 3.The Governmental Accounting Standards Board (GASB) is the body authorized.

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  • True / False Questions 1.Special purpose governments generally provide a wider
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21._____ have liens, or security interests, on specific assets. A.Secured creditors B.Creditors with priority C.Unsecured creditors D.Assured creditors 22.As defined by the Bankruptcy Code, creditors with priority:I. have collateral claim against specific assets.II. are unsecured creditors who have priority over other unsecured creditors.III. are the first to be paid from any proceeds available to unsecured.

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  • 21._____ have liens, or security interests, specific assets. A.Secured creditors B.Creditors with
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Multiple Choice Questions 1.What is defined as a condition in which a company is unable to meet debts as the debts mature? A.Deficit B.Liability C.Insolvency D.Credit squeeze 2.Under a composition agreement, A.creditors agree to accept less than the face amount of their claims. B.debtors in financial difficulty transfer assets "without recourse." C.a creditors' committee is initiated with a plan.

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  • Multiple Choice Questions 1.What defined as a condition in which a
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Multiple Choice Questions 24.Which of the following best describes the recommended format for the government-wide statement of activities?  A. Program revenues minus expenses minus other revenues and expenses equals change in net position. B. Program revenues plus general revenues minus expenses equals change in net position. C. Program revenues minus expenses.

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  • Multiple Choice Questions 24.Which of the following best describes the recommended
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41.Using the information below, what amount should be accounted for in a special revenue fund or funds? Warehouse equipment used to store supplies for delivery to all city departments and agencies on a cost-reimbursement basis              $300,000 Equipment used for supplying electric power to residents$1,750,000 Receivables for completed sidewalks to be paid for in.

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  • 41.Using the information below, what amount should be accounted for
  • Accounting
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Multiple Choice Questions 31.Which of the following financial statement(s) reports both current and noncurrent assets and liabilities? Government-wide Statement of Net PositionGeneral Fund Balance Sheet A)NoYes B)NoNo C)YesNo D)YesYes A.Choice A B.Choice B C.Choice C D.Choice D 32.Which of the following should not be reported on the balance sheet of the General Fund? A.Equipment. B.Vouchers payable. C.Tax anticipation.

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  • Multiple Choice Questions 31.Which of the following financial statement(s) reports both
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31.What is the general form of the trustee's opening entry, accepting the assets of the debtor company? A.Option A B.Option B C.Option C D.Option D 32.Which monthly report shows the results of the trustee's fiduciary actions beginning at the point the trustee accepts the debtor's assets? A.Statement of affairs B.Statement of realization and liquidation C.Statement of financial position D.Statement.

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  • 31.What the general form of the trustee's opening entry, accepting
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84.During July 2016, the first month of the 2017 fiscal year, the City of Jackson Hole issued the following purchase orders and contracts: General government$ 50,000 Public safety200,000 Public works75,000 Health and welfare65,000 Miscellaneous5,000 Total$395,000 Show the summary general journal entry to record the issuance of the purchase orders and contracts. You may ignore entries in the.

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  • 84.During July 2016, the first month of the 2017 fiscal
  • Accounting
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