Exam 9: Business-Type Activities and Internal Services

A Statement of Revenues, Expenses, and Changes in Fund Net Assets should include which of the following in addition to operating revenues and operating expenses and ending Net Assets?

When a governmental enterprise fund has restricted assets on its balance sheet which of the following is a true statement?

Washington County has designated the general fund as the single fund to account for its self-insurance activities.What is the maximum amount that can be charged to expenditure in the general fund related to the self-insurance activities?

The FASB mandates entities report their cash flows from operations using the direct method.

The amount the City General Fund can recognize as expenditure is

The amount the City Self-Insurance Fund can recognize as revenue is

Which of the following is NOT a budget typically prepared for an activity accounted for in a proprietary fund?

Franklin County operates a solid waste landfill that is accounted for in an enterprise fund.The County calculated this year's portion of the total closure and postclosure costs associated with the landfill to be $300,000.The entry(ies)to record this cost should be

The operating statement required as one of the three basic financial statements for proprietary funds is called the statement of revenues, expenditures, and changes in fund net assets.

Which of the following is NOT a rationale/justification for reporting the business-type activities of a government in a separate fund?

The proprietary fund statements do not include a total column for all proprietary funds.

In both the fund statements and the government-wide statements, business-type activities and internal services are on a full accrual basis, and their measurement focus is on all economic resources.

Marsh Lake County operates a solid waste landfill that is accounted for in a governmental fund.The County calculated this year's portion of the total closure and postclosure costs associated with the landfill to be $600,000.The entry to record this cost should be

The appropriate measurement focus for the business-type activities of the City of Rockford is

Cash flows from Operating Activities does NOT include which of the following as cash inflows?

The amounts reported in proprietary fund statements are generally the same as those reported in the government-wide statements because both sets of statements are on a full accrual basis of accounting.