Question 1

When a city received a federal grant designated for books to be purchased for a library, the money should have been recorded in:

Accepted Answer

A) A permanent fund. 
B) A private purpose trust fund. 
C) A capital projects fund. 
D) An agency fund. 
E) A special revenue fund. 
A) A permanent fund. 
B) A private purpose trust fund. 
C) A capital projects fund. 
D) An agency fund. 
E) A special revenue fund.

Question 2

Government-wide financial statements benefit users by allowing them to do all of the following except:

Accepted Answer

A) Determine whether the government's overall financial position improved or deteriorated during the reporting period. 
B) Understand the cost of providing services to the citizenry. 
C) See how the government finances its programs. 
D) Identify the government official responsible for managing each fund. 
E) Understand the extent to which the government has invested in capital assets. 
A) Determine whether the government's overall financial position improved or deteriorated during the reporting period. 
B) Understand the cost of providing services to the citizenry. 
C) See how the government finances its programs. 
D) Identify the government official responsible for managing each fund. 
E) Understand the extent to which the government has invested in capital assets.

Question 3

What is meant by "Fund Balance―Nonspendable" and for what reasons is this classification needed?

Accepted Answer

The Fund Balance―Nonspendable amount is

Question 4

What are the five types of governmental funds?

Accepted Answer

The five types of governmental

Question 5

The town council adopted an annual budget estimating general revenues of $2,400,000, approved expenditures for general town operations of $2,000,000, and use of other financing resources of $160,000.Required:Prepare the journal entry to record the budget and identify the fund in which it is recorded.

Accepted Answer

The answer of The town council adopted an annual budget...

Question 6

A city operates a central data processing facility. The expenses of this facility would be accounted for using

Accepted Answer

A) The general fund. 
B) An enterprise fund. 
C) A capital projects fund. 
D) An agency fund. 
E) An internal service fund. 
A) The general fund. 
B) An enterprise fund. 
C) A capital projects fund. 
D) An agency fund. 
E) An internal service fund.

Question 7

Palmer City has recorded the purchase order of two trucks for a total of $150,000.Prepare the journal entries to reflect that the two trucks have been received with an invoice amount of $160,000. This invoice has been approved but not yet paid. Identify the fund in which the entries are recorded.

Accepted Answer

The answer of Palmer City has recorded the purchase order...

When a city received a federal grant designated for books to be purchased for a library, the money should have been recorded in:

Government-wide financial statements benefit users by allowing them to do all of the following except:

What is meant by "Fund Balance―Nonspendable" and for what reasons is this classification needed?

What are the five types of governmental funds?

A city operates a central data processing facility. The expenses of this facility would be accounted for using

Palmer City has recorded the purchase order of two trucks for a total of $150,000.Prepare the journal entries to reflect that the two trucks have been received with an invoice amount of $160,000. This invoice has been approved but not yet paid. Identify the fund in which the entries are recorded.

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidationssubsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flows, and Other Issues

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments Part 2

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Exam 11: Accounting for State and Local Governments Part 1

When a city received a federal grant designated for books to be purchased for a library, the money should have been recorded in:

Government-wide financial statements benefit users by allowing them to do all of the following except:

What is meant by "Fund Balance―Nonspendable" and for what reasons is this classification needed?

What are the five types of governmental funds?

A city operates a central data processing facility. The expenses of this facility would be accounted for using

Palmer City has recorded the purchase order of two trucks for a total of $150,000.Prepare the journal entries to reflect that the two trucks have been received with an invoice amount of $160,000. This invoice has been approved but not yet paid. Identify the fund in which the entries are recorded.

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidationssubsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flows, and Other Issues

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments Part 2

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