Exam 4: Accounting for Governmental Operating Activities–Illustrative Transactions and Financial Statements

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Under current GASB standards the revenue from property taxes should be recorded in the amounts collected during the current period.

(True/False)

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Question 81

Which of the following transactions is classified as an exchange transaction?

(Multiple Choice)

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Question 82

Dover City has calculated that General Fund property tax revenues of $5,640,000 are required for the current fiscal year. Over the past several years, the city has collected 94 percent of all property taxes levied. The city levied property taxes in the amount that will generate the required $5,640,000. Which of the following general journal entries would correctly record the property tax levy?

(Multiple Choice)

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Question 83

All amounts due to or from other funds should be eliminated in both the government-wide and fund financial statements.

(True/False)

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Question 84

The Revenues account of a government is debited when:

(Multiple Choice)

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Question 85

The City of Pringle purchased a vehicle for the police department. If the operations of the police department are financed by general revenues, an asset would be recorded in which journal(s)? $The City of Pringle purchased a vehicle for the police department. If the operations of the police department are financed by general revenues, an asset would be recorded in which journal(s)? A- \text { Yes } \text { No } B- \text { No} \text { No } C- \text { No} \text { Yes } D- \text { Yes} \text {Yes }$ A- $\text { Yes }$ $\text { No }$ B- $\text { No}$ $\text { No }$ C- $\text { No}$ $\text { Yes }$ D- $\text { Yes}$ $\text {Yes }$

(Multiple Choice)

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Question 86

Which of the following types of nonexchange transactions recognize revenue when all the eligibility requirements are met?

(Multiple Choice)

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Question 87

Fines and forfeits are reported as charges for services on the government-wide statement of activities.

(True/False)

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Question 88

On May 1, the City of Dustin was notified of approval of a $300,000 federal operating grant, payable on a reimbursement basis as the city expends resources for the intended purpose of the grant. As of May 1, no expenditures had been made for grant purposes. The journal entry to record approval of this grant will include:

(Multiple Choice)

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Question 89

Using the information below, what amount should be accounted for in a special revenue fund or funds?

(Multiple Choice)

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Question 90

Which of the following is not a program revenues classification used in the governmental activities journal and reported in the government-wide statement of activities?

(Multiple Choice)

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Question 91

Showing 81 - 91 of 91

Under current GASB standards the revenue from property taxes should be recorded in the amounts collected during the current period.

Which of the following transactions is classified as an exchange transaction?

All amounts due to or from other funds should be eliminated in both the government-wide and fund financial statements.

The Revenues account of a government is debited when:

Which of the following types of nonexchange transactions recognize revenue when all the eligibility requirements are met?

Fines and forfeits are reported as charges for services on the government-wide statement of activities.

Using the information below, what amount should be accounted for in a special revenue fund or funds?

Which of the following is not a program revenues classification used in the governmental activities journal and reported in the government-wide statement of activities?

Introduction to Accounting and Financial Reporting for Government and Not-for-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts; Budgetary Accounting

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-type Activities of State and Local Governments

Accounting for Fiduciary Activities—Custodial and Trust Funds

Financial Reporting of State and Local Governments

Analysis of Government Financial Performance

Auditing of Government and Not-for-Profit Organizations

Budgeting and Performance Measurement

Not-for-Profit Organizations—Regulatory, Taxation, and Performance Issues

Accounting for Not-for-Profit Organizations

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government

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