Exam 7: Accounting for the Business-type Activities of State and Local Governments

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Customers' meter deposits, which cannot be spent for normal operating purposes, would be classified as restricted cash in the balance sheet of which fund type?

(Multiple Choice)

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Question 41

How should financial information for internal service funds be reported in the government-wide financial statements?

(Multiple Choice)

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Question 42

Which of the following account balances would only be reported if a city-owned utility followed regulatory accounting principles?

(Multiple Choice)

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Question 43

Which of the following should be accounted for in an enterprise fund?

(Multiple Choice)

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Question 44

Which of the following organizations or units would least likely be accounted for by an enterprise fund?

(Multiple Choice)

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Question 45

Revenues of internal service funds should be recognized only when they are expected to be available in time to pay current liabilities of the fund.

(True/False)

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Question 46

Explain how capitalization of interest costs differs for enterprise funds as opposed to governmental funds.

(Essay)

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Question 47

Which of the following may properly be reported as a component of net position in the proprietary fund statement of net position?

(Multiple Choice)

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Question 48

The liability for general obligation bonds issued for the benefit of a governmentally owned electric utility and serviced by its earnings should be recorded in:

(Multiple Choice)

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Question 49

Which of the following is not True regarding proprietary funds?

(Multiple Choice)

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Question 50

Which of the following activities or services would most likely not be accounted for by an internal service fund?

(Multiple Choice)

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Question 51

A statement of revenues, expenses, and changes in fund net position for an internal service fund is similar in many respects to an income statement prepared for a commercial business.

(True/False)

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Question 52

When a new utility customer submits a deposit, the enterprise fund journal entry will include:

(Multiple Choice)

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Question 53

The net position of an internal service fund is classified as nonspendable, restricted, committed, assigned, and unassigned.

(True/False)

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Question 54

An internal service fund normally uses which of the following budgetary accounts?

(Multiple Choice)

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Question 55

Under utility regulatory accounting principles (RAP), the account "Utility Plant Acquisition Adjustment" reflects:

(Multiple Choice)

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Question 56

Which of the following is a difference between enterprise funds and internal service funds?

(Multiple Choice)

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Question 57

Proprietary funds follow the current financial resources measurement focus and use the accrual basis of accounting.

(True/False)

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Question 58

Public utilities owned and operated by governments are common examples of enterprise funds.

(True/False)

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Question 59

Internal service funds utilize encumbrance accounting.

(True/False)

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Question 60

Showing 41 - 60 of 75

Customers' meter deposits, which cannot be spent for normal operating purposes, would be classified as restricted cash in the balance sheet of which fund type?

How should financial information for internal service funds be reported in the government-wide financial statements?

Which of the following account balances would only be reported if a city-owned utility followed regulatory accounting principles?

Which of the following should be accounted for in an enterprise fund?

Which of the following organizations or units would least likely be accounted for by an enterprise fund?

Revenues of internal service funds should be recognized only when they are expected to be available in time to pay current liabilities of the fund.

Explain how capitalization of interest costs differs for enterprise funds as opposed to governmental funds.

Which of the following may properly be reported as a component of net position in the proprietary fund statement of net position?

The liability for general obligation bonds issued for the benefit of a governmentally owned electric utility and serviced by its earnings should be recorded in:

Which of the following is not True regarding proprietary funds?

Which of the following activities or services would most likely not be accounted for by an internal service fund?

A statement of revenues, expenses, and changes in fund net position for an internal service fund is similar in many respects to an income statement prepared for a commercial business.

When a new utility customer submits a deposit, the enterprise fund journal entry will include:

The net position of an internal service fund is classified as nonspendable, restricted, committed, assigned, and unassigned.

An internal service fund normally uses which of the following budgetary accounts?

Under utility regulatory accounting principles (RAP), the account "Utility Plant Acquisition Adjustment" reflects:

Which of the following is a difference between enterprise funds and internal service funds?

Proprietary funds follow the current financial resources measurement focus and use the accrual basis of accounting.

Public utilities owned and operated by governments are common examples of enterprise funds.

Internal service funds utilize encumbrance accounting.

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 Governmental Operating Activities–Illustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

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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