Exam 6: Proprietary Funds

Impact fees charged to real estate developers are recorded in an enterprise fund as capital contributions,a nominal account that will increase Net Assets,but is reported separately in the statement of Revenues,Expenses and Changes in Fund Net Assets.

(True/False)

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Question 41

Which of the following is not true regarding proprietary funds?

(Multiple Choice)

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Question 42

Proprietary Funds use the modified accrual basis of accounting.

(True/False)

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Question 43

Capital assets constructed by an internal service fund are recorded in a capital projects fund.

(True/False)

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Question 44

Proprietary funds use the economic resources measurement focus and modified accrual basis of accounting.

(True/False)

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Question 45

Cash flow statements of proprietary funds must use the direct method for recording cash flows from operations.

(True/False)

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Question 46

According to GASB 34,restricted net assets include those that are the results of constraints imposed by law through constitutional provisions or enabling legislation.

(True/False)

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Question 47

A city government has decided to build and operate a convention center.Identify what factors should be considered in deciding whether to account for the convention center as an Enterprise Fund or as part of general governmental activities?

(Essay)

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Question 48

The reconciliation on the statement of cash flows for a proprietary fund under GASB requirements is between operating income and cash flows from operating activities.

(True/False)

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Question 49

Proprietary funds record capital assets,depreciation on those capital assets,and long-term debt.

(True/False)

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Question 50

Governmental units use which fund type to account for services provided to the general public on a user-charge basis?

(Multiple Choice)

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Question 51

Which of the following would generally be included in the Statement of Net Assets of an Enterprise Fund?

(Short Answer)

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Question 52

Proprietary funds report using the current financial resources measurement focus and the modified accrual basis of accounting.

(True/False)

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Question 53

Fund-basis financial statements prepared for proprietary funds include the Statement of Net Assets,Statement of Revenues,Expenses,and Changes in Fund Net Assets,and the Statement of Cash Flows.

(True/False)

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Question 54

The City of Thomasville had the following debt outstanding: General obligation bonds to be paid from a debt service fund $3,900,000 General obligation bonds to be paid from utility revenues $3,100,000 Revenue bonds to be paid from utility revenues $2,400,000 The amount that should be shown as debt in the utility (enterprise)fund would be:

(Multiple Choice)

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Question 55

The Proprietary Fund Statement of Net Assets must classify assets and liabilities between current and long-term.

(True/False)

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Question 56

Which of the following would not be true regarding internal service funds?

(Multiple Choice)

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Question 57

According to GASB Statement 34,restricted net assets are those that are the result of constraints from:

(Multiple Choice)

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Question 58

Which of the funds listed below would include capital assets in its Statement of Net Assets?

(Multiple Choice)

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Question 59

The two types of proprietary funds include:

(Multiple Choice)

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Question 60

Showing 41 - 60 of 130

Impact fees charged to real estate developers are recorded in an enterprise fund as capital contributions,a nominal account that will increase Net Assets,but is reported separately in the statement of Revenues,Expenses and Changes in Fund Net Assets.

Which of the following is not true regarding proprietary funds?

Proprietary Funds use the modified accrual basis of accounting.

Capital assets constructed by an internal service fund are recorded in a capital projects fund.

Proprietary funds use the economic resources measurement focus and modified accrual basis of accounting.

Cash flow statements of proprietary funds must use the direct method for recording cash flows from operations.

According to GASB 34,restricted net assets include those that are the results of constraints imposed by law through constitutional provisions or enabling legislation.

A city government has decided to build and operate a convention center.Identify what factors should be considered in deciding whether to account for the convention center as an Enterprise Fund or as part of general governmental activities?

The reconciliation on the statement of cash flows for a proprietary fund under GASB requirements is between operating income and cash flows from operating activities.

Proprietary funds record capital assets,depreciation on those capital assets,and long-term debt.

Governmental units use which fund type to account for services provided to the general public on a user-charge basis?

Which of the following would generally be included in the Statement of Net Assets of an Enterprise Fund?

Proprietary funds report using the current financial resources measurement focus and the modified accrual basis of accounting.

Fund-basis financial statements prepared for proprietary funds include the Statement of Net Assets,Statement of Revenues,Expenses,and Changes in Fund Net Assets,and the Statement of Cash Flows.

The Proprietary Fund Statement of Net Assets must classify assets and liabilities between current and long-term.

Which of the following would not be true regarding internal service funds?

According to GASB Statement 34,restricted net assets are those that are the result of constraints from:

Which of the funds listed below would include capital assets in its Statement of Net Assets?

The two types of proprietary funds include:

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Fiduciary Trustfunds

Government-Wide Statements, Capital Assets, Long-Term Debt

Accounting for Special-Purpose Entities, Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

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