Exam 11: Accounting for State and Local Governments, Part I

Property taxes of 1,500,000 are levied for Miner County. The county expects that 5% will be uncollectible. Required: Prepare the required journal entry and identify the fund in which it is recorded.

For a government, what kinds of operations are accounted for using a proprietary fund? Give three examples.

On January 1, 2013, Wakefield City purchased $40,000 office supplies. During the year $35,000 of these supplies were used. Required: Record the journal entries for these transactions using the consumption method. (Disregard the encumbrance entries.)

What is the purpose of government-wide financial statements?

The board of commissioners of the city of Jarmaine adopted a General Fund budget for the year ending June 30, 2013, which indicated revenues of $1,300,000, bond proceeds of $520,000, appropriations of $1,170,000, and operating transfers out of $390,000. Required: If this budget was formally integrated into the accounting records used to produce the Fund Financial Statements, what was the required journal entry at the beginning of the year?

What are the two proprietary fund types? (1) Internal service funds. (2) Investment trust funds. (3) Enterprise funds. (4) Agency funds.

The City of Kamen collected $17,000 from parking meters that must be transferred to the county government. Required: For fund financial statements, prepare the journal entry for this transaction including the fund type in which the entry would have been recorded.

Proprietary funds are

Shell City transfers $100,000 from the General Fund to the Debt Service fund. Required: Prepare the required journal entries and identify the funds in which they are recorded.

A $910,000 bond was issued on October 1, 2013 to build a new road. The bonds carried a 6% interest rate and are due in 10 years. Required: (A.) Prepare the required journal entry in the Capital Projects Fund on October 1 for the Fund Financial Statements. (B.) Prepare the required journal entry for the Government-Wide Financial Statements.

Which group of governmental financial statements reports all revenues and all costs of providing services each year?

What are the four fiduciary fund types?

The term "current financial resources" refers to

The school system had some booklets printed by a local print shop on September 22, 2013. The school system was charged $1,560 for the printing, but the bill is not due until October. Required: (A.) Prepare the required journal entry in the General Fund for the Fund Financial Statements. (B.) Prepare the required journal entry for the Government-Wide Financial Statements.

GASB Codification Section N50.104 divides all eligibility requirements into four general classifications including all of the following except:

Which group of financial statements is prepared using the "modified accrual accounting" approach?

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

What are the broad types or classifications of funds for a governmental entity such as a city?

Which of the following statements is true about Fund Balance classifications for the governmental funds?

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