Exam 8: Government-Wide Statements, capital Assets, long-Term Debt

The Village of Canandaigua determined that,as of July 1,2011,infrastructure assets estimated at $200 million were in place,with an estimated useful life of 25 years.During the year ended June 30,2012,expenditures were $3 million for the routine maintenance of infrastructure,$4 million to extend the life of existing infrastructure,and $10 million for infrastructure additions and improvements.Required: a)If the modified approach is used,what would be the amount charged to expense during the fiscal year ended June 30,2012.What amount would be capitalized? b)What amount would have been charged to expense if the modified approach were not used? What amount would be capitalized?

With regard to the government-wide statements,list the required statements.

The General Fund of the City of Plymouth purchased a police car in the amount of $25,000.Which of the following would be true?

Which of the following fund types is not included in the government-wide financial statements?

The reconciliation(s)that are required to be presented on the face of the governmental fund financial statements or in separate schedule immediately after the fund financial statements include:

Which of the following would be considered a program revenue in the Statement of Activities of a local government?

The difference between assets and liabilities in the government-wide statements is called Net Assets.

A governmental funds Statement of Revenues,Expenditures,and Changes in Fund Balances reported expenditures of $40 million,including capital outlay expenditures of $11 million.Capital assets for that government cost $80 million,including land in the amount of $10 million.Depreciable assets are amortized over 10 years,on average.The reconciliation from governmental fund changes in fund balances to governmental activities change in net assets would reflect a(an):

Which of the following is false regarding government-wide financial statements?

Which of the following is considered a source of general revenue in the Government-wide Statement of Activities?

When making the worksheet entry to eliminate transfers which of the following would be acceptable considering transfers in of $240,000 and transfers out of $420,000?

Internal Service Funds are most commonly included in the business-type activities category of the government-wide statements.

With regard to the government-wide statements,distinguish between program revenues and general revenues.List three examples of each.What is the difference in reporting between program revenues and general revenues?

Worksheet entries involve reestablishing certain balance sheet accounts every year.

Which of the following statements is not correct with respect to the year-end adjustments for the government wide-statements?

Worksheet entries are posted to the general ledger when preparing the government-wide statements and then reversed at the beginning of the next fiscal year.

Use the following to answer the next two questions: The City of Kale levied property taxes in the amount of $10,000,000 for the fiscal year ended December 31, 2012. It is estimated that 3% will not be collected. During the year ended December 31, 2012, $8,900,000 in property taxes were collected. It is estimated that $500,000 would be collected during the next 60 days, $200,000 would be collected during the remainder of 2013, $100,000 would be collected in 2014, and $300,000 would not be collected. Kale has a policy of recognizing the maximum possible in property taxes. -What amount of property tax revenue would be reported in its General Fund Statement of Revenues,Expenditures,and Changes in Fund Balances for the year ended December 31,2012? (ignore the effect of collection of any taxes levied prior to 2012)

Which of the following must be done to convert modified accrual basis to accrual basis?

With regard to the government-wide statements,indicate the measurement focus and basis of accounting that should be employed.

When preparing government-wide financial statements,the modified accrual based governmental funds are adjusted for which of the following events?