Question 1

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

Accepted Answer

A) 1 and 2. 
B) 2 and 3. 
C) 1 and 3. 
D) 2 and 4. 
E) 1 and 4. 
A) 1 and 2. 
B) 2 and 3. 
C) 1 and 3. 
D) 2 and 4. 
E) 1 and 4.

Question 2

What is the primary difference between monies accounted for in the general fund and monies accounted for in the special revenue fund?

Accepted Answer

Monies in the special revenue

Question 3

Which of the following is a new fund created by GASB Statement No.34?

Accepted Answer

A) Enterprise Fund. 
B) Internal Service Fund. 
C) Debt Service Fund. 
D) Capital Projects Fund. 
E) Permanent Fund. 
A) Enterprise Fund. 
B) Internal Service Fund. 
C) Debt Service Fund. 
D) Capital Projects Fund. 
E) Permanent Fund.

Question 4

The school system had some booklets printed by a local print shop on September 22,2008.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-Based Financial Statements.
(B. )Prepare the required journal entry for the Government-Wide Financial Statements.

Accepted Answer

The answer of The school system had some booklets printed...

Question 5

Under modified accrual accounting,when are expenditures recorded?

Accepted Answer

Under modified accrual account

Question 6

Which of the following statements is true regarding fund-based financial statements?

Accepted Answer

A) Fund-based financial statements report a government's activities and financial position as a whole. 
B) Fund-based financial statements should tell the amount spent this year on such services as public safety,education,health and sanitation,and the construction of a new road. 
C) Fund-based financial statements utilize the accrual basis of accounting much like any for-profit entity. 
D) Fund-based financial statements help to determine whether the government's overall financial position improved or deteriorated. 
E) Fund-based financial statements report all assets,liabilities in a way comparable to business-type accounting. 
A) Fund-based financial statements report a government's activities and financial position as a whole. 
B) Fund-based financial statements should tell the amount spent this year on such services as public safety,education,health and sanitation,and the construction of a new road. 
C) Fund-based financial statements utilize the accrual basis of accounting much like any for-profit entity. 
D) Fund-based financial statements help to determine whether the government's overall financial position improved or deteriorated. 
E) Fund-based financial statements report all assets,liabilities in a way comparable to business-type accounting.

Question 7

What is the purpose of fund-based financial statements?

Accepted Answer

To show restrictions on the pl

Question 8

A $5,000,000 bond is issued by Northern City to build a new hospital.
Required:
Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.

Accepted Answer

The answer of A $5,000,000 bond is issued by Northern...

Question 9

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

Accepted Answer

A) the Permanent Fund. 
B) an Expendable Trust Fund. 
C) a Capital Projects Fund. 
D) an Agency Fund. 
E) a Special Revenue Fund. 
A) the Permanent Fund. 
B) an Expendable Trust Fund. 
C) a Capital Projects Fund. 
D) an Agency Fund. 
E) a Special Revenue Fund.

Question 10

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

Accepted Answer

A) general,governmental,and trust funds. 
B) governmental,proprietary,and fiduciary funds. 
C) revenue,trust,and governmental funds. 
D) enterprise,revenue,and fiduciary funds. 
E) governmental,agency,and enterprise funds. 
A) general,governmental,and trust funds. 
B) governmental,proprietary,and fiduciary funds. 
C) revenue,trust,and governmental funds. 
D) enterprise,revenue,and fiduciary funds. 
E) governmental,agency,and enterprise funds.

Question 11

Simple City has recorded the purchase order of two trucks for a total of $100,000.
Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000.This amount has been approved but not yet paid.Identify the fund in which the entries are recorded.

Accepted Answer

The answer of Simple City has recorded the purchase order...

Question 12

On July 12,2008,Fred City ordered a new computer at an anticipated cost of $114,400.The computer was received on July 16 with an actual cost of $116,220.Payment was subsequently made on August 15,2008.
Required:
(A. )Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the Fund-Based Financial Statements.
(B. )Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the Government-Wide Financial Statements.

Accepted Answer

The answer of On July 12,2008,Fred City ordered a new...

Question 13

What is a special revenue fund used to account for?

Accepted Answer

A special revenue fund is used

Question 14

Which of the following is a governmental fund?

Accepted Answer

A) Enterprise fund. 
B) Internal service fund. 
C) Permanent fund. 
D) Investment trust fund. 
E) Agency fund. 
A) Enterprise fund. 
B) Internal service fund. 
C) Permanent fund. 
D) Investment trust fund. 
E) Agency fund.

Question 15

Special Revenue funds are

Accepted Answer

A) Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B) Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C) Funds used to account for monies held by the government in a trustee capacity. 
D) Funds used to account for all financial resources except those required to be accounted for in another fund. 
E) Funds used to account for revenues that have been legally restricted as to expenditure. 
A) Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B) Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C) Funds used to account for monies held by the government in a trustee capacity. 
D) Funds used to account for all financial resources except those required to be accounted for in another fund. 
E) Funds used to account for revenues that have been legally restricted as to expenditure.

Question 16

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

Accepted Answer

A) An expenditure. 
B) An encumbrance. 
C) An appropriation. 
D) An expense. 
E) An investment. 
A) An expenditure. 
B) An encumbrance. 
C) An appropriation. 
D) An expense. 
E) An investment.

Question 17

When should property taxes be recognized under modified accrual accounting?

Accepted Answer

Property taxes should be recog

Question 18

For governmental entities,the accrual basis of accounting is used for:

Accepted Answer

A) Special revenue funds. 
B) Internal service funds. 
C) Debt service funds. 
D) General Fund. 
E) Capital Projects Fund. 
A) Special revenue funds. 
B) Internal service funds. 
C) Debt service funds. 
D) General Fund. 
E) Capital Projects Fund.

Question 19

What is the purpose of government-wide financial statements?

Accepted Answer

To show longer-term focus beca

Question 20

Which statement is not correct?

Accepted Answer

A) Governmental funds account for expenditures of financial resources rather than matching revenues and expenses. 
B) The Fund Balance Reserved for Encumbrances account is not closed at the end of a fiscal year. 
C) Revenues from licenses and permit fees are recognized when received in cash if using the modified accrual basis of accounting for governmental funds. 
D) A fund is an independent accounting entity composed of cash and other financial resources,segregated for the purpose of carrying on specific activities and objectives. 
E) Commitments for purchase orders are recorded as expenses. 
A) Governmental funds account for expenditures of financial resources rather than matching revenues and expenses. 
B) The Fund Balance Reserved for Encumbrances account is not closed at the end of a fiscal year. 
C) Revenues from licenses and permit fees are recognized when received in cash if using the modified accrual basis of accounting for governmental funds. 
D) A fund is an independent accounting entity composed of cash and other financial resources,segregated for the purpose of carrying on specific activities and objectives. 
E) Commitments for purchase orders are recorded as expenses.

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

What is the primary difference between monies accounted for in the general fund and monies accounted for in the special revenue fund?

Which of the following is a new fund created by GASB Statement No.34?

Under modified accrual accounting,when are expenditures recorded?

Which of the following statements is true regarding fund-based financial statements?

What is the purpose of fund-based financial statements?

A $5,000,000 bond is issued by Northern City to build a new hospital. Required: Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.

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?

Simple City has recorded the purchase order of two trucks for a total of $100,000. Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000.This amount has been approved but not yet paid.Identify the fund in which the entries are recorded.

What is a special revenue fund used to account for?

Which of the following is a governmental fund?

Special Revenue funds are

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

When should property taxes be recognized under modified accrual accounting?

For governmental entities,the accrual basis of accounting is used for:

What is the purpose of government-wide financial statements?

Which statement is not correct?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations - Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intercompany Asset Transactions

Variable Interest Entities, intercompany Debt, consolidated Statement of Cash Flows, and Other Issues

Consolidated Financial Statements - Ownership Patterns and Income Taxes

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Accounting Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments,part II

Accounting for Not-For-Profit Organizations

Accounting for Estates and Trusts

Filters

Exam 16: Accounting for State and Local Governments, Part I

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

What is the primary difference between monies accounted for in the general fund and monies accounted for in the special revenue fund?

Which of the following is a new fund created by GASB Statement No.34?

Under modified accrual accounting,when are expenditures recorded?

Which of the following statements is true regarding fund-based financial statements?

What is the purpose of fund-based financial statements?

A $5,000,000 bond is issued by Northern City to build a new hospital. Required: Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.

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?

Simple City has recorded the purchase order of two trucks for a total of $100,000. Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000.This amount has been approved but not yet paid.Identify the fund in which the entries are recorded.

What is a special revenue fund used to account for?

Which of the following is a governmental fund?

Special Revenue funds are

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

When should property taxes be recognized under modified accrual accounting?

For governmental entities,the accrual basis of accounting is used for:

What is the purpose of government-wide financial statements?

Which statement is not correct?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations - Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intercompany Asset Transactions

Variable Interest Entities, intercompany Debt, consolidated Statement of Cash Flows, and Other Issues

Consolidated Financial Statements - Ownership Patterns and Income Taxes

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Accounting Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments,part II

Accounting for Not-For-Profit Organizations

Accounting for Estates and Trusts

Filters