Question 1

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 and 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 and liabilities in a way comparable to business-type accounting. B

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 fund are legally restricted as to expenditure and monies in the general fund are used for general public benefit.

Question 3

Which classifications may be not used for the Fund Balance of governmental funds?

Accepted Answer

A) Spendable 
B) Nonspendable 
C) Assigned 
D) Unassigned 
E) Restricted 
A) Spendable 
B) Nonspendable 
C) Assigned 
D) Unassigned 
E) Restricted A

Question 4

On July 1,2011,Fred City ordered $1,500 of office supplies.They were to be paid for out of the General Fund.
Required:
(A. )What journal entry was required for the Fund-Based Statements?
(B. )What journal entry was required for the Government-Wide Statements?

Accepted Answer

(A. )For the Fund-Based Statements,an en

Question 5

Proprietary 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 6

What are the two proprietary fund types?

Accepted Answer

Internal s

Question 7

When a city received a federal grant for providing food and other assistance to the homeless,the money should have been recorded in

Accepted Answer

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

Question 8

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.

Accepted Answer

The answer of Property taxes of 1,500,000 are levied for...

Question 9

Under modified accrual accounting,when are expenditures recorded?

Accepted Answer

Under modified accrual account

Question 10

Generally,annual budgets are recorded within the following funds:

Accepted Answer

A) General fund and special revenue funds. 
B) Capital projects funds and debt service fund. 
C) Enterprise funds and internal service funds. 
D) General Fund and Pension Trust Fund. 
E) Agency Funds and General Fund. 
A) General fund and special revenue funds. 
B) Capital projects funds and debt service fund. 
C) Enterprise funds and internal service funds. 
D) General Fund and Pension Trust Fund. 
E) Agency Funds and General Fund.

Question 11

What assets would be included in the accounting records of a city's general fund?

Accepted Answer

The assets in the accounting r

Question 12

On January 1,2011,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 purchases method.(Disregard the encumbrance entries. )

Accepted Answer

The answer of On January 1,2011,Wakefield City purchased $40,000 office...

Question 13

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.

Accepted Answer

The answer of Shell City transfers $100,000 from the General...

Question 14

When should property taxes be recognized under modified accrual accounting?

Accepted Answer

Property taxes should be recog

Question 15

On June 14,2011,Fred City agreed to transfer cash of $52,000 from the General Fund to provide permanent financing for a municipal swimming pool that will be viewed as an Enterprise Fund.The cash was transferred on June 30.
Required:
(A. )Prepare all the required journal entries and identify the 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 activity for the Government-Wide Financial Statements.

Accepted Answer

The answer of On June 14,2011,Fred City agreed to transfer...

Question 16

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

Accepted Answer

A) A restriced fund balance is for monies the governing board has appropriated. 
B) An assigned fund balance has been designated for a specific purpose and is restricted to use for only that purpose. 
C) An unassigned fund balance has no restriction for use of the money and is only applicable to the General Fund. 
D) A committed fund balance has been designated by an outside party for a particular use. 
E) A nonspendable fund balance is designated only for Permanent Fund balances. 
A) A restriced fund balance is for monies the governing board has appropriated. 
B) An assigned fund balance has been designated for a specific purpose and is restricted to use for only that purpose. 
C) An unassigned fund balance has no restriction for use of the money and is only applicable to the General Fund. 
D) A committed fund balance has been designated by an outside party for a particular use. 
E) A nonspendable fund balance is designated only for Permanent Fund balances.

Question 17

What is the purpose of government-wide financial statements?

Accepted Answer

To show longer-term focus beca

Question 18

What is the definition of the term fund?

Accepted Answer

The term fund is defined as a

Question 19

Fiduciary 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 20

Under modified accrual accounting,when should revenues be reported by a governmental-type fund?

Accepted Answer

Under modified accrual accounting,revenu

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

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

Which classifications may be not used for the Fund Balance of governmental funds?

On July 1,2011,Fred City ordered $1,500 of office supplies.They were to be paid for out of the General Fund. Required: (A. )What journal entry was required for the Fund-Based Statements? (B. )What journal entry was required for the Government-Wide Statements?

Proprietary funds are

What are the two proprietary fund types?

When a city received a federal grant for providing food and other assistance to the homeless,the money should have been recorded in

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.

Under modified accrual accounting,when are expenditures recorded?

Generally,annual budgets are recorded within the following funds:

What assets would be included in the accounting records of a city's general fund?

On January 1,2011,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 purchases method.(Disregard the encumbrance entries. )

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.

When should property taxes be recognized under modified accrual accounting?

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

What is the purpose of government-wide financial statements?

What is the definition of the term fund?

Fiduciary funds are

Under modified accrual accounting,when should revenues be reported by a governmental-type fund?

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 - Intra-Entity Asset Transactions

Variable Interest Entities,intra-Entity Debt,consolidated Cash Flo

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments Part 2

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Exam 11: Accounting for State and Local Governments Part 1

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

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

Which classifications may be not used for the Fund Balance of governmental funds?

On July 1,2011,Fred City ordered $1,500 of office supplies.They were to be paid for out of the General Fund. Required: (A. )What journal entry was required for the Fund-Based Statements? (B. )What journal entry was required for the Government-Wide Statements?

Proprietary funds are

What are the two proprietary fund types?

When a city received a federal grant for providing food and other assistance to the homeless,the money should have been recorded in

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.

Under modified accrual accounting,when are expenditures recorded?

Generally,annual budgets are recorded within the following funds:

What assets would be included in the accounting records of a city's general fund?

On January 1,2011,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 purchases method.(Disregard the encumbrance entries. )

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.

When should property taxes be recognized under modified accrual accounting?

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

What is the purpose of government-wide financial statements?

What is the definition of the term fund?

Fiduciary funds are

Under modified accrual accounting,when should revenues be reported by a governmental-type fund?

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 - Intra-Entity Asset Transactions

Variable Interest Entities,intra-Entity Debt,consolidated Cash Flo

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments Part 2

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