Question 1

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 2

A city received a grant of $5,000,000 from a private agency.The money was to be used to build a new city library.In which fund should the money be recorded for the Fund-Based Financial Statements?

Accepted Answer

A) The General Fund. 
B) An Expendable Trust Fund. 
C) A Capital Projects Fund. 
D) An Agency Fund. 
E) A Permanent Fund. 
A) The General Fund. 
B) An Expendable Trust Fund. 
C) A Capital Projects Fund. 
D) An Agency Fund. 
E) A Permanent Fund.

Question 3

A city enacted a special tax levy and the money must be used to provide medical services at the municipal hospital.What kind of fund should be used to record the revenues generated by the tax?

Accepted Answer

A special

Question 4

A new truck was ordered for the sanitation department at a cost of $122,200 on September 3,2011.
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 A new truck was ordered for the...

Question 5

The board of commissioners of the city of Jarmaine adopted a General Fund budget for the year ending June 30,2011,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-Based Financial Statements,what was the required journal entry at the beginning of the year?

Accepted Answer

The answer of The board of commissioners of the city...

Question 6

Which of the following is not a classification of nonexchange transactions according to GASB Statement Number 33?

Accepted Answer

A) Derived tax expenditures. 
B) Voluntary nonexchange transactions. 
C) Government-mandated nonexchange transactions. 
D) Derived tax revenues. 
E) Imposed nonexchange revenues. 
A) Derived tax expenditures. 
B) Voluntary nonexchange transactions. 
C) Government-mandated nonexchange transactions. 
D) Derived tax revenues. 
E) Imposed nonexchange revenues.

Question 7

What are the four fiduciary fund types?

Accepted Answer

Investment trust fun

Question 8

What organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established?

Accepted Answer

The organization that is responsible for

Question 9

Under modified accrual accounting,when should an expenditure to recognize interest on long-term debt be recorded?

Accepted Answer

A) At the end of each accounting period. 
B) When payment is due within one fiscal year. 
C) When payment is due. 
D) When cash is available to pay the interest. 
E) When the interest is incurred. 
A) At the end of each accounting period. 
B) When payment is due within one fiscal year. 
C) When payment is due. 
D) When cash is available to pay the interest. 
E) When the interest is incurred.

Question 10

On August 21,2011,Fred City transferred $100,000 to the School System to cover repairs to a school building.
Required:
Prepare all the required journal entries and identify the fund in which each entry was recorded for the Fund-Based Financial Statements.

Accepted Answer

The answer of On August 21,2011,Fred City transferred $100,000 to...

Question 11

The Town of Anthrop receives a $10,000 grant to make the Town Hall handicapped-accessible.
Required:
Prepare the journal entry,and identify the fund in which it is recorded,to record the receipt of the grant.

Accepted Answer

The answer of The Town of Anthrop receives a $10,000...

Question 12

What is the purpose of fund-based financial statements?

Accepted Answer

To show restrictions on the pl

Question 13

What are the two groups of financial statements mandated by GASB Statement No.34? For each group,what are the names of the individual statements that must be produced?

Accepted Answer

GASB No.34 requires two groups of financ

Question 14

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

Accepted Answer

A) GAAP-Based Financial Statements. 
B) Fund-Based Financial Statements. 
C) Cost-Based Financial Statements. 
D) Government-Wide Financial Statements. 
E) General Fund Financial Statements. 
A) GAAP-Based Financial Statements. 
B) Fund-Based Financial Statements. 
C) Cost-Based Financial Statements. 
D) Government-Wide Financial Statements. 
E) General Fund Financial Statements.

Question 15

When a city holds pension monies for city employees,the monies should be recorded in

Accepted Answer

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

Question 16

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.

Question 17

Governmental 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 18

The Town of Anthrop has recorded the receipt of a $10,000 grant to make its Town Hall handicapped-accessible.The town now spends $10,000 to make the Town Hall handicapped-accessible.
Required:
Prepare the journal entry (or entries),and identify the fund for recording,to record that the town spends $10,000 of a grant it received to make the Town Hall handicapped-accessible.

Accepted Answer

The answer of The Town of Anthrop has recorded the...

Question 19

What is a special revenue fund used to account for?

Accepted Answer

A special revenue fund is used

Question 20

Which of the following is a fiduciary fund?

Accepted Answer

A) Pension trust fund. 
B) Debt service fund. 
C) Permanent fund. 
D) Enterprise fund. 
E) Capital projects fund. 
A) Pension trust fund. 
B) Debt service fund. 
C) Permanent fund. 
D) Enterprise fund. 
E) Capital projects fund.

Special Revenue funds are

A city received a grant of $5,000,000 from a private agency.The money was to be used to build a new city library.In which fund should the money be recorded for the Fund-Based Financial Statements?

A city enacted a special tax levy and the money must be used to provide medical services at the municipal hospital.What kind of fund should be used to record the revenues generated by the tax?

A new truck was ordered for the sanitation department at a cost of $122,200 on September 3,2011. 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.

Which of the following is not a classification of nonexchange transactions according to GASB Statement Number 33?

What are the four fiduciary fund types?

What organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established?

Under modified accrual accounting,when should an expenditure to recognize interest on long-term debt be recorded?

On August 21,2011,Fred City transferred $100,000 to the School System to cover repairs to a school building. Required: Prepare all the required journal entries and identify the fund in which each entry was recorded for the Fund-Based Financial Statements.

The Town of Anthrop receives a $10,000 grant to make the Town Hall handicapped-accessible. Required: Prepare the journal entry,and identify the fund in which it is recorded,to record the receipt of the grant.

What is the purpose of fund-based financial statements?

What are the two groups of financial statements mandated by GASB Statement No.34? For each group,what are the names of the individual statements that must be produced?

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

When a city holds pension monies for city employees,the monies should be recorded in

Which statement is not correct?

Governmental funds are

What is a special revenue fund used to account for?

Which of the following is a fiduciary 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

Special Revenue funds are

A city received a grant of $5,000,000 from a private agency.The money was to be used to build a new city library.In which fund should the money be recorded for the Fund-Based Financial Statements?

A city enacted a special tax levy and the money must be used to provide medical services at the municipal hospital.What kind of fund should be used to record the revenues generated by the tax?

A new truck was ordered for the sanitation department at a cost of $122,200 on September 3,2011. 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.

Which of the following is not a classification of nonexchange transactions according to GASB Statement Number 33?

What are the four fiduciary fund types?

What organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established?

Under modified accrual accounting,when should an expenditure to recognize interest on long-term debt be recorded?

On August 21,2011,Fred City transferred $100,000 to the School System to cover repairs to a school building. Required: Prepare all the required journal entries and identify the fund in which each entry was recorded for the Fund-Based Financial Statements.

The Town of Anthrop receives a $10,000 grant to make the Town Hall handicapped-accessible. Required: Prepare the journal entry,and identify the fund in which it is recorded,to record the receipt of the grant.

What is the purpose of fund-based financial statements?

What are the two groups of financial statements mandated by GASB Statement No.34? For each group,what are the names of the individual statements that must be produced?

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

When a city holds pension monies for city employees,the monies should be recorded in

Which statement is not correct?

Governmental funds are

What is a special revenue fund used to account for?

Which of the following is a fiduciary 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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