3501 Final

60 Questions  I  By Xbzzle
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1.  What constitutes the basic financial statements of a government?
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B.
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D.
2.  For which of the following activities might an Agency Fund be used?
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B.
C.
D.
E.
3.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif FASB standards would be followed by a not-for-profit charitable organization
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B.
4.  A  government should debit an expenditure account upon
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B.
C.
D.
5.  From the following, select the two conditions that, taken together, will cause an entity to be reported as a component unit of a primary government:
A.
B.
C.
D.
E.
6.  The GASB Statement No. 34 financial reporting model does not include fund financial statements.
A.
B.
7.  If Parnell Parish has two major governmental funds, to major Enterprise Funds, three fiduciary funds and two discrete component units, what would be the minimum number of columns reported in its government-wide Statement of Net Assets?
A.
B.
C.
D.
E.
F.
8.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif Proprietary funds use the economic resources measurement focus and accrual basis of accounting.
A.
B.
9.  If the City of Castletown sells a surplus ambulance, the entry to record this sale on the books of the General Fund should include which of the following?
A.
B.
C.
D.
10.  The Management's Discussion and Analysis section of the financial report includes projections about future fund balances for the next fiscal year.
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B.
11.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif A characteristic of government is that an exchange relationship exists between services received and resources provided.
A.
B.
12.  How are proceeds on the sale of an investment in excess of its book value handled in a Private Purpose Trust Fund?
A.
B.
C.
D.
13.  A village levies property taxes in the amount of $ 1,260,000 for the fiscal year ended June 30, 2009. It collects $ 1,200,000 during the year. Regarding the $ 60,000 of delinquent receivables, it expects to collect $ 25,000 in July and August of 2009 and another $ 20,000 after August but before March of 2010. It expects to write off $ 15,000 as uncollectible. How much should the village recognize as property tax revenue in its government- wide statement of activities for the fiscal year ended June 30, 2009?
A.
B.
C.
D.
14.  As a result of its annual fund- raising program, an NFPO receives pledges in the amount of $ 300,000 during December 2008, the last month of its reporting period. Based on its previous history regarding pledges, the NFPO believes that about $ 250,000 will be collected in the first 60 days of 2009, some will trickle in during the rest of 2009, and 10 percent will not be collected at all. How much should the NFPO report as net contributions receivable on its 2008 financial statements?
A.
B.
C.
D.
15.  Which of the following is a not a true statement about tax-exempt organizations?
A.
B.
C.
D.
16.  In what way can the amounts in an Investment Trust Fund be invested?
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B.
C.
D.
17.  Under the modified accrual basis of accounting, expenditures generally are not recognized until:
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B.
C.
D.
18.  The prime function of budgetary entries is to
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B.
C.
D.
19.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif The GAAP Hierarchy is issued by GASB.
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B.
20.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif Budgetary accounts include Estimated Revenues, Revenues, and Accounts Receivable.
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B.
21.  Governmental accounting methods were developed to completely control the budget.
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B.
22.  Which measurement focus should be used in government-wide financial statements?
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B.
C.
D.
23.  The budget is a master blueprint for planning, control and evaluation of financial operations.
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B.
24.  Which of the following statements concerning deriving government-wide financial statement is true?
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B.
C.
D.
25.  Which of the following actions is not required to convert data from the governmental fund financial statements to enable preparation of the government-wide financial statements?
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B.
C.
D.
26.  A financial reporting entity is defined as a primary government, as well as all other organizations that have an operational relationship with the primary government.
A.
B.
27.  Which of the following is the most reliable means of distinguishing a trust relationship from an agency relationship for purposes of deciding which type of fiduciary fund should be used?
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B.
C.
D.
28.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif "Available appropriation" is calculated as the difference between appropriations and the sum of expenditures and encumbrances.
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B.
29.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif GFOA is a standard-setting body.
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B.
30.  The budget of the General Fund of the City of Olde Glen shows an ap-propriation for capital equipment of $ 150,000. So far a fire engine, cost-ing $ 50,000, has been received and paid for. Another fire engine, expected to cost $ 60,000, has been ordered and an encumbrance for this amount is outstanding. How much can the city legally spend for a third fire engine this year?
A.
B.
C.
D.
31.  A component unit is dependent on the primary government if the primary government is obligated for its debt.
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B.
32.  A comprehensive annual financial report (CAFR) prepared in conformity with GASB recommendations should include which of the following sections?
A.
B.
C.
D.
33.  A municipality uses the allowance method to record uncollectible property taxes. If it decides to write off an account as uncollectible, it should:
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B.
C.
D.
34.  Budgetary accounts used in the General Fund include Estimated Revenues, Estimated Other Financing Sources, Appropriations, Estimated Other Financing Uses, and Encumbrances.
A.
B.
35.  One characteristic that distinguishes other financing sources from revenues is that other financing sources:
A.
B.
C.
D.
36.  On July 1, 2008, a city used tax resources of $70,000 to acquire three police cruisers. The police cars were expected to have a useful life of three years, after which the salvage value would be $10,000. Describe the adjustment or adjustments needed to prepare government-wide financial statements from the city's calendar year 2008 fund-level financial statements
A.
B.
C.
D.
37.  Interfund transfers and debt issue proceeds received by the General Fund should be recorded as other financing sources.
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B.
38.  Which of the following is not included in a cash budget?
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B.
C.
D.
39.  What is done with resources that remain in a Capital Projects Fund after the project is completed?
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B.
C.
D.
40.  Which of the following funds can be used to account for the spendable in-come from a Private Purpose Trust Fund?
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B.
C.
D.
E.
41.  How should component units be displayed in government-wide financial statements?
A.
B.
C.
D.
42.  When should property tax revenues be recognized in government-wide financial statements?
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B.
C.
D.
43.  What is a key difference between budgets prepared by governmental units and by commercial organizations?
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B.
C.
D.
44.  The governmental fund financial statements are intended to report on fiscal accountability.
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B.
45.  Which of the following information should be included in the financial section of a comprehensive annual financial report?
A.
B.
C.
D.
46.  Which of the following not-for-profit organizations is most likely to be tax-exempt under IRC Sec. 501(c)(3)?
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B.
C.
47.  How should the difference between assets and liabilities be characterized in government-wide financial statements?
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B.
C.
D.
48.  The General Fund makes a transfer to the Debt Service Fund. How should the transfer be reported in the financial statements?
A.
B.
C.
D.
49.  The purchase of office supplies on the consumption method would result in:
A.
B.
C.
D.
50.  Enterprise funds sell goods and services to internal users only.
A.
B.
51.  All purchases of goods and services and all interfund transfers of the General Fund are recorded as Expenditures.
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B.
52.  In governmental financial reporting, what is blending?
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B.
C.
D.
53.  Which of the following financial statements is required for VHWOs but not for ONPOs?
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B.
C.
D.
54.  The section of the comprehensive annual financial report that presents tables and charts showing social and economic data in addition to financial trends, fiscal capacity, and operating information of the government is the:
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B.
C.
D.
55.  Long- term bonds issued by a Capital Projects Fund ( are or are not) __________ reported as a liability of that fund.
A.
B.
56.  The minimum requirements for general purpose external financial reporting are (1) management's discussion and analysis (MD&A), (2) the basic financial statements, including the notes to the financial statements, and (3) combining and individual fund financial statements.
A.
B.
57.  An encumbrance represents the estimated future liability for goods or services resulting from placing a purchase order or signing a contract.
A.
B.
58.  At the time a government levies the property tax, an allowance for uncollectible property taxes is established so that
A.
B.
C.
D.
59.  Encumbrance accounting usually ( is or is not) ________ used in Capital Projects Funds.
A.
B.
60.  Which of the following revenues of the General Fund are usually recorded before they are actually received in cash?
A.
B.
C.
D.
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