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3501 Final

60 Questions  I  By Xbzzle
3501 Final

  
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1. 
Thomas Village operates on a calendar-year basis. On January 1, 2009, it had outstanding property taxes receivable of $ 40,000 and deferred property tax revenue of $ 10,000. On January 1, 2009, it levied property taxes of $ 1,000,000 to cover its 2009 activities. During 2009, it collected the entire$ 40,000 $40,000 of receivables that were outstanding as of January 1, as well as $ 975,000 against the 2009 levy. With regard to the uncollected 2009 taxes, the village expected to collect $ 20,000 during the first 60 days of 2010 and the remaining $ 5,000 during the rest of 2010. How much should Thomas Village recognize as property tax revenues in its General Fund for calendar year 2009?
A.
B.
C.
D.
2.  Long- term bonds issued by a Capital Projects Fund ( are or are not) __________ reported as a liability of that fund.
A.
B.
3.  The Management's Discussion and Analysis section of the financial report includes projections about future fund balances for the next fiscal year.
A.
B.
4.  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.
5. 
What constitutes the basic financial statements of a government?
A.
B.
C.
D.
6.  At the time a government levies the property tax, an allowance for uncollectible property taxes is established so that
A.
B.
C.
D.
7.  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.
8. 
How should the difference between assets and liabilities be characterized in government-wide financial statements?
A.
B.
C.
D.
9.  Encumbrance accounting usually ( is or is not) ________ used in Capital Projects Funds.
A.
B.
10. 
A municipality uses the allowance method to record uncollectible property taxes. If it decides to write off an account as uncollectible, it should:
A.
B.
C.
D.
11.  The budget is a master blueprint for planning, control and evaluation of financial operations.
A.
B.
12.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif Budgetary accounts include Estimated Revenues, Revenues, and Accounts Receivable.
A.
B.
13.  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.
A.
B.
14. 
The governmental fund financial statements are intended to report on fiscal accountability.
A.
B.
15.  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.
16. 
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.
17. 
The fund financial statements for governmental funds should include a
A.
B.
C.
D.
18.  The purchase of office supplies on the consumption method would result in:
A.
B.
C.
D.
19.  One characteristic that distinguishes other financing sources from revenues is that other financing sources:
A.
B.
C.
D.
20. 
Which of the following information should be included in the financial section of a comprehensive annual financial report?
A.
B.
C.
D.
21. 
Which measurement focus should be used in government-wide financial statements?
A.
B.
C.
D.
22. 
Which of the following funds can be used to account for the spendable in-come from a Private Purpose Trust Fund?
A.
B.
C.
D.
E.
23. 
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.
24.  The purchase of office supplies on the purchases method would result in:
A.
B.
C.
25.  Enterprise funds sell goods and services to internal users only.
A.
B.
26.  What is a key difference between budgets prepared by governmental units and by commercial organizations?
A.
B.
C.
D.
27. 
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.
28.  The prime function of budgetary entries is to
A.
B.
C.
D.
29.  All purchases of goods and services and all interfund transfers of the General Fund are recorded as Expenditures.
A.
B.
30.  Which of the following is not included in a cash budget?
A.
B.
C.
D.
31.  Under the modified accrual basis of accounting, expenditures generally are not recognized until:
A.
B.
C.
D.
32.  Interfund transfers and debt issue proceeds received by the General Fund should be recorded as other financing sources.
A.
B.
33. 
Which of the following not-for-profit organizations is most likely to be tax-exempt under IRC Sec. 501(c)(3)?
A.
B.
C.
34. 
Which of the following is a not a true statement about tax-exempt organizations?
A.
B.
C.
D.
35.  The GASB Statement No. 34 financial reporting model does not include fund financial statements.
A.
B.
36. 
In governmental financial reporting, what is blending?
A.
B.
C.
D.
37.  A comprehensive annual financial report (CAFR) prepared in conformity with GASB recommendations should include which of the following sections?
A.
B.
C.
D.
38. 
Which of the following revenues of the General Fund are usually recorded before they are actually received in cash?
A.
B.
C.
D.
39.  What is done with resources that remain in a Capital Projects Fund after the project is completed?
A.
B.
C.
D.
40.  A police care was ordered and estimated to cost $22,000. The $22,000 estimate was recorded as an encumbrance. Upon receipt of the police car with an invoice for $21,000, the encumbrance account will:
A.
B.
C.
D.
41.  A component unit is dependent on the primary government if the primary government is obligated for its debt.
A.
B.
42.  Budgetary accounts used in the General Fund include Estimated Revenues, Estimated Other Financing Sources, Appropriations, Estimated Other Financing Uses, and Encumbrances.
A.
B.
43. 
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?
A.
B.
C.
D.
44.  Governmental accounting methods were developed to completely control the budget.
A.
B.
45. 
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.
46. 
For which of the following activities might an Agency Fund be used?
A.
B.
C.
D.
E.
47. 
How should component units be displayed in government-wide financial statements?
A.
B.
C.
D.
48. 
A village issues $ 3,000,000 of general obligation bonds to build a new fire-house. How should the debt be reported?
A.
B.
C.
D.
49.  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.
50.  A  government should debit an expenditure account upon
A.
B.
C.
D.
51.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif The GAAP Hierarchy is issued by GASB.
A.
B.
52.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif FASB standards would be followed by a not-for-profit charitable organization
A.
B.
53. 
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.
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:
A.
B.
C.
D.
55. 
If a donor provides that interest earned on an endowment must be used to finance a particular program, how should the interest revenue be classified?
A.
B.
C.
D.
56. 
Which of the following statements concerning deriving government-wide financial statement is true?
A.
B.
C.
D.
57.  Description: http://a.quizlet.com/a/i/spacer.36Pq.gif GFOA is a standard-setting body.
A.
B.
58. 
In what way can the amounts in an Investment Trust Fund be invested?
A.
B.
C.
D.
59. 
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.
60. 
When should property tax revenues be recognized in government-wide financial statements?
A.
B.
C.
D.
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