Acct 365 Exam 2

80 Questions  I  By Zdavis5291 on March 24, 2013
Test Bank For ACCT 365 Exam 2

  
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1.  The liability for special assesment bonds for which the city is not obligated in any manner should be recorded in a(n):
A.
B.
C.
D.
2.  Which of the following statements regarding debt service funds is true?
A.
B.
C.
D.
3.  7.  Which of the following financial statements are required for a Debt Service Fund?
A.
B.
C.
D.
4.  Which of the following items would be reported in the governmental activities column of the government wide financial statements?
A.
B.
C.
D.
5.  1.  Which of the following would be reflected in the operating statement of a proprietary fund?
A.
B.
C.
D.
6.  Debt service related to the special assesment debt used to install the sidewalks should be recorded in what fund type?
A.
B.
C.
D.
7.  Which of the following would not be considered a general long-term liability?
A.
B.
C.
D.
8.  2. The following items were included in Prairie City's General Fund expenditures for the year ended 6/30/12:                       Personal computer for the city treasurer              $4,000                       Furniture for the mayor's office                         $10,000 How much should be classified as capital assets in Prairie City's General Fund balance sheet at 6/30/12? A. $0. B. $4,000. C. $10,000. D. $14,000.
A.
B.
C.
D.
9.  Long term liabilities at year end: Revenue bonds to be repaid from tolls collected: 250,000 General obligation bonds issued for the water utility: 200,000 What amount should be recorded as long term liabilities in the proprietary fund financial statements?
A.
B.
C.
D.
10.  The comprehensive annual financial report (CAFR) of a governmental reporting entity should contain a statement of revenues, expenditures, and changes in fund balances for:
A.
B.
C.
D.
11.  The following balances are included in the subsidiary records of carrollwood. Town hall Building; 500,000 Town Pool:  100,000 Police Cars: 20,000 Equipment: 7.500 Office Supplies: 1.000 What is the total amount of capital assets held by the town?
A.
B.
C.
D.
12.  5. Which of the following resource inflows would be recorded as a revenue of a debt service fund?
A.
B.
C.
D.
13.  7.  Which of the following would not be considered a general long-term liability?
A.
B.
C.
D.
14.  The members of the library board of the city of fayateville are appointed by the city council, which has agreed to finance any operating deficits of the library. Under these conditions:
A.
B.
C.
D.
15.  4. Pollution remediation obligations should be recognized if which of the following obligating events has occurred?
A.
B.
C.
D.
16.  Which of the following financial statements is prepared by fiduciary funds?
A.
B.
C.
D.
17.  7. Both general purpose and special purpose governments could be considered examples of primary governments under GAAP. A. True. B. False.
A.
B.
18.  During the year an enterprise fund purchased 230,000 worth of equipment. the equipment was acquired with  cash down payment of 23,000 and a 207,000 loan. what is the net effect of this transaction on the net position accounts of the enterprise fund?
A.
B.
C.
D.
19.  At the government wide level, where are fiduciary funds reported?
A.
B.
C.
D.
20.  2.  A cash flow statement prepared under GASB standards differs from one prepared under FASB standards in which of the following ways?
A.
B.
C.
D.
21.  Proceeds from the bonds issued to construct a new county jail would most likely be recorded in the journal of the:
A.
B.
C.
D.
22.  Centerville enters into  a capital lease for new copiers in all its city hall offices. In the general fund, it should report:
A.
B.
C.
D.
23.  Fiduciary funds:
A.
B.
C.
D.
24.  Under GASB standards, which of the following would be considered an example of an intangible asset?
A.
B.
C.
D.
25.  4. Premiums received on tax-supported bonds are generally transferred to what fund?
A.
B.
C.
D.
26.  The comprehensive annual financial report (CAFR) of a governmental reporting entity should contain a statement of cash flows for:
A.
B.
C.
D.
27.  Expenditures for redemption of principal of tax supported bonds payable should be recorded in a debt service fund:
A.
B.
C.
D.
28.  A comprehensive annual financial report (CAFR) genrally would include all of the following sections except:
A.
B.
C.
D.
29.  What is the interest EXPENDITURE for problem 4 and 5 in CH 6
A.
B.
C.
D.
30.  Receipts: Operations of water supply plant: 4,000,000 Operations of transit system: 800,000 What amounts should be reported as operating revenues of dardens enterprise funds?
A.
B.
C.
D.
31.  1. Which of these fiduciary fund types always has zero net position?
A.
B.
C.
D.
32.  Which of the following statements regarding capital assets is not true
A.
B.
C.
D.
33.  6. Which of the following is true for debt service funds?
A.
B.
C.
D.
34.  1.  A debt service fund is a:
A.
B.
C.
D.
35.  The proceeds of tax supported bonds issued for the benefit of an enterprise fund and being serviced by a debt service fund:
A.
B.
C.
D.
36.  Which of the following criteria regarding the relationship between a legally separate, tax exempt organization and a primary government would lead to the separate organization being reported as a component unit?
A.
B.
C.
D.
37.    5.  Under GASB standards, where are nonmajor funds reported?
A.
B.
C.
D.
38.  Which of the following events would generally be classified as non operating on an enterprise funds statement of revenues, expenses, and changes in net position?
A.
B.
C.
D.
39.  The liability for long term debt issued to finance a capital project will appear in which financial statement?
A.
B.
C.
D.
40.  6. Basic City's library board is appointed by the city council which has agreed to subsidize the operating costs of the library at a material amount to be determined each year.  In addition, the city is paying debt service on general obligation bonds issued to construct the library. Based on GAAP criteria for defining the reporting entity:
A.
B.
C.
D.
41.  4. A donor contributed $100,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the city municipal swimming pool.  The $100,000 would most appropriately be recorded in a (an):
A.
B.
C.
D.
42.  What is the interest EXPENSE for problem 4 and 5 in CH 6
A.
B.
C.
D.
43.  6. Which of the following is a valid reason for establishing a tax agency fund and charging a collection fee to other govrnments?
A.
B.
C.
D.
44.  In  government funds balance sheet, prepared in conformity with GAAP, a seperate column is provided for each:
A.
B.
C.
D.
45.  1.  Which of the following would be considered a general capital asset? A. A vehicle purchased from General Fund revenues. B. A vehicle purchased and maintained by an enterprise fund. C. A computer purchased from revenues of an internal service fund and used by the supplies department. D. Real estate purchased with the assets of a pension trust fund.
A.
B.
C.
D.
46.  Which of the following is not a fiduciary fund?
A.
B.
C.
D.
47.  A positive unassigned fund balance can be found in which of the following funds?
A.
B.
C.
D.
48.  An investment trust fund is used to report the net position available to the:
A.
B.
C.
D.
49.  2. A statement of cash flows should be prepared for which of the following fiduciary fund types?
A.
B.
C.
D.
50.  Which of the following is an example of a trust fund?
A.
B.
C.
D.
51.  1.  Combining financial statements for nonmajor funds of a government should be included:
A.
B.
C.
D.
52.  5. Which of the following is part of the required supplementary information (RSI) for pension funds?
A.
B.
C.
D.
53.  3. The financial position of the Policemen's Pension Fund administered by a city should be reported in the city's basic financial statements as a column in the:
A.
B.
C.
D.
54.  Which of the following would not be included as a reconciling item in reconciling governmental fund financial statements to the government wide financial statements
A.
B.
C.
D.
55.  3. Which of the following kinds of information would not be provided by MD&A?
A.
B.
C.
D.
56.  Within the government wide financial statements, the column for business type activities will generally include:
A.
B.
C.
57.  Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets
A.
B.
C.
D.
58.  7. How should a capital lease for a general capital asset be recorded in the governmental activities accounts at the inception of the lease?
A.
B.
C.
D.
59.  5. The capital assets used by government departments accounted for in the governmental funds should be reported in:
A.
B.
C.
D.
60.  5. Which of the following funds of a government uses the same basis of accounting as a proprietary fund?
A.
B.
C.
D.
61.  How are agency funds reported in the general purpose financial statements?
A.
B.
C.
D.
62.  Debt service funds may be used to account for all of the following except:
A.
B.
C.
D.
63.  Which of the following terms would be used when describing a primary government?
A.
B.
C.
D.
64.  Which of the following would most likely be accounted for in an internal service fund?
A.
B.
C.
D.
65.  2. Which of the following would not be included within the financial section of the CAFR?
A.
B.
C.
D.
66.  The comuter services department operates as an internal service fund. It has billed parks and rec for 3,000 for the services provided, how would this be shown at the government wide level?
A.
B.
C.
D.
67.  2. Which of the following budgetary accounts is typically used by a debt service fund?
A.
B.
C.
D.
68.  6. Which of the following funds of a government uses the modified accrual basis of accounting?
A.
B.
C.
D.
69.  Which OPEB financial report or schedule would help in determining whether OPEB in underfunded?
A.
B.
C.
D.
70.  The citys general fund should report an expenditure for its annual pension contrubution to a defined benfit pension plan in an amount equal to the:
A.
B.
C.
D.
71.  4. Which of the following is not a category found in the statistical section of the comprehensive annual financial report (CAFR)?        
A.
B.
C.
D.
72.  Which of the following is generally considered an other comprehensive basis of accounting (OCBOA) acceptable for governments?
A.
B.
C.
D.
73.  A county issued bonds for the purpose of constructing a new county recreation center. What is included in the journal entry?
A.
B.
C.
D.
74.  4. Which of the following may be reported as a component of net position in the proprietary fund statement of net position?
A.
B.
C.
D.
75.  A capital projects fund would probalby not be used for which of the following assets
A.
B.
C.
D.
76.  6.  Which of the following properly portrays the components of net position for proprietary funds?
A.
B.
C.
D.
77.  3. For proprietary funds, governments generally present a statement of net position in a format that displays assets, plus deferred outflows of resources, less liabilities, less deferred inflows of resources, equals net position.
A.
B.
78.  3. Interfund transfers from the General Fund to the capital projects fund to provide partial financing of a capital project would be reported by the capital projects fund as a (an): A. Fund balance addition. B. Revenue. C. Other financing source. D. Current liability.
A.
B.
C.
D.
79.  3. On the due date for bond interest, the debt service fund journal entry (or entries) will include:
A.
B.
C.
D.
80.  Under GASB standards which of the following events would be classified as an  investing activity on a proprietary funds statement of cash flows?
A.
B.
C.
D.
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