ACC/548 Final Exam

21

The FASB has the authority to set accounting standards for all of the following organizations EXCEPT:

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  • [removed]

educational foundations established to support a private college or university

  • [removed]

public colleges

  • [removed]

private colleges

  • [removed]

for profit proprietary schools

22

A local government was awarded a federal grant in the amount of $600,000 to provide for a summer employment program for young people. The grant was a reimbursement grant and was awarded on April 30, 2009. The local government expended the resources as follows: June, 2009, $220,000; July 2009, $200,000; August, 2009, $180,000. The federal government provided the funds the following months. The local government would recognize revenues for the fiscal year ended June 30, 2009 in which amount?

  • [removed]

$ – 0 –

  • [removed]

$600,000

  • [removed]

$220,000

  • [removed]

$420,000

23

To compute the net debt per capita, a user of financial statements would need to look at (in the CAFR):

  • [removed]

The debt and the amount available to pay that debt in the governmental funds Balance Sheet and the population from the statistical section

  • [removed]

The debt in the government-wide Statement of Net Assets, the amount available to pay that debt in the governmental funds Balance Sheet and the population from the statistical section

  • [removed]

The debt in the governmental funds Balance Sheet, the amount available in the government-wide Statement of Net Assets and the population from the statistical section

  • [removed]

All three items from the government-wide Statement of Net Assets

24

All the following choices would be considered a special-purpose government for financial reporting purposes EXCEPT:

  • [removed]

a public school system

  • [removed]

an art museum

  • [removed]

a public hospital

  • [removed]

a county board of supervisors

25

Under the terms of the Single Audit Act and its amendments, what percentage of federal awards expenditures must be selected for audit?

  • [removed]

High Risk Auditee: 50%; Low Risk Auditee: 0%

  • [removed]

High Risk Auditee: 50%; Low Risk Auditee: 25%

  • [removed]

High Risk Auditee: 100%; Low Risk Auditee: 25%

  • [removed]

High Risk Auditee: 100%; Low Risk Auditee: 50%

26

Under GASB rules for the financial reporting entity:

  • [removed]

bounties are component units of the state government

  • [removed]

blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements

  • [removed]

component units are included if the primary government is financially accountable for their operations

  • [removed]

component units must be reported in columns (discrete presentation) separate from the funds of a primary government

27

Which of the following choices regarding the proprietary fund financial statements is TRUE?

  • [removed]

The Statement of Cash Flows may be prepared using either the direct or the indirect methods

  • [removed]

Statements include the Statement of Net Assets (or Balance Sheet), Statement of Revenues, Expenses and Changes in Fund Net Assets and Statement of Cash Flows

  • [removed]

The Statement of Net Assets (or Balance Sheet) reflects equity as contributed equity and retained earnings

  • [removed]

Normally, reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements

28

GASB Statement 31, Accounting and Financial Reporting for Certain Investments and for External Investment Pools, applies to all of the following investment types EXCEPT:

  • [removed]

external investment pools

  • [removed]

investments of pension funds

  • [removed]

open-end mutual funds

  • [removed]

debt securities

29

The City of Greenville had a balance in the Reserve for Encumbrances account at the end of 2008 in the amount of $30,000. During 2009, all purchase orders related to the $30,000 were filled and the invoice amount was $30,500. Which of the following would be TRUE regarding the Statement of Revenues, Expenditures and Changes in fund balances for 2009? (assume encumbrances do not lapse)

  • [removed]

The amount shown for expenditures would include only the $500

  • [removed]

The amount shown for expenditures would include the $30,500

  • [removed]

The amount shown for expenditures would include only the $30,000

  • [removed]

The amount shown for expenditures would not include items related to orders placed in 2008

30

The City of Springfield has three pension plans: a locally administered police plan for which it is trustee, a statewide cost sharing plan and a statewide agency plan. The city would include in its CAFR financial statements for:

  • [removed]

the locally administered plan plus the statewide agency plan

  • [removed]

all three plans

  • [removed]

both statewide plans

  • [removed]

the locally administered plan only

31

Under GASB rules for the financial reporting entity:

  • [removed]

component units must be reported in columns (discrete presentation) separate from the funds of a primary government

  • [removed]

component units are included if the primary government is financially accountable for their operations

  • [removed]

blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements

  • [removed]

counties are component units of the State Government

32

A governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances reported expenditures of $30 million, including capital outlay expenditures of $2 million. Capital assets for that government cost $70 million, including land of $10 million. Depreciable assets are amortized over 20 years, on average. The reconciliation from governmental changes in fund balances to governmental activities changes in net assets would reflect:

  • [removed]

an increase of $ l million

  • [removed]

a decrease of $1 million

  • [removed]

a decrease of $3 million

  • [removed]

an increase of $2 million

33

Ford County levies for its General Fund $1,000,000 in property taxes. In addition, the county is responsible for collecting $2,000,000 in property taxes for the consolidated school district and $500,000 in property taxes for a town within the county. 2% of all taxes levied are expected to be uncollectible. When recording the levies in an agency fund, what amount would Ford County record as Taxes Receivable for Other Governments – Current and Due to Other Governments?

  • [removed]

$2,450,000

  • [removed]

$2,500,000

  • [removed]

$3,430,000

  • [removed]

$3,500,000

34

Funds that are used to account for activities similar to those often engaged in by profit-seeking businesses are:

  • [removed]

agency funds

  • [removed]

proprietary funds

  • [removed]

capital project funds

  • [removed]

special revenue funds

35

What type of fund is used when resources are provided mainly through business like transactions to parties external to the government?

  • [removed]

Internal Service Funds

  • [removed]

Agency Funds

  • [removed]

Enterprise Funds

  • [removed]

Capital Projects Funds

36

Which part of the financial section of the CAFR is considered “Required Supplementary Information?”

  • [removed]

Find Financial Statements

  • [removed]

Auditor’s Report

  • [removed]

Management’s Discussion and Analysis

  • [removed]

Government-wide Financial Statements

37

According to NACUBO guidelines, what is the correct treatment for recognizing summer school revenues and expenses when a college’s fiscal year ends on June 30?

  • [removed]

Recognize expenses in the year in which they were billed and the expenses in the year in which they were incurred

  • [removed]

Recognize the entire amount of revenues and expenses in the year in which the term is predominantly conducted

  • [removed]

Apportion the revenues and expenses to the two fiscal years, following accrual accounting practices similar to those employed by commercial enterprises

  • [removed]

Recognize the entire amount of revenues and expenses in the year in which the term began

38

Proprietary funds utilize what basis of accounting?

  • [removed]

Budgetary

  • [removed]

Modified accrual

  • [removed]

Cash

  • [removed]

Accrual

39

Which organization promulgates the Government Auditing Standards?

  • [removed]

The Securities and Exchange Commission

  • [removed]

The U.S. Government Accountability Office

  • [removed]

The American Institute of Certified Public Accountants

  • [removed]

The U.S. Office of Management and Budget

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