Which of the following accounts of a governmental unit is credited to close it at the end of the fiscal year?
Reserve for Encumbrances
Other Financing Sources-Transfers In
In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition. The government also reported $5 million of net assets that were restricted for payment of debt service. The government’s unrestricted net assets would be reported as:
A donor pledged $100,000 to the fund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 16, 2008 but was conditioned on the government raising an additional $100,000 from other donors. By the fiscal year-end of June 30, 2009, the local government had raised only $5,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2009?
Debit a receivable and credit a revenue
Debit a receivable and credit Fund Balance
Debit a receivable and credit deferred revenues, a liability
What are the three major sections of the Comprehensive Annual Financial Report?
Introductory Section, Financial Section, Budgetary Comparison.
Introductory Section, Financial Section, Statistical Section.
Introductory Section, Financial Section, Reporting Infrastructure.
Introductory Section, Financial Section, Management Discussion and Analysis.
When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term note is desirable and secured by a government’s power to tax?
Tax Relief Note Payable
Tax Anticipation Note Payable
Tax Budget Note Payable
Tax Encumbrances Note Payable
What is a Special Revenue Fund?
A fund created to account for all resources and revenues to be used for the construction or acquisition of capital assets
A fund used to account for revenues from specific taxes or other revenue sources that by law are designated to finance particular activities of the government other than capital projects
A fund used to account for revenues from general taxes or other revenue sources that by law are designated to finance general activities of the government
A fund used to account for all revenue transactions of a governmental unit that are not accounted for in another fund
What type of serial bond schedules an increase each year in annual principal repayment approximately equivalent to the decrease in interest payments?
What is the effect on the General Funds’ unreserved fund balance when capital assets are purchased during a year from General Fund revenues?
None of the above, capital assets must be purchased through a capital projects fund
Unreserved fund balance is decreased
Unreserved fund balance is increased
There is no effect, since one asset (cash) is replaced by another (capital asset)
Which of the following choices regarding the government-wide Statement of Net Assets is TRUE?
The government-wide Statement of Net Assets includes all resources entrusted to the government; including governmental, proprietary and fiduciary
A reporting entity (primary government plus component units) total column is required
The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities
The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term categories
Governmental units use which fund type to account for services provided to the general public on a user-charge basis?
Internal service fund
The City of Lonesome Pines levied property taxes for the fiscal year ended June 30, 2009 in the amount of $8,000,000. It is estimated that 2% will not be collected. During the year ended June 30, 2009, $7,200,000 in property taxes were collected. It is estimated that $400,000 will be collected during the next 60 days, $240,000 will be collected after 60 days and $160,000 will not be collected. What is the maximum amount Lonesome Pines can recognize as property tax revenue for the fiscal year ended June 30, 2009 in its Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances, assuming there were no unpaid property taxes at the end of the previous year?
In 2008 a faculty member at a private college received a grant from the National Science Foundation to conduct basic research on tree frogs in the amount of $350,000. Expenses associated with the grant totaled $225,000 in 2009. In the Statement of Activities for 2009, the college should show:
revenues of $225,000 and expenses of $225,000 in Unrestricted Net Assets
revenues of $350,000 and expenses of $225,000 in Temporarily Restricted Net Assets
revenues of $225,000 and expenses of $225,000 in Temporarily Restricted Net Assets
expenses of $ 225,000 in Unrestricted Net Assets and a decrease in Temporarily Restricted Net Assets of $ 225,000
Assume a government is determined to be a special-purpose government engaged in business-type activities only. Which of the following financial statements would be required?
Statement of Net Assets, Statement of Revenues, Expenses and Changes in Net Assets, Statement of Cash Flows
Statement of Net Assets and Statement of Activities
Balance Sheet, Statement of Revenues, Expenditures and Changes in end Balances
Statement of Net Assets, Statement of Activities, Statement of Cash Flows
When would a special revenue fund be deemed to have satisfied the eligibility requirement of a reimbursement-type federal grant under GASB Statement 33?
Only as work is completed for a project
When work has started for the project
Only after work is completely finished for the project
When a plan for use of the funds has been developed and approved
If taxes or special assessments are levied by the General Fund and then-transferred to the debt service fund, they are:
included as transfers out in the General Fund but are not budgeted as revenue in that fund
recorded as revenues of the debt service fund
included in the revenues budget of the general fund and budgeted by that fund as transfers out to the debt service fund
recorded as an expense and voucher payable by the general fund and are recorded as a revenue and receivable by the debt service fund.
A government had the following transfers reported in its governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances: (1) a transfer from the General Fund to a debt service fund in the amount of $l,000,000; (2) a transfer from the General Fund to an enterprise fund in the amount of $1,200,000; and (3) a transfer from the General Fund to an internal service fund in the amount of $400,000. The amount that would be shown as a transfer out in the governmental activities column in the Statement of Activities would be:
In which fund type is interest on long term debt typically not accrued, yet is recognized as an expenditure in the year in which interest is legally due?
Debt service fund
Internal service fund
A public college had tuition and fees of $20,000,000. Scholarships, for which no services were required, amounted to $2,000,000. Graduate assistantships, for which services were required, amounted to $1,000,000. The amount to be reported by the public college as net tuition and fees would be:
Each of the following is one of the four classes into which nonexchange transactions apply in accordance with GASB Statement No. 33 EXCEPT:
voluntary nonexchange transactions
mandatory exchange transactions
derived tax revenues
imposed nonexchange revenues
The fund statements for governmental funds are presented using:
Economic Resources Measurement focus and the Modified Accrual Basis of Accounting
Economic Resources Measurement focus and the Accrual Basis of Accounting
Current Financial Resources Measurement focus and the Modified Accrual Basis of Accounting
Current Financial Resources Measurement focus and the Accrual Basis of Accounting
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