Exam 8: Government-Wide Statements: Capital Assets; Long-Term Debt

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,100,000; (2)a transfer from the General Fund to an internal service fund in the amount of $1,300,000; and (3)a transfer from the General Fund to a special revenue fund in the amount of $500,000.The amount that would be shown as a transfer out in the governmental activities column in the Statement of Activities would be:

When converting from governmental fund financial statements to the governmental activities column of the government-wide statements,the proceeds from the sale of capital assets which were listed as an "other financing source" are eliminated and the gain or loss is recorded when preparing the government-wide statements.

Governments have the option to capitalize infrastructure assets in the governmental funds' fund-basis financial statements.

When converting to government-wide financial statements,the entry to record the amortization of the premium on a bond would:

The General Fund of the City of Plymouth purchased a police car in the amount of $28,000.Which of the following would be true?

Which of the following would be considered a program revenue in the Statement of Activities of a local government?

A government reported the following transfers in its governmental funds Statement of Revenues,Expenditures,and Changes in Fund Balances: (1)a transfer from the General Fund to a special revenue fund in the amount of $500,000; (2)a transfer from the General Fund to an enterprise fund in the amount of $400,000; (3)a transfer from the General Fund to a permanent fund in the amount of $100,000.The amount that would be shown as a transfer out in the governmental activities column in the Statement of Activities would be:

Which of the following situations would be unlikely to result in the recognition of an asset impairment?

Which of the following is not true regarding infrastructure assets?

A government's Statement of Revenues,Expenditures,and Changes in Fund Balances reflected expenditures for debt service in the amount of $12,000,000,including $7,000,000 for interest. It also reflected proceeds of bonds in the amount of $4,000,000. No interest accruals were involved. When moving from the changes in fund balances reported for the governmental funds to the change in Net Position for governmental activities,the net change would be:

Which of the following adjustments would be made when moving from the governmental funds balance sheet to the governmental activities column in the government-wide Statement of Net Position?

Governments may choose either to depreciate infrastructure assets or use the modified approach.

When converting from the enterprise funds Statement of Net Position to the government-wide Statement of Net Position (government-wide statements),it is not necessary to add fixed assets and to deduct long-term debt.

A governmental fund's Statement of Revenues,Expenditures,and Changes in Fund Balances reported expenditures of $40 million,including capital outlay expenditures of $12 million. Capital assets for that government cost $80 million,including land in the amount of $10 million. Depreciable assets are amortized over 10 years,on average. The reconciliation from governmental fund changes in fund balances to governmental activities change in Net Position would reflect a(an):

A government recorded transfers out of the General Fund to the debt service fund in the amount of $ 600,000 and to the enterprise fund in the amount of $ 300,000. The amount that would be shown as a transfer in the governmental activities column of the Statement of Activities would be:

Which of the following is true regarding the government-wide Statement of Activities?

Internal service funds are most commonly reported in which section of the Government-wide financial statements?

An asset may be considered impaired if either the decline in the service utility is unexpected or the amount of the decline in service utility is large.

Which of the following would not be determined to result in asset impairment under GASB Statement 42?

A local government purchased a building and recorded the event by debiting Expenditures - Capital Outlay and crediting Cash. What would be the worksheet entry to prepare the government-wide statements?