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

The City of Charlotte reported property tax revenues in 2015 in the amount of $10 million.The deferred inflow - property taxes reported in the General Fund's balance sheet was $ 300,000 on December 31,2014 and was $ 375,000 on December 31,2015. During 2015,$9,000,000 was collected. What amount should the city report for Property Tax Revenue in its year ended December 31,2015 government-wide Statement of Activities?

Which of the following would be included in the Equity section of the Statement of Net Position?

GASB requires that "collections" be capitalized and depreciated.

Balances from enterprise fund statements,Statement of Net Position and Statement of Revenues,Expenses,and Changes in Fund Net Position,are reported in the business-type activities sections of government-wide statements.

When converting from fund basis reporting to government-wide reporting,which of the following would require an adjustment?

Where in the basic financial statements,in most cases,would one find internal service activities reported?

Enterprise funds are reported in the business-type activities column of the government-wide statements.

Capital assets acquired through proprietary funds are reported in both the Statement of Net Position of those funds and the government-wide Statement of Net Position.

A governmental fund Statement of Revenues,Expenditures,and Changes in Fund Balances reported expenditures of $30 million,including capital outlay expenditures of $9 million.Capital assets for that government cost $90 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 would reflect a(an):

Which of the following is true regarding revenue recognition for property taxes,when reporting in the government-wide statements?

In addition to the fund basis statement,GASB Statement 34 requires government-wide statements that are prepared using the accrual basis and the current financial resources measurement focus.

In its government-wide Statement of Net Position,a government reported assets of $165 million,including $50 million in capital assets (net of depreciation),and liabilities of $80 million,including long-term debt of $60 million,$40 million of which was issued to acquire capital assets. In addition,$30 million was restricted for debt service and other purposes. The government's Unrestricted Net Position would be reported as:

Government-wide financial statements are prepared using the modified accrual basis of accounting.

Which of the following statements is not correct with respect to the preparation of government-wide statements?

If an Internal Service Fund has positive operating income,the worksheet entry to add the Internal Service Fund to governmental activities would include a:

Where in the basic financial statements would one find fiduciary activities reported?

When preparing the government-wide statements,worksheet entries are booked to provide the trial balance amounts used to prepare the financial statements.

Identify and describe the required supplementary information schedules that must be prepared when using the modified approach.

Government-wide statements are prepared using the accrual basis; therefore,enterprise fund-basis statements need to be adjusted from their original modified accrual basis.

The governmental funds report a total of $2,000,000 Transfers In and $1,500,000 Transfers Out.To consolidate governmental activities what amount will be eliminated from the Transfers In and Transfers Out accounts among the governmental funds?