Question 1

Which of the following statements regarding the financial reporting of agency funds is not ?

Accepted Answer

A)  Agency activities are reported only in the fiduciary fund financial statements. 
B)  Agency fund financial information is reported in a separate column of the government-wide statement of activities. 
C)  Trust funds are included in the statement of changes in fiduciary net position. 
D)  GASB standards allow disclosure of the assets and liabilities of agency funds in a separate column of the statement of fiduciary net position. 
A)  Agency activities are reported only in the fiduciary fund financial statements. 
B)  Agency fund financial information is reported in a separate column of the government-wide statement of activities. 
C)  Trust funds are included in the statement of changes in fiduciary net position. 
D)  GASB standards allow disclosure of the assets and liabilities of agency funds in a separate column of the statement of fiduciary net position.

Question 2

If special assessment receivables are recorded in the accounts of an agency fund,the appropriate account(s)to credit upon receipt of assessments from property owners will include:

Accepted Answer

A)  Contributions to Net Position. 
B)  Revenues and Deferred Revenues. 
C)  Due to Special Assessment Bondholders. 
D)  Interfund Transfers In. 
A)  Contributions to Net Position. 
B)  Revenues and Deferred Revenues. 
C)  Due to Special Assessment Bondholders. 
D)  Interfund Transfers In.

Question 3

It is common for a government that collects taxes on behalf of other governments to be authorized to withhold a certain percentage from the collections for each government.

Accepted Answer

A) True 
 B)False

Which of the following statements regarding the financial reporting of agency funds is not ?

If special assessment receivables are recorded in the accounts of an agency fund,the appropriate account(s)to credit upon receipt of assessments from property owners will include:

It is common for a government that collects taxes on behalf of other governments to be authorized to withhold a certain percentage from the collections for each government.

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts Budgetary Accounting

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizationsregulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government Glossary

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Exam 8: Accounting for Fiduciary Activitiesagency and Trust Funds

Which of the following statements regarding the financial reporting of agency funds is not ?

If special assessment receivables are recorded in the accounts of an agency fund,the appropriate account(s)to credit upon receipt of assessments from property owners will include:

It is common for a government that collects taxes on behalf of other governments to be authorized to withhold a certain percentage from the collections for each government.

Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Entities

Principles of Accounting and Financial Reporting for State and Local Governments

Governmental Operating Statement Accounts Budgetary Accounting

Accounting for Governmental Operating Activitiesillustrative Transactions and Financial Statements

Accounting for General Capital Assets and Capital Projects

Accounting for General Long-Term Liabilities and Debt Service

Accounting for the Business-Type Activities of State and Local Governments

Financial Reporting of State and Local Governments

Analysis of Governmental Financial Performance

Auditing of Governmental and Not-For-Profit Organizations

Budgeting and Performance Measurement

Accounting for Not-For-Profit Organizations

Not-For-Profit Organizationsregulatory, Taxation, and Performance Issues

Accounting for Colleges and Universities

Accounting for Health Care Organizations

Accounting and Reporting for the Federal Government Glossary

Filters