Exam 16: Accounting for State and Local Governments, Part I

Property taxes of 1,500,000 are levied for Miner County.The county expects that 5% will be uncollectible. Required: Prepare the required journal entry and identify the fund in which it is recorded.

Which group of governmental financial statements reports all revenues and all costs of providing services each year?

Which of the following is not a classification of nonexchange transactions according to GASB Statement Number 33?

The board of commissioners of the city of Jarmaine adopted a General Fund budget for the year ending June 30,2008,which indicated revenues of $1,300,000,bond proceeds of $520,000,appropriations of $1,170,000,and operating transfers out of $390,000. Required: If this budget was formally integrated into the accounting records used to produce the Fund-Based Financial Statements,what was the required journal entry at the beginning of the year?

Proprietary funds are

What assets would be included in the accounting records of a city's general fund?

What are the two proprietary fund types?

Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000.Identify the fund in which the entry is recorded.

For each of the following transactions,select the area of accounting records in which an entry will be recorded. (A)General Fund only. (B)Governmental Activities only. (C)General Fund and Governmental Activities. (D)General Fund and Debt Service Fund. (E)Capital Projects Fund and Governmental Activities. (F)Debt Service Fund and Governmental Activities. (G)Special Revenue Fund and Governmental Activities. ___ (1. )The city council adopts an annual budget for the General Fund. ___ (2. )Property taxes are levied. ___ (3. )Computers are ordered for the fire department. ___ (4. )A transfer of funds is made from the General Fund to the Debt Service Fund. ___ (5. )The principal and interest of a bond are paid. ___ (6. )A building is acquired for the police department,and renovations begin immediately. ___ (7. )Depreciation on fire trucks is recorded. ___ (8. )Citizens are assessed for a street lighting project that has been legally restricted for those citizens.___ (9. )A grant is received to landscape tree-lined areas beside city-owned streets. ___ (10. )The city spends grant money received in (9. )above and landscapes the tree-lined areas beside the streets for which the grant money was received.

What are the four fiduciary fund types?

What is the definition of the term fund?

Under modified accrual accounting,when should an expenditure to recognize interest on long-term debt be recorded?

The term "current financial resources" refers to

Shell City transfers $100,000 from the General Fund to the Debt Service fund. Required: Prepare the required journal entries and identify the funds in which they are recorded.

Which of the following is a fiduciary fund?

Which group of financial statements is prepared using the "modified accrual accounting" approach?

On January 1,2008,Wakefield City purchased $40,000 office supplies.During the year $35,000 of these supplies were used. Required: Record the journal entries for these transactions using the consumption method.

What are the five types of governmental funds?

The Town of Anthrop has recorded the receipt of a $10,000 grant to make its Town Hall handicapped-accessible.The town now spends $10,000 to make the Town Hall handicapped-accessible. Required: Prepare the journal entry (or entries),and identify the fund for recording,to record that the town spends $10,000 of a grant it received to make the Town Hall handicapped-accessible.

What account is debited in the general fund when equipment is received by a governmental entity?