Exam 16: Accounting for State and Local Governments

A city enacted a special tax levy and the money must be used to provide medical services at the municipal hospital. What kind of fund should be used to record the revenues generated by the tax?

What are the four fiduciary fund types?

A $910,000 bond was issued on October 1, 2011 to build a new road. The bonds carried a 6% interest rate and are due in 10 years. Required: (A.) Prepare the required journal entry in the Capital Projects Fund on October 1 for the Fund Financial Statements. (B.) Prepare the required journal entry for the Government-Wide Financial Statements.

Which statement is not correct?

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.

Under modified accrual accounting, when should revenues be reported by a governmental-type fund?

What is the definition of the term fund?

A new truck was ordered for the sanitation department at a cost of $122,200 on September 3, 2011. Required: (A.) Prepare the required journal entry in the General Fund for the Fund Financial Statements. (B.) Prepare the required journal entry for the Government-Wide Financial Statements.

The school system had some booklets printed by a local print shop on September 22, 2011. The school system was charged $1,560 for the printing, but the bill is not due until October. Required: (A.) Prepare the required journal entry in the General Fund for the Fund Financial Statements. (B.) Prepare the required journal entry for the Government-Wide Financial Statements.

Which of the following is a fiduciary fund?

What is a special revenue fund used to account for?

What are the two groups of financial statements mandated by GASB Statement No. 34? For each group, what are the names of the individual statements that must be produced?

GASB Codification Section N50.104 divides all eligibility requirements into four general classifications including all of the following except:

When a city collects fees from citizens who use the public swimming pool, the money should be recorded in

When should property taxes be recognized under modified accrual accounting?

Simple City has recorded the purchase order of two trucks for a total of $100,000. Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000. This amount has been approved but not yet paid. Identify the fund in which the entries are recorded.

Which of the following funds is most likely created with an endowed gift?

When a city received a federal grant for books to be purchased for a library, the money should have been recorded in