Question 1

Which of the following is a governmental fund?

Accepted Answer

A)  Enterprise fund. 
B)  Internal service fund. 
C)  Permanent fund. 
D)  Investment trust fund. 
E)  Agency fund. 
A)  Enterprise fund. 
B)  Internal service fund. 
C)  Permanent fund. 
D)  Investment trust fund. 
E)  Agency fund.

Question 2

What are the five types of governmental funds?

Accepted Answer

The five types of governmental

Question 3

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?

Accepted Answer

A special

Question 4

Under modified accrual accounting, revenues should be recognized when they are

Accepted Answer

A)  collected. 
B)  realizable. 
C)  reasonably estimable. 
D)  measurable and available. 
E)  earned. 
A)  collected. 
B)  realizable. 
C)  reasonably estimable. 
D)  measurable and available. 
E)  earned.

Question 5

When a city holds pension monies for city employees, the monies should be recorded in

Accepted Answer

A)  the General Fund. 
B)  an Expendable Trust Fund. 
C)  a Fiduciary Fund. 
D)  an Agency Fund. 
E)  a Special Revenue Fund. 
A)  the General Fund. 
B)  an Expendable Trust Fund. 
C)  a Fiduciary Fund. 
D)  an Agency Fund. 
E)  a Special Revenue Fund.

Question 6

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.

Accepted Answer

The answer of Shell City transfers $100,000 from the General...

Question 7

In governmental accounting, what term is used for a decrease in financial resources?

Accepted Answer

The approp

Question 8

Trapper City issued 30-year bonds for the purpose of building a new City Hall. The proceeds of the bonds are deposited in the General Fund. For the Fund-Based Financial Statements, in what fund will Bonds Payable appear?

Accepted Answer

A)  General Fund. 
B)  Capital Projects Fund. 
C)  Permanent Fund. 
D)  Debt Service Fund. 
E)  Bonds Payable do not appear in Fund-Based Financial Statements. 
A)  General Fund. 
B)  Capital Projects Fund. 
C)  Permanent Fund. 
D)  Debt Service Fund. 
E)  Bonds Payable do not appear in Fund-Based Financial Statements.

Question 9

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

Accepted Answer

A)  Enterprise Fund. 
B)  Internal Service Fund. 
C)  Debt Service Fund. 
D)  Capital Projects Fund. 
E)  Permanent Fund. 
A)  Enterprise Fund. 
B)  Internal Service Fund. 
C)  Debt Service Fund. 
D)  Capital Projects Fund. 
E)  Permanent Fund.

Question 10

For a government, what kind of operations are accounted for using a proprietary fund? Give three examples.

Accepted Answer

A proprietary fund is used to account fo

Question 11

GASB Statement Number 33 divides all eligibility requirements into four general classifications including all of the following except:

Accepted Answer

A)  Required characteristics of the recipients. 
B)  Time requirements. 
C)  Reimbursement. 
D)  Contingencies. 
E)  Refunding. 
A)  Required characteristics of the recipients. 
B)  Time requirements. 
C)  Reimbursement. 
D)  Contingencies. 
E)  Refunding.

Question 12

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-Based Financial Statements.
(B) Prepare the required journal entry for the Government-Wide Financial Statements.

Accepted Answer

The answer of The school system had some booklets printed...

Question 13

According to GASB Concepts Statement No. 1, what are the three groups of primary users of external state and local governmental financial reports?

Accepted Answer

A)  The Securities Exchange Commission, the citizenry, and legislative and oversight bodies. 
B)  The Securities Exchange Commission, legislative and oversight bodies, and investors and creditors. 
C)  The Securities Exchange Commission, the citizenry, and investors and creditors. 
D)  The citizenry, legislative and oversight bodies, and investors and creditors. 
E)  The citizenry, management, and the Governmental Accounting Office. 
A)  The Securities Exchange Commission, the citizenry, and legislative and oversight bodies. 
B)  The Securities Exchange Commission, legislative and oversight bodies, and investors and creditors. 
C)  The Securities Exchange Commission, the citizenry, and investors and creditors. 
D)  The citizenry, legislative and oversight bodies, and investors and creditors. 
E)  The citizenry, management, and the Governmental Accounting Office.

Question 14

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

Accepted Answer

A)  An expenditure. 
B)  An encumbrance. 
C)  An appropriation. 
D)  An expense. 
E)  An investment. 
A)  An expenditure. 
B)  An encumbrance. 
C)  An appropriation. 
D)  An expense. 
E)  An investment.

Question 15

What organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established?

Accepted Answer

The organization that is responsible for

Question 16

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

Accepted Answer

Under modified accrual accounting, reven

Question 17

The board of commissioners of the city of Jarmaine adopted a General Fund budget for the year ending June 30, 2011, 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?

Accepted Answer

The answer of The board of commissioners of the city...

Question 18

The Town of Anthrop receives a $10,000 grant to make the Town Hall handicapped-accessible.
Required:
Prepare the journal entry, and identify the fund in which it is recorded, to record the receipt of the grant.

Accepted Answer

The answer of The Town of Anthrop receives a $10,000...

Question 19

For governmental entities, the accrual basis of accounting is used for:

Accepted Answer

A)  Special revenue funds. 
B)  Internal service funds. 
C)  Debt service funds. 
D)  General Fund. 
E)  Capital Projects Fund. 
A)  Special revenue funds. 
B)  Internal service funds. 
C)  Debt service funds. 
D)  General Fund. 
E)  Capital Projects Fund.

Question 20

What are the two proprietary fund types?

Accepted Answer

Internal s

Which of the following is a governmental fund?

What are the five types of governmental funds?

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?

Under modified accrual accounting, revenues should be recognized when they are

When a city holds pension monies for city employees, the monies should be recorded in

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.

In governmental accounting, what term is used for a decrease in financial resources?

Trapper City issued 30-year bonds for the purpose of building a new City Hall. The proceeds of the bonds are deposited in the General Fund. For the Fund-Based Financial Statements, in what fund will Bonds Payable appear?

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

For a government, what kind of operations are accounted for using a proprietary fund? Give three examples.

GASB Statement Number 33 divides all eligibility requirements into four general classifications including all of the following except:

According to GASB Concepts Statement No. 1, what are the three groups of primary users of external state and local governmental financial reports?

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

What organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established?

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

The Town of Anthrop receives a $10,000 grant to make the Town Hall handicapped-accessible. Required: Prepare the journal entry, and identify the fund in which it is recorded, to record the receipt of the grant.

For governmental entities, the accrual basis of accounting is used for:

What are the two proprietary fund types?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations-Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flo

Consolidated Financial Statements - Ownership Patterns and Income

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments

Accounting and Reporting for Private Not-For-Profit Organizations

Accounting for Estates and Trusts

Filters

Exam 16: Accounting for State and Local Governments

Which of the following is a governmental fund?

What are the five types of governmental funds?

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?

Under modified accrual accounting, revenues should be recognized when they are

When a city holds pension monies for city employees, the monies should be recorded in

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.

In governmental accounting, what term is used for a decrease in financial resources?

Trapper City issued 30-year bonds for the purpose of building a new City Hall. The proceeds of the bonds are deposited in the General Fund. For the Fund-Based Financial Statements, in what fund will Bonds Payable appear?

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

For a government, what kind of operations are accounted for using a proprietary fund? Give three examples.

GASB Statement Number 33 divides all eligibility requirements into four general classifications including all of the following except:

According to GASB Concepts Statement No. 1, what are the three groups of primary users of external state and local governmental financial reports?

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

What organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established?

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

The Town of Anthrop receives a $10,000 grant to make the Town Hall handicapped-accessible. Required: Prepare the journal entry, and identify the fund in which it is recorded, to record the receipt of the grant.

For governmental entities, the accrual basis of accounting is used for:

What are the two proprietary fund types?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations-Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flo

Consolidated Financial Statements - Ownership Patterns and Income

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments

Accounting and Reporting for Private Not-For-Profit Organizations

Accounting for Estates and Trusts

Filters