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ACCT 567 Final Exam




Question;ACCT 567;Final Exam;1.(TCO A) On what should the government-wide financial;statements report?;2.(TCO B) According to GASB standards, when should;transfers be recognized?;3.(TCO C) Comparisons of budgeted versus actual revenues;and expenditures are a requirement of which of the following situations?;4.(TCO D) The revenues account of a government entity is;debited when;5.(TCO E) During the year, a wealthy local businessman;donated a building to city of Perris. The original cost of the building was $340,000.;Accumulated depreciation at the date of the gift amounted to $220,000. The;appraised fair market value of the donation at the date of the gift was;$525,000 of which $35,000 was the value of the land on which the building was;situated. At what amount should the city record this donated property in the;governmental activities accounts at the government-wide level?;6.(TCO E) Which of the following resource inflows would be;recorded as a revenue of a debt service fund?;7.(TCO G) Which of the statements concerning agency funds;is a true statement?;8.(TCO J) Which of the following items are typically;reported differently between the governmental fund statements and the;governmental activities column of the government-wide statements?;9.(TCO H) A condition whereby the design or operation of a;control does not allow management or employees in the normal course of;performing their assigned functions, to prevent or detect and correct;misstatements on a timely basis is called a(an);10.(TCO H) Under FASB Standards, how would a;not-for-profit organization recognize a conditional pledge?;11.(TCO I) Which of the following items would not affect;the amounts reported in the Revenues and Gains section of the statement of;activities for a private college or university?;12.(TCO I) The primary source of revenues for most;hospitals are;Page 2;1.(TCOs D, E, F, and G) Please list the name of the;fund(s) in which each of the following transactions or events would be recorded;2.(TCO F) The garbage collection of the city of Rockwell;could be accounted for through the General Fund, a Special Revenue Fund, or an;Enterprise Fund. Please identify the circumstances in which each of these fund;types might be appropriate. (Points: 40);3.(TCO I) During the fiscal year of June 2012, Jefferson;General Hospital, a not-for-profit healthcare organization, had the following;revenue-related transactions. (The amounts are summarized for the entire year.);4.(TCO E) Enter the template provided in the answer space;and record the following transactions in the Capital Projects Fund in the;general journal for the following transactions.;5.(TCO;F) The following Statement of Cash Receipts and Disbursements was prepared by;the bookkeeper of the City of Glass City Museum of Science. The museum is a;component unit of the City of Glass City and must be included in the city?s;financial statements. It began operations on January 1, 2012 with no;liabilities or commitments and only two assets.


Paper#37999 | Written in 18-Jul-2015

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