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ACCT 567 Midterm Exam

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Question;ACCT 567 Midterm Exam;1.(TCOs A and B);Fiduciary funds are to use which of the following measurement and basis of;accounting?;2.(TCOs A and B);Funds other than the General Fund are required to be considered to be a major;fund when;3.(TCOs A and B) Which;of the following is most correct with regard to Management?s Discussion and;Analysis?;4.(TCOs B and C);With regards to budgetary reporting by governmental entities, which of the;following is not a true statement?;5.(TCOs B and C);The proper journal entry to record an encumbrance would include which of the;following?;6.(TCOs B and C));Capital assets that are used by an enterprise fund should be accounted for in;the following fund?;7.(TCO E) When a;government acquires general fixed assets under a capital lease agreement, how;should the asset be recorded in the government-wide financial statements?;8.(TCO E) Which;of the following projects would usually be accounted for in a capital projects;fund?;9.(TCO E) Which;of the following statements is a true statement regarding the reporting of debt;service funds?;10.(TCO D) Under;GASB Statement No. 33, when would a special revenue fund be considered to have;satisfied the eligibility requirement of a reimbursement type federal grant?;1.(TCO E)You are;in a staff meeting with the city controller and one of your colleagues was;quoted as follows: ?Capital projects funds are established by a government to;account for all plant or equipment acquired by construction.? Do you agree with;this statement? Why or why not?;2.(TCOs A and;B)How are the major funds of a state or local government determined by a;governmental entity?;3.(TCO D) The City of;Norton received a gift of $3,500,000 from a group of local residents on April;1, 2012 and signed an agreement that the funds would be invested on a permanent;basis and the income would be used to purchase artifacts for the city museum.;The following transactions took place during the fiscal year ended Dec 31, 2012

 

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