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ACCT 567 Week 3 Quiz




Question;ACCT 567 Week;3 Quiz;1. Question: (TCO A) Which of the;following items are considered Required Supplementary Information (RSI)?;A). Management?s Discussion and;Analysis;B). Budgetary Comparison Schedule;C). Schedule of Risk Management;Activities;D). All of the above;2. Question: (TCO B) In addition;to the government-wide statements, governmental entities are required to;prepare fund financial statements for which of the following category of funds?;A). Governmental type funds;B). Proprietary funds;C). Fiduciary funds;D). All of the above;3. Question: (TCO C) The County;Commission of Hunter County adopted its General Fund budget for the year ending;June 30, comprising of estimated revenues of $3,750,000 and appropriations of;$3,150,000. Hunter County utilizes the budgetary accounts required by GASB;standards. The budgeted excess of estimated revenues over appropriations will;be recorded as;A). a credit to Surplus Revenues;$600,000.;B). a debit to Estimated Excess;Revenues, $600,000.;C). a credit to Budgetary Fund;Balance, $600,000.;D). a memorandum entry only.;4. Question: (TCO D) Which of the;following is a true statement regarding the use of a Special Revenue Fund?;A). Special Revenue Funds may be;used when a government wishes to segregate income for specific purposes.;B). Special Revenue Funds may only;be used when a substantial portion of the resources are provided by restricted;or committed revenue sources.;C). Assigned resources can be;accounted for in a Special Revenue Fund.;D). Once a Special Revenue Fund is;established by the governmental entity, it will continue to be a Special;Revenue Fund until all of the resources are exhausted.;5. Question: (TCO B)Which of the;following is true regarding the government-wide Statement of Net Assets?;A). The government-wide Statement;of Net Assets must be prepared in a classified format, that is, both assets and;liabilities must be separated between current and long-term liabilities.;B). A reporting entity (primary;government plus component units) total column is required.;C). The government-wide Statement;of Net Assets reflects capital assets, net of accumulated depreciation, for;both governmental and business-type activities.;D). The government-wide Statement;of Net Assets includes all resources entrusted to the government, including;governmental, proprietary, and fiduciary.;6. Question: (TCO D) GASB;standards _____ that each governmental reporting entity display _____ General;Fund in its general-purpose financial statements.;A). require, only one.;B). recommend, one or more.;C). require, one or more.;D). recommend, one or more.;7. Question: (TCOs A and B) Please;list and describe the three major sections of the Comprehensive Annual;Financial Report and provide a brief description of what is included in each of;the section.;8. Question: (TCO D) The City of;Minyard adopted the following budget for fiscal year 2012;Anticipated Revenues;Property Taxes $4,480,000;Licenses and Permits 604,000;Fines and Forfeits 498,000;Interest on Penalties on taxes 24,000;Total $5,606,000;9. Question: (TCO D) The City of Martinville had the following pre-closing;account balances in its General Fund as of June 30, 2012. Debits and credits are;not separated, each account had its ?normal? balance. Among the expenditures;that are recorded this year is an amount that has been expended on supplies;ordered at the end of the previous year. Assume that the encumbrances do not;lapse and that the city failed to make the proper journal entry or entries;necessary to re-establish the encumbrance in the current year.


Paper#38001 | Written in 18-Jul-2015

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