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Final Exam Bus 634 100+ MCQ




Question;Final Exam, comprehensive 107 points total;Please use the Word template provided to complete and;submit the test. Good luck!!;1. Not-for-profit health care organization;financial statements include a;a.;Statement of Cash Flows;c.;Statement of Revenues, Expenses, and;Changes in Fund Balance;b.;Statement of Activities;d.;Statement of Budget to Actual;2. Not-for-profit;health care organization financial statements include a;a.;Statement of Net Assets;c.;Statement of Operations;b.;Statement of Activities;d.;Statement of Budget to Actual;3. A not-for-profit health care organization;Statement of Operations displays the;a.;cash balance at the end of the year;c.;net cash used by operating activities;b.;amount of operating income;d.;classified net assets;4. When;the Allowance for Doubtful Accounts is adjusted, the expense is charged to;a.;Charity Care;c.;Doubtful Account Expenses;b.;Provision for Bad Debts;d.;Reservation of Fund Equity;5. Public colleges and universities follow accounting;standards issued by;a.;GASB;c.;AICPA;b.;FASB;d.;NACUBO;6.;GASB Statement No. 35 requires governmental colleges and universities to;a.;follow the GASB Statement No. 34;financial reporting model;c.;use the 1995 AICPA Audits of Colleges;and Universitiesfinancial reporting model;b.;produce a Statement of Operations;d.;only use the modified approach for;infrastructure assets;7. A;college or university is classified as governmental if;a.;the governing board is appointed by the;college president;c.;the governing board is publicly elected;b.;the university pays corporate income;taxes;d.;all of the above;8. The;Coleville Community College can levy taxes, issue tax-exempt debt and the;governing board is publicly elected. The;Coleville Community College is a;a.;private not-for-profit organization;c.;business-type activity;b.;governmental organization;d.;both b and c are correct;9. Governmental;colleges and universities implementing GASB Statements No. 34 and 35 will;a.;no longer use funds;c.;use invested in capital assets net of;related debt, restricted and unrestricted net asset classes;b.;use restricted, unrestricted and;temporarily restricted net asset classes;d.;none of the above;10. Colleges and universities may elect to record;transactions directly into net asset classes rather than;a.;the Statement of Activities;c.;funds;b.;the Statement of Operations;d.;liabilities;11. Governmental;colleges and universities display student financial aid as a(n);a.;discount;c.;it is not displayed;b.;expense;d.;expenditure;12. A public college provides scholarship;assistance of $8,000,000 to its students.;When the students register for classes the college applies $7,500,000 of;the financial aid to their tuition and fee bills of $10,000,000 and students;receive $500,000 in cash. The amount;that will be recognized as tuition and fee revenue by the college is;a.;$10,000,000;c.;$2,500,000;b.;$2,000,000;d.;$9,500,000;13. A;public university bills $80,000,000 in tuition and fees and provides;$23,000,000 in financial aid. The;university refunds in cash $800,000 of this financial aid directly to students.;What amount will the university report as;tuition and fee revenue?;a.;$80,000,000;c.;$57,000,000;b.;$79,200,000;d.;$57,800,000;14. A;public college has tuition and fee billings of $30,000,000 and provides;$6,000,000 in financial aid to students.;The students apply $5,200,000 of this financial aid to their tuition and;fee bill and take the excess in cash.;What amount is reported as an expense for financial aid?;a.;$6,000,000;c.;$800,000;b.;$5,200,000;d.;$6,800,000;15. A public college and university have tuition;and fee revenue of $18,000,000 for the summer semester that bridges two fiscal;years. Sixty percent of the instruction;takes place in the next fiscal year and the university decides to allocate the;revenue on that basis. The journal entry;to record this transaction in the current fiscal year will include;a.;$10,800,000 in revenue;c.;$10,800,000 in deferred revenue;b.;$18,000,000 in revenue;d.;$7,200,000 in deferred revenue;16. A patron gets a call from the Metropolitan;Opera Society and pledges $1,000 to be used for general operations. The Metropolitan Opera Society will record;a.;Contribution Revenue - Unrestricted;c.;Contribution Revenue - Permanently;Restricted;b.;Contribution Revenue - Temporarily;Restricted;d.;nothing because it is only an oral;pledge;17. The Humane Society conducts a fund-raising;drive by telephone and has total pledges of $55,000 and notes on other possible;donors who were still considering making pledges of $8,000. What amount of contribution revenue will be;recorded?;a.;$55,000;c.;$8,000;b.;$63,000;d.;Zero;18. A;donor makes a pledge to the zoo of $8,000 that will be paid in four;installments of $2,000 each this year.;The first installment of $2,000 is mailed in with the pledge card and;the zoo will record;a.;Contribution Revenue - Temporarily;Restricted of $8,000;c.;Contribution Revenue - Unrestricted of;$2,000;b.;Contribution Revenue - Temporarily;Restricted of $6,000;d.;both b and c;19. A;local charity received a $1,000 pledge that the donor agrees to pay next;year. This is a(n);a.;unconditional, unrestricted contribution;c.;conditional, unrestricted contribution;b.;unconditional, restricted contribution;d.;conditional, restricted contribution;20. A woman cleans out her attic and takes her;thirty-year old clothes to her local Goodwill store. She estimates she could get $50 for these if;she held a garage sale. The Goodwill;store sorts the clothes and determines they cannot be used or sold and puts;them in the pile that will go to the landfill.;Goodwill should record;a.;a loss equal to amount of the dumping;fee;c.;nothing;b.;a $50 unrestricted contribution;d.;a $50 unrestricted contribution net of;the dumping fee;21. The;League of Women Voters meets once a month in a conference room that is made;available free by a local hotel and spends $25 for coffee and cookies at the;hotel. The normal rental rate for this;room is $150. The League will record;a.;nothing;c.;$125 unrestricted contribution;b.;$150 temporarily restricted contribution;d.;$150 unrestricted contribution;22. A;local corporation provides blankets worth $5,000 during a winter blizzard to be;handed out by the homeless shelter to the needy. The shelter will record;a.;an unrestricted contribution of $5,000;c.;a temporarily restricted contribution of;$5,000;b.;an asset and liability of $5,000 each;d.;none of the above;23. A contributed service may be recognized as;contribution revenue if it is a;a.;service that helps the organization;c.;skill the organization normally;purchases;b.;specialized skill possessed by the;individual;d.;b and c;24. A;Certified Public Accountant provides 100 hours of free audit services to a;local museum that is valued at $50 an hour and also helps out by spending 100;hours helping clean and landscape the grounds.;The museum would record contribution revenue of;a.;$5,000;c.;zero;b.;$10,000;d.;none of the above;25. A;sculpture worth $22,000 is donated to a botanical garden that has an outdoor;sculpture park. The botanical garden has;decided to capitalize their sculpture collection so the donation would be;recorded as a;a.;unrestricted contribution;c.;temporarily restricted contribution;b.;permanently restricted contribution;d.;invested in capital assets net of;related debt;26. A;viewer makes a $100 pledge to the local public broadcasting station and;receives a coffee mug valued at $2 in return.;The station will record contribution revenue in the amount of;a.;$100;c.;$102;b.;$98;d.;zero;27. Supporting services include;a.;fund-raising activities;c.;management and general;b.;membership development;d.;all of the above;28. Not-for-profit organizations record capital;assets in the;a.;capital asset account;c.;depreciation account;b.;property and equipment account;d.;net assets account;29. Not-for-profit;organizations classify net assets as;a.;conditional or unconditional;c.;temporarily restricted, permanently;restricted or unrestricted;b.;restricted or unrestricted;d.;restricted, unrestricted and invested in;capital assets net of related debt;30. Investment;income or net appreciation generated from unrestricted donated assets should be;reported;a.;as a change in unrestricted net assets;c.;as a change in cash;b.;where the donor specified;d.;as a change in contributions;31. FASB;Statement No. 124 requires that losses on investments of a donor-restricted;endowment fund will;a.;reduce temporarily restricted net assets;first;c.;reduce unrestricted net assets first;b.;reduce the endowment;d.;be charged off as an expense;32. The;basic financial statements for a not-for-profit opera society include a;a.;Statement of Activities;c.;Statement of Budget to Actual;b.;Statement of Net Assets;d.;Balance Sheet;33. The;basic financial statements for the American Red Cross include;a.;Statement of Net Assets;c.;Statement of Budget to Actual;b.;Statement of Functional Expenses;d.;all of the above;34. The;Statement of Functional Expenses is only required for;a.;art museums;c.;religious organizations;b.;labor unions;d.;voluntary health and welfare;organizations;35. The;Statement of Financial Position classifies assets, liabilities and net assets;by;a.;fund;c.;unrestricted, temporarily restricted or;permanently restricted;b.;program or supporting service;d.;revenues or expense;36. The;primary government's financial reporting entity includes;a.;organizations for which the primary;government is an issuer of conduit debt;c.;organizations that receive grants from;the primary government;b.;organizations for which the primary;government is financially accountable;d.;organizations that collect taxes for the;primary government;37. Financial;accountability exists if the primary government;a.;collects taxes for the entity but cannot;impose its will on the entity;c.;cannot impose its will on the;organization;b.;appoints a majority of the governing;body and is responsible to fund any deficit incurred by the organization;d.;appoints a majority of the governing;body and collects taxes and issues conduit debt for the entity;38. A;primary government would have a potential financial benefit or burden from;another organization if the primary government can;a.;modify the organization's budget;c.;modify the organization's fees;b.;use the organization's resources;d.;appoint the organization's finance;director;39. Component;units are;a.;all other legally separate governmental;entities that are located within a county;c.;other organizations that should be;included to prevent the financial statements from being misleading;b.;all funds of the primary government;d.;all entities that participate in an external;pool;40. A;component unit is blended if;a.;the primary government can use or access;the organization's resources;c.;the primary government is obligated in;some manner to repay the debt of the organization;b.;the primary government can impose its;will and appoint a majority of the governing board;d.;the governing bodies of the component;unit and the primary government are substantially the same;41. Discretely;presented component units are shown on the government-wide financial statements;a.;in a separate column(s) of the Statement;of Net Assets;c.;only as a footnote disclosure;b.;blended with the primary government's;data;d.;in the governmental activities column of;the Statement of Net Assets;42. The;Management's Discussion and Analysis;a.;is optional under the GASB Statement No.;34 financial reporting model;c.;should provide an analysis of;significant variations between the original and final budget;b.;should only discuss events that occurred;during the fiscal year;d.;should include all notes to the;financial statements;43. Required governmental fund financial;statements include;a.;Statement of Net Assets and Statement of;Revenues, Expenditures and Changes in Fund Balances;c.;Balance Sheet and Statement of Revenues;Expenditures and Changes in Fund Balances;b.;Balance Sheet and Statement of;Activities;d.;Statement of Net Assets and Statement of;Activities;44. A government must designate major and;nonmajor funds for;a.;all fund categories;c.;each governmental and proprietary fund;b.;each governmental and fiduciary fund;d.;each governmental and enterprise fund;45. The;major funds of a financial reporting entity would;a.;be presented in a separate column in the;government-wide statements;c.;include an Enterprise fund if its assets;are 10% or more of the corresponding element for all funds;b.;always include the General fund;d.;both a and b;46. What;are the two major sections of the Governmental Funds Balance Sheet?;a.;Assets, Liabilities and Fund Balances;c.;Assets and Liabilities, Net Assets;b.;Net Assets, Liabilities and Fund Equity;d.;Assets, Liabilities and Net Assets;47. On;the fund financial statements, assets and liabilities are;a.;listed in alphabetical order;c.;listed in order of relative liquidity;b.;classified as reserved and unreserved;d.;classified as unrestricted, temporarily;restricted or permanently restricted;48. On the Governmental Funds Balance Sheet there;is a separate column for;a.;each governmental fund and a total for;all governmental funds;c.;the General fund, major governmental;funds combined, nonmajor funds combined, and a total of all funds;b.;the General fund, each major;governmental fund, and a total of all component unit governmental funds;d.;each major governmental fund, nonmajor;governmental funds combined, and a total of all governmental funds;49. The;governmental fund financial statements must include;a.;component unit governmental fund totals;c.;the classification of fund balance as;designated and undesignated;b.;a summary reconciliation to the;government-wide financial statements;d.;details of the six-step conversion to;the government-wide financial statements;50. In;the conversion from the governmental fund financial statements to the;government-wide statements, the amount of capital assets and accumulated;depreciation are;a.;included as a capital outlay expenditure;c.;increase the amount of total net assets;b.;added as noncurrent assets;d.;both b and c;51. The;reconciliation of total governmental fund balances on the Governmental Funds;Balance Sheet to net assets of governmental activities in the government-wide;Statement of Net Assets includes;a.;adding assets and liabilities of;Internal Service funds;c.;adding other long-term assets that are;deferred in the funds;b.;adding general long-term liabilities;d.;all of the above;52. In the conversion to the government-wide;financial statements, assets and liabilities of the Internal Service funds are;a.;added to the governmental activities;assets and liabilities;c.;added to the component unit assets and;liabilities;b.;added to the business-type activities;assets and liabilities;d.;not reported;53. In;the conversion of the governmental fund financial statements to the;government-wide statements the amount of long-term debt issued during the year;is converted from;a.;Bond Proceeds Revenue to Bonds Payable;Liability;c.;Other Financing Sources to Bonds Payable;Liability;b.;Bonds Payable Liability to Other;Financing Sources;d.;Cash with Fiscal Agent to Other;Financing Sources;54. In the consolidation process of preparing the;government-wide financial statements;a.;interfund transfers between governmental;funds are consolidated and eliminated;c.;interfund borrowings between;governmental and proprietary funds are totaled up and netted out;b.;internal balances between governmental;and proprietary funds are eliminated;d.;all of the above;55. Proprietary;fund financial statements;a.;are prepared using the economic;resources measurement focus;c.;classify all funds as major or nonmajor;b.;include a Statement of Activities;d.;all of the above;56. The Proprietary Funds Statement of Net Assets;classifies net assets as;a.;restricted and unrestricted;c.;designated and undesignated;b.;invested in capital assets net of;related debt, reserved and unreserved;d.;invested in capital assets net of;related debt, restricted and unrestricted;57. The required government-wide financial;statements include the;a.;Balance Sheet and Statement of;Activities;c.;Statement of Activities and Statement of;Net Assets;b.;Reconciliation Schedule, Statement of;Net Assets and Statement of Cash Flows;d.;Six-step Conversion Worksheet, Statement;of Activities and Statement of Net Assets;58. The government-wide Statement of;Net Assets;a.;displays the net cost of providing;governmental services;c.;classifies net assets as invested in;capital assets, net of related debt, reserved, or unreserved;b.;displays a separate column for;governmental activities, business-type activities, total primary government;and component unit data;d.;all of the above;59. Which;of the following are allocated when preparing the government-wide Statement of;Activities?;a.;Depreciation expense for general;infrastructure;c.;Depreciation expense for assets;associated with identified functions;b.;Interest expense on general obligation;bonds;d.;All indirect expenses;60. The;government-wide Statement of Activities requires revenues to be identified as;a.;either general or program;c.;either exchange or nonexchange;b.;either operating or nonoperating;d.;either governmental or business-type;61. The;government-wide Statement of Activities;a.;presents the net expense or revenue of;the governmental and business-type activities of the primary government;c.;presents the net expense or revenue of;the governmental and business-type activities of each component unit;b.;presents the net expense or revenue of;each fund of the primary government;d.;both a and c;62. Required;Supplementary Information for the financial reporting model includes;a.;Management's Discussion and Analysis;c.;Budgetary Comparison Schedules;b.;information about defined benefit;pension plan funding;d.;all of the above;63. In;what account would the General fund record a loan to an Enterprise fund?;a.;Tax Anticipation Notes Payable;c.;Due to Other Funds;b.;Due from Other Funds;d.;Fund Balance;64. A proprietary fund would record inventory;using;a.;the purchase method;c.;either a or b;b.;the consumption method;d.;none of the above;65. If;the purchase method of recording inventory is used and there is a large amount;of inventory on hand at fiscal year end, the inventory would;a.;be recorded as a liability;c.;be recorded as a prepaid expense;b.;not require an entry;d.;be recorded as an asset with an;offsetting reserve of fund balance;66. A;governmental fund would record the annual premium for liability insurance in;a.;an expense account;c.;an amortized premium account;b.;a prepaid asset account;d.;both a and b;67. Noncurrent;assets are recorded in;a.;alphabetical order;c.;the General Fund;b.;Enterprise funds;d.;both b and c;68. Which of the following would be classified as;a restricted asset;a.;General fund designates $100,000 for;city hall expansion project;c.;General fund designates unrestricted;donation;b.;Enterprise fund designates $30,000 for;purchase of equipment;d.;Enterprise fund designates revenues for;repayment of revenue bond principal and interest;69. A;street light could be classified as;a.;a capital asset;c.;part of a network of assets;b.;infrastructure;d.;all of the above;70. Inexhaustible;capital assets are;a.;depreciated over the anticipated useful;life;c.;depreciated under the modified approach;b.;recorded as infrastructure;d.;not depreciated;71. Which;of the following is NOT required under the modified approach to reporting;infrastructure?;a.;Estimate of annual replacement cost of;infrastructure at established condition level;c.;Complete condition assessment of;infrastructure every three years;b.;Estimate of annual funding needed to;maintain and preserve infrastructure at established condition level;d.;Current inventory of infrastructure;assets;72. An;Enterprise fund would record the payment of debt service principal in what;account?;a.;Bonds Payable (long-term liability);c.;Other Financing Uses;b.;Debt Service Principal Expenditure;d.;Due to Other Funds;73. An;accrued interest liability is recorded at fiscal year-end for outstanding;interest on bonds in;a.;a Debt Service fund;c.;an Enterprise fund;b.;a Cash with Fiscal Agent fund;d.;none of the above;74. A;deferred revenue account is used to record;a.;revenue that has not been received and;is unearned;c.;revenue that has been received but is;unearned;b.;unamortized premiums;d.;unrealized gains and losses;75. The General fund would record the;amount it owes the Utility fund for electricity in what account?;a.;Internal Balances;c.;Electric Expense;b.;Due to Utility Fund;d.;Advance to Utility Fund;76. The;General fund would record the issuance of general obligation bonds as a;a.;debit to General Obligation Bonds;Payable;c.;credit to General Obligation Bonds;Payable;b.;debit to Other Financing Sources;d.;none of the above;77. Term bonds are;a.;generally issued to achieve level debt;service;c.;classified as long-term if they have a;take-out agreement;b.;a current liability because they have a;call feature;d.;issued with the entire amount of;principal due at the same time;78. Compensated absences should be;recorded as a liability;a.;at the start of each fiscal year for the;estimated value of the annual benefit;c.;when employees are compensated for sick;time;b.;when earned if employees will be paid;for unused vacation time upon retirement;d.;when employees are compensated for;either sick time or vacation time;79. A government should record a claims and;judgments liability when;a.;a lawsuit is filed;c.;the amount of the claim can be estimated;b.;it is probable a claim will be paid;d.;both b and c;80. A state requires local governments to provide;free health care to homeless individuals that meet state guidelines and;provides funding for the program. The;local government will record these monies as a(n);a.;exchange transaction for heath care;c.;government-mandated nonexchange;transaction;b.;imposed nonexchange transaction;d.;voluntary nonexchange transaction;81. The;state government requires a city to clean up a toxic waste site and provides;$3,000,000 to assist with the clean up.;The city will record the $3,000,000 grant from the state when;a.;the site is cleaned up;c.;the monies are received from the state;b.;the grant is awarded and eligibility;requirements have been met;d.;either b or c, whichever is first;82. Eligibility requirements may include;a.;required characteristics of recipients;c.;contingencies;b.;time requirements;d.;all of the above;83. A citizen donates $5,000,000 to;fund construction of a new public recreational center with the requirement that;the city obtain additional donations in the amount of $3,000,000. The $5,000,000 will be recognized by the city;when;a.;it is pledged;c.;it is earned;b.;it is paid;d.;the additional $3,000,000 in donations;are obtained;84. A city utility receives a;donation that is restricted for a specific purpose. The donation will be recorded as;a.;deferred revenue;c.;restricted net assets until expended for;the purpose;b.;revenue when received;d.;both b and c;85. A;citizen donates $1,000,000 for the public library to purchase books. This donation is a(n);a.;exchange-like transaction;c.;voluntary nonexchange transaction;b.;escheat of property;d.;imposed tax revenue;86. A corporate income tax is a(n);a.;imposed nonexchange revenue;c.;derived tax revenue;b.;government-mandated nonexchange;transaction;d.;voluntary nonexchange transaction;87. Property taxes are recognized as available in;the current fiscal year if they will be received within;a.;the fiscal year;c.;60 days after fiscal year end;b.;30 days after fiscal year end;d.;90 days after fiscal year end;88. The;property tax levy of $7,000,000 is recorded with an estimate that 5% will be;uncollectible. At the end of the fiscal year, the city estimates that 10% of;the total levy will remain unpaid 60;days after fiscal year-end. The amount of property tax revenue to be recorded;for the fiscal year is;a.;$5,950,000;c.;$6,300,000;b.;$6,000,000;d.;$6,650,000;89. A;property tax levy of $10,000,000 was 90% collected on the date that it became;delinquent. The original estimate of;uncollectible was 5% and is revised to 2% on the remaining $1,000,000;delinquent property taxes to be collected.;The entry to adjust the amount of estimated uncollectible taxes on the;delinquent date will require a;a.;debit to Property Tax Revenue of;$480,000;c.;credit to Allowance for Uncollectible;Property Taxes Delinquent for $500,000;b.;credit to Allowance for Uncollectible;Property Taxes Current for $480,000;d.;credit to Allowance for Uncollectible;Property Taxes Delinquent for $20,000;90. The;city estimates that $3,000,000 in sales tax revenue has been collected at the;time of the underlying exchange transactions and will be available to pay;governmental expenditures when it is remitted by the end of the month. The entry to record this information will;a.;debit Deferred Revenue for $3,000,000;c.;credit Sales Tax Revenue for $3,000,000;b.;credit Deferred Revenue for $3,000,000;d.;credit Sales Tax Receivable for;$3,000,000;91. A;citizen pays a quarterly estimate of personal income tax to the city. This quarterly estimate will be recorded by;the city as;a.;credit to Deferred Revenue;c.;credit to Cash;b.;debit to Income Tax Revenues;d.;credit to Income Tax Revenues;92. A;woman traveling on business checks out of her hotel room and pays the hotel;bill that includes $18 in city hotel taxes that are used to pay off debt to;construct a convention center. The hotel;taxes of $18 will be recorded by the city when;a.;the hotel room is reserved;c.;the hotel bill is paid;b.;the hotel bill is prepared;d.;none of the above;93. A;dog owner pays a dog license fee to the local village where he resides. The village will record the dog license fee;revenue on;a.;the date the dog license notice is;mailed;c.;the date the dog licenses become;delinquent;b.;the due date for renewal of dog licenses;d.;the date that the dog owner pays the fee;94. The General fund receives a state;appropriation of $2,000,000 that is required by law to be used to distribute;nutritional supplements to all pregnant women who apply and meet certain income;requirements. The General fund will;recognize the $2,000,000 appropriation when;a.;the state appropriation is enacted;c.;the entire $2,000,000 is spent on eligible;applicants;b.;the pregnant women apply for the;supplements;d.;when available and eligible pregnant;women are identified;95. Service-type;special assessment billings for garbage collection by a city will be recorded;as;a.;a debit to Property Taxes Receivable;c.;a credit to Garbage Collection Revenue;b.;a credit to Special Assessments;Receivable;d.;no entry is required;96. A refundable customer deposit of $150 is paid;to a city utility fund that will record it as;a.;a credit to Cash;c.;a credit to Customer Deposit Revenue;b.;a credit to Customer's Deposits Payable;from Restricted Assets;d.;a credit to Other Financing Sources;97. Expenses;are;a.;recorded in governmental funds using the;modified accrual method of accounting;c.;recorded in proprietary funds using the;accrual method of accounting;b.;recorded in proprietary funds when paid;d.;never recorded in fiduciary funds;98. The;General fund transfers $500,000 to the Debt Service fund for principal and;interest payments on long-term debt.;This General fund would record;a.;a debit to Due from Debt Service fund;c.;a credit to Nonreciprocal Interfund;Transfers;b.;a debit to Other Financing Uses -;Operating Transfers Out;d.;a debit to Nonreciprocal Interfund;Transfers;99. The;General fund makes a residual equity transfer $50,000 to an Internal Service;fund to purchase fleet equipment. This;is an example of a(n);a.;quasi-external transfer of funds;c.;nonreciprocal transfer of capital;b.;reciprocal interfund loan;d.;due to other funds;100. A county bills and collects property taxes from;property holders for the county property tax, the local school property tax;and the local transportation authority property tax. When taxes are paid by taxpayers, the;transaction to record the initial receipt of cash will be recorded in the;a.;General fund;c.;Special Revenue fund;b.;Agency fund;d.;Private-Purpose Trust fund;101. The;budget serves as a blueprint for;a.;planning;c.;evaluation;b.;control;d.;all of the above;102. The city Park Permanent fund spends $2,000,000;for public park improvements. This;payment will be recorded in the Park Permanent fund as a debit to the following;account;a.;Encumbrance;c.;Expenditure;b.;Expense;d.;Cash;103. An;unusual, nonrecurring expenditure is recorded in;a.;Expenditures;c.;Appropriations;b.;Miscellaneous Expenditures;d.;Other Financing Uses;104. The;city estimates revenues will be $18,300,000 for the next fiscal year and the;City Council authorizes spending of $19,000,000. The entry to record the budget will;a.;decrease Budgetary Fund Balance;c.;increase Budgetary Fund Balance;b.;decrease Appropriations;d.;increase Expenditures;105. The;village estimates revenues of $17,000,000 and will sell a tract of public land;for $1,500,000 during the next fiscal year.;The Village Council authorizes general government spending of;$16,800,000 and also approves the city water utility budget that estimates;water sales at $2,000,000 and expenses of $1,900,000. The entry to record the budget General fund;will;a.;debit Estimated Revenues for $18,500,000;c.;debit Estimated Revenues for $19,000,000;b.;debit Estimated Other Financing Sources;for $1,500,000;d.;debit Estimated Revenues for $20,500,000;106. At the end of the fiscal year Revenues were;$36,400,000. Estimated Revenues were;recorded at the beginning of the fiscal year for $35,200,000. The entry to close Revenues and Estimated;Revenues at the end of the fiscal year will record a;a.;credit to Revenues of $36,400,000;c.;debit to Budgetary Fund Balance of;$1,200,000;b.;credit to Estimated Revenues of;$36,400,000;d.;credit to Budgetary Fund Balance of;$1,200,000;107. A;Capital Projects fund receives $30,000,000 in proceeds of general obligation;bonds and contracts for the construction of a new public safety department;building for $29,000,000. The unexpended;balance of $1,000,000 will be reflected in what account?;a.;Encumbrances;c.;Expenditures;b.;Building Funds;d.;Unreserved Fund Balance


Paper#40992 | Written in 18-Jul-2015

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