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Government Accounting and Reporting

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Question;Week One: Government Accounting and ReportingObjective: Describe the major features of government reporting and the government reporting entity.1. Which of the following choices regarding the fiduciary fund financial statements is true?a. 0 Fiduciary fund financial statements include the Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets.b. 0 Fiduciary fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting.c. 0 Fiduciary fund financial statements reflect equity as reserved and unreserved.d. 0 Agency funds are reported only on the Statement of Changes in Fiduciary Net Assets.Objective: Evaluate the Management Discussion & Analysis section for a governmental reporting unit.There are no test questions associated with this objective.Objective: Compare and contrast government accounting with for-profit financial accounting.There are no test questions associated with this objective.Week Two: Government, General, and Special Revenue FundsObjective: Analyze the components of the fund financial statements.2. Under modified accrual accounting, revenues are recognized when measurable anda. 0 earnedb. 0 availablec. 0 collectedd. 0 expenditures have been madeObjective: Compare and contrast expenses and expenditures for governmental funds.There are no test questions associated with this objective.Objective: Prepare journal entries for general and special revenue funds.3. The Expenditures control account in the General Fund is debited whena. 0 equipment previously ordered is receivedb. 0 the budget is recordedc. 0 the books are closed at the end of the yeard. 0 supplies are orderedObjective: Prepare journal entries for nonexchange transactions on government-wide and fund statements.4. When would a special revenue fund be deemed to have satisfied the eligibility requirement of a reimbursement-type federal grant under GASB Statement 33?a. 0 Only as work is completed for a projectb. 0 When a plan for use of the funds has been developed and approvedc. 0 Only after work is completely finished for the projectd. 0 When work has started for the projectWeek Three: Journal EntriesObjective: Prepare journal entries for proprietary funds.5. Impact fees imposed on commercial developers by an enterprise fund and not associated with specific projects or improvements are recorded asa. 0 transfers from the enterprise fund to a capital projects fundb. 0 operating revenues to the enterprise fundc. 0 capital contributions to the enterprise fundd. 0 unearned revenue to the enterprise fundObjective: Prepare journal entries for fiduciary funds.6. The county of Churchville is trustee for a multigovernment investment pool and has established an investment trust fund. Included in the investment trust fund, for management purposes, are investments in the amount of $15 million from the county's General Fund, $2 million from the county's special revenue funds, and $112 million from other governments. Which of the following would be true? a. 0 The county would report the $112 million in an investment trust fund and the$17 million in a permanent fund.b. 0 The county would report the $112 million in an investment trust fund, the $15 million in its General Fund and the $2 million in special revenue funds.c. 0 The county would report the entire $129 million in an investment trust fund.d. 0 The county would report the entire $17 million in an investment trust fund.Objective: Prepare journal entries for capital project funds, debt service funds, and permanent funds.7. How would the government account for the unused bond proceeds? a. 0 As a revenue in the debt service fund and as an expenditure in the capital projects fundb. 0 As an other financing source in the capital projects fund and as an other financing use in the debt service fundc. 0 As an other financing source in the government-wide Statement of Activitiesd. 0 As an other financing source in the debt service fund and as an other financing use in the capital projects fundObjective: Compare and contrast proprietary and fiduciary funds.There are no test questions associated with this objective.Week Four: Financial Statements and Supplementary InformationObjective: Explain the process by which fund financial statements are converted to government-wide financial statements.8. A government incurred expenses for its infrastructure as follows: $15 million for general repairs, $13 million to extend the life of existing infrastructure, and $12 million for additions and betterments. The government chooses to use the modified approach to record infrastructure. The infrastructure has a basis of $400 million and would be depreciated over a 40 year life, if depreciation were charged. The amount that would be shown as expense in the Statement of Activities would bea. 0 $40 millionb. 0 $28 millionc. 0 $27 milliond. 0 $25 millionObjective: Evaluate the significance of notes to the financial statements.There are no test questions associated with this objective.Objective: Evaluate the benefit of the required supplementary information.9. The modified approach for infrastructure requires schedules and disclosures to be included in which part of the CAFR? a. 0 Notes to the Financial Statementsb. 0 Required Supplementary Informationc. 0 Other Supplementary Informationd. 0 Proprietary Fund StatementsWeek Five: Governmental and Not-for-Profit OrganizationsObjective: Analyze reporting requirements for private sector not-for-profit organizations under Financial Accounting Standard Board guidance.10. A donor made a cash contribution of $50,000 to a private college for the purpose of acquiring a building. The private college properly recorded the gift of cash as temporarily restricted revenue. When the building is acquired, the college shoulda. 0 record the building as permanently restrictedb. 0 record the building as unrestrictedc. 0 show an expense equivalent to the amount paid for the building in unrestricted net assets and reclassify the same amount from temporarily restricted to unrestricted net assetsd. 0 record the plant as either unrestricted or temporarily restricted, as long as a consistent policy is followedObjective: Compare and contrast accounting for government Special Purpose Entities (SPEs) and private not-for-profit organizations.11. A public college had tuition and fees for the year ended June 30, 2009 in the amount of $45,000,000. Scholarships, for which no services were required, amounted to $2,500,000. Graduate assistantships, for which services were required, amounted to $2,300,000. The amount to be reported by the college for net tuition and fee revenue would bea. 0 $40,200,000b. 0 $42,700,000c. 0 $42,500,000d. 0 $45,000,000Week Six: Fiscal Policy and Financial PerformanceObjective: Analyze the impact on governmental revenue and expenditures of nondiscretionary fiscal policy.There are no test questions associated with this objective.Objective: Identify key performance measures for government and not-for-profit organizations.12. In order to compute the ratio unreserved fund balance/revenues-general fund, one would look in the CAFR at thea. 0 governmental funds Balance Sheet and the Governmental funds Statement of Revenues, Expenditures and Changes in Fund Balancesb. 0 government-wide Statement of Net Assets and government-wide Statement of Activitiesc. 0 governmental funds Balance Sheetd. 0 governmental funds Statement of Revenues, Expenditures and Changes in Fund BalanceObjective: Compare and contrast the use of budgets between governmental and for-profit organizations.13. Which of the following choices is a permanent fund classified under governmental funds:a. 0 Accounts for most of the basic services provided by the governmental unitb. 0 Accounts for financial resources intended for major capital projectsc. 0 Accounts for services provided by one department of a government to anotherd. 0 Accounts for resources that are legally restricted so only earnings, not principal, may be expended and for purposes to benefit the government and its citizenry

 

Paper#42358 | Written in 18-Jul-2015

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