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ACCT 567 Governmental and Non Profit Accounting Midterm Devry




Question;ACCT 567 (Govermental and Non Profit Accounting)Week 4 Midterm Exam(TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting? (Points: 5)(TCOs A and B) Funds other than the General Fund are required to be considered to be a major fund when (Points: 5)(TCOs A and B) Which of the following is most correct with regard to Management?s Discussion and Analysis? (Points: 5)(TCOs B and C) With regards to budgetary reporting by governmental entities, which of the following is not a true statement? (Points: 5)(TCOs B and C) The proper journal entry to record an encumbrance would include which of the following? (Points: 5)(TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the following fund? (Points: 5)(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? (Points: 5)(TCO E) Which of the following projects would usually be accounted for in a capital projects fund? (Points: 5)(TCO E) Which of the following statements is a true statement regarding the reporting of debt service funds? (Points: 5)(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? (Points: 5)(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? (Points: 30)(TCOs A and B)How are the major funds of a state or local government determined by a governmental entity? (Points: 30)


Paper#54792 | Written in 18-Jul-2015

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