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ACC 548 Week 4 Textbook Problems (2017 version)

ACC 548 Week 4 Textbook Problems (2017 version)

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EX. 10-5
Recorded pension expenditures are not always influenced by actuarial computations.
Hayward City maintains a defined benefit pension plan for its employees. In a recent year the city contributed $5 million to its pension fund. However, its annual pension cost as calculated by its actuary was $7 million. The city accounts for the pension contributions in a governmental fund.
Record the pension expenditure in the appropriate fund
Suppose in the following year the city contributed $6 million to its pension fund, but its annual pension cost per its actuary was only $5 million. Prepare the appropriate journal entries.
Briefly justify why you did, or did not, take into account the pension cost as calculated by the actuary.
EX. 11-2

Select the best answer.
Which of the following should not be included in the introductory section of a city's CAFR?
Management's discussion and analysis
Letter of transmittal
Government Finance Officers’ certificate of achievement for excellence in financial reporting
Photos of city officials
Which of the following should not be included in a city's management's discussion and analysis?
Condensed financial information drawn from government-wide statements
A 10-year forecast of sales tax revenues
A discussion of the condition of the city's road system
An explanation of the decrease during the past year in the unrestricted general-fund balance
A city's general-fund budget-to-actual comparisons should be included as part of a CAFR's
Introductory section
Notes to the basic financial statements
Required supplementary information
Statistical section
Internal service funds
Should be presented in the governmental fund statements in a single column
Should be presented in the proprietary fund statements in a single column
Should be presented in multiple columns (one for each major fund) in a separate set of fund statements
Need not be reported in the fund statements
Which of the following tables would be least likely to be found in the statistical section of a city's CAFR?
General revenues by source—last 10 years
Computation of overlapping debt
Property values—last 10 years
Salaries of key government officials—last 10 years
Which of the following would not be reported as required supplementary information?
Management's discussion and analysis
Details of pension actuarial valuations
The condition of infrastructure
The GFOA certificate of achievement (if earned)
Which of the following is least likely to be included in the CAFR of the New Bradford Water District, a public utility that reports as a business-type entity?
Government-wide statement of activities
Management's discussion and analysis
Statement of cash flows
Required supplementary information
A special-purpose government, such as an independent school district, that carries out multiple programs
May opt to report as if it were a single-purpose government engaged in only governmental activities
May opt to report as if it were a single-purpose government engaged in only business-type activities
Must report as if it were a general-purpose government
Must report as if it were a general-purpose government, except that it need not prepare government-wide statements
Silicon County is one of the fastest-growing counties in the state characterized by an influx of both industry and population. As a consequence it is likely to have a high
Current ratio
Ratio of intergovernmental to total operating revenues
Unreserved fund balance
Long-term debt to total population
A government's fiscal effort is best measured by the ratio of
Revenue from own sources to total appraised value of property
Total revenues to total expenditures
Number of government employees to population
Intergovernmental revenues to total operating revenues
EX. 11-7

A government's comprehensive annual financial report (CAFR) is divided into three main sections.
The statements, schedules, tables, and other types of data that follow are found in the annual report of a typical municipality. For each of these items indicate whether it would be found in the:


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