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ACCT 567 Final Exam v2

ACCT 567 Final Exam v2

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Author: Christine Farr
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1. (TCO A) On what should the government-wide financial statements report? (Points : 5)

Net position and results of the financial operations of the government as a whole.Budgetary ComplianceThe cost of government servicesFiscal accountability
1. (TCO A) Which of the following groups is considered a primary user of a state or local government’s general-purpose external financial statements? (Points : 5)

Managers and administrators
Employees
Special Interest Groups
Citizens

(TCO A) Which of the following statements should be prepared by all not-for-profit organizations? (Points : 5)

(A) Statement of functional expenses
(B) Statement of revenues, expenses, and changes in net position
(C) Statement of financial position
Both A and B

2. (TCO B) According to GASB standards, when should transfers be recognized? (Points : 5)

When earned.When collected in cash.When authorized by the budget ordinance.In the period the interfund receivable and payable arise.

3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following situations? (Points : 5)

Required by GAAP for the general fund and major special revenue funds for which an annual budget has been legally adopted.Required by GAAP for all government fund types.Required by GAAP for internal management reports only, they are not permitted for external financial reporting.It is optional under GASB standards for all funds.

3. (TCO C) Which of the following will increase the fund balance of a government at the end of the fiscal year?(Points : 5)

The sum of revenues and other financing sources is more than the sum of expenditures and other financing uses.
Expenditures are more than the difference between revenues and the excess of other financing sources over other financing uses.
Revenues are more than the sum of expenditures, other financing sources, and other financing uses.
The sum of fund balance, revenues, and other financing sources is more than the sum of expenditures and other financing uses.
(TCO C) When the budget of a government is recorded and when appropriations exceeds estimated revenues, the budgetary fund balance account is (Points : 5)

credited at the beginning of the year and debited at the end of the year.
credited at the beginning of the year and no entry is made at the end of the year.
debited at the beginning of the year and no entry is made at the end of the year.
debited at the beginning of the year and credited at the end of the year.
4. (TCO D) The revenues account of a government entity is debited when (Points : 5)

the budget is recorded at the beginning of the year.property taxes are recorded.the account is closed to fund balance-unassigned at the end of the year.property taxes are collected.

4. (TCO D) The General Fund used electricity provided by the city-owned electric utility (an enterprise fund of the city). The General Fund general journal entry to record the transaction will include (Points : 5)

a debit to Due to Other Funds.
a debit to Interfund Transfers Out.
a debit to Expenses.
a debit to Expenditures.
5. (TCO E) During the year, a wealthy local businessman donated a building to city of Perris. The original cost of the building was $340,000. Accumulated depreciation at the date of the gift amounted to $220,000. The appraised fair market value of the donation at the date of the gift was $525,000 of which $35,000 was the value of the land on which the building was situated. At what amount should the city record this donated property in the governmental activities accounts at the government-wide level? (Points : 5)


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