Homework answers / question archive /   Question 1   The General Fund is established to account for all funds that are restricted and not restricted   is established to account for only special purpose funds that will later become unrestricted general use funds once the project is complete   is used by all governments that report governmental fund activities   is used to account for all donations or tax refund money received       Question 2   Which of the following expenditures would be recognized when acquired:   Capital out lay   Claims and judgments   Pensions   Rent    Question 3 The usual classifications for expenditure recognition for bonds includes all of the following except:    Question 4   An example of an external fiduciary relationship would include:   clearing house funds paid to individuals   clearing house funds paid to other organizations   imprest checking accounts   taxes collected for other governments    Question 5   A primary focus of governmental and enterprise fund financial statements is on major funds

  Question 1   The General Fund is established to account for all funds that are restricted and not restricted   is established to account for only special purpose funds that will later become unrestricted general use funds once the project is complete   is used by all governments that report governmental fund activities   is used to account for all donations or tax refund money received       Question 2   Which of the following expenditures would be recognized when acquired:   Capital out lay   Claims and judgments   Pensions   Rent    Question 3 The usual classifications for expenditure recognition for bonds includes all of the following except:    Question 4   An example of an external fiduciary relationship would include:   clearing house funds paid to individuals   clearing house funds paid to other organizations   imprest checking accounts   taxes collected for other governments    Question 5   A primary focus of governmental and enterprise fund financial statements is on major funds

Accounting

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Question 1  

The General Fund

is established to account for all funds that are restricted and not restricted

is established to account for only special purpose funds that will later become unrestricted general use funds once the project is complete

is used by all governments that report governmental fund activities

is used to account for all donations or tax refund money received

   

Question 2  

Which of the following expenditures would be recognized when acquired:

		Capital out lay
		Claims and judgments
		Pensions
		Rent

  

Question 3

The usual classifications for expenditure recognition for bonds includes all of the following except:

  

Question 4  

An example of an external fiduciary relationship would include:

		clearing house funds paid to individuals
		clearing house funds paid to other organizations
		imprest checking accounts
		taxes collected for other governments

  

Question 5  

A primary focus of governmental and enterprise fund financial statements is on major funds. Which of the following would be classified as a major fund?

 

  

Question 6  

Fiduciary funds are reported

		as required supplementary information
		by fund type in the fund financial statements
		by fund type in the government-wide financial statements
		in both the fund financial statements and the government-wide financial statements

  

Question 7  

When preparing a Statement of Net Position for a governmental agency this is similar in content to a(n)_____ in a for profit organization

		Balance Sheet
		Income Statement
		Statement of Cash Flow
		Statement of Owner's Equity

  

Question 8  

When recording the budget for a governmental agency the entry would be as follows:

Appropriation Debit and Unreserved Fund Balance and Estimated Revenue Credit

Estimated Revenue and Appropriation Debit and Unreserved Fund Balance Credit

Estimated Revenue Debit and Appropriation and Unreserved Fund Balance Credit

There is no entry to record a budget

Question 9 

The entry to record the billing of taxes by a government is:

Cash Debit and Revenue from Taxes Credit

Taxes Receivable – current Debit and Revenue and estimated Uncollectable accounts Credit

Taxes Receivable Debit Revenue Credit

There is no entry until the tax money is received

Question 10  

The adjustment for general capital asset depreciation would be:

		Depreciation Expense Debit and Accumulated Depreciation Credit
		Depreciation Expense Debit and General Capital Assets Credit
		Depreciation Expense Debit and Change in Net Assets Credit
		There would be no entry since it is a general fund account

  

Question 11  

Assume that the fair market value of investments in a Debt Service Fund decreased by $25,000 as of the end of the fiscal year.  What entry would be necessary to reflect this change?

 

  

Question 12  

Nongovernmental colleges and universities follow ____ reporting standards

  

Question 13  

Nongovernment not-for-profit organizations have which of the following classes of Net assets:

  

Question 14  

When completing the journal entry for tuition waivers to employees when accounting for Colleges and Universities this would be:

		part of allowances for scholarships owed to students
		part of compensation expense
		part of the general fund not student tuition
		part of uncollected tuition

  

Question 15

 Deductions from patient services revenue for a hospital include all of the following EXEPT:

  

Question 16  

The entry Debit to Reclassifications Out and Credit to Reclassifications In is made for other not-for-profit organizations because

  

Question 17  

The entry to record donated professional services at a hospital would be:

		Budgeted Donated Expense Debit and Donated Services Expense Credit
		Professional Services Expense Debit and Budgeted Donated Expense Credit
		Professional Services Expense Debit and Donated Services Expense Credit
		Professional Services Expense Debit and Non operating Revenues-Donated Services Credit

  

Question 18  

When communicating the results of a governmental audit, the auditor's report will contain

  

Question 19  

Your supervisor at the City of Smithville has asked you to prepare the fund reports.  Since this city has a budget of less than $100,000 your supervisor says it is fine to report all funds in one column. She also explains to you this is the way the statements were prepared in all prior years so this will provide comparable data for analysis.  Is your supervisor acting ethically with regard to financial reporting?

 

		No, FABS requires that separate columns are used for all major funds
		No, GASB requires that separate columns are used for all major funds
		Yes, since the city's budget is less than $1,000,000 this reporting is acceptable
		Yes, since the statements were prepared that way in prior years

  

Question 20  

Since there is an absence of profit motivation in governmental or other not for profit organization activities the following behavior would be considered ethical