ACCT 567 Week 3 Test All Questions and Answers
(TCO A) Which of the following items are considered Required Supplementary Information (RSI)?
Management’s Discussion and Analysis
Budgetary Comparison Schedule
Schedule of Risk Management Activities
All of the above
(TCO B) In addition to the government-wide statements, governmental entities are required to prepare fund financial statements for which of the following category of funds?
Governmental type funds
All of the above
(TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as
a credit to Surplus Revenues, $600,000.
a debit to Estimated Excess Revenues, $600,000.
a credit to Budgetary Fund Balance, $600,000.
a memorandum entry only.
(TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?
Special Revenue Funds may be used when a government wishes to segregate income for specific purposes.
Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources.
Assigned resources can be accounted for in a Special Revenue Fund.
Once a Special Revenue Fund is established by the governmental entity, it will continue to be a Special Revenue Fund until all of the resources are exhausted.
(TCO B)Which of the following is true regarding the government-wide Statement of Net Assets?
The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term liabilities.
A reporting entity (primary government plus component units) total column is required.
The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.
The government-wide Statement of Net Assets includes all resources entrusted to the government, including governmental, proprietary, and fiduciary.
(TCO D) GASB standards _____ that each governmental reporting entity display _____ General Fund in its general-purpose financial statements.
require; only one.
recommend; one or more.
require; one or more.
recommend; one or more.
(TCOs A and B) Please list and describe the three major sections of the Comprehensive Annual Financial Report and provide a brief description of what is included in each of the section.
(TCO D) The City of Minyard adopted the following budget for fiscal year 2012:
Property Taxes $4,480,000
Licenses and Permits 604,000
Fines and Forfeits 498,000
Interest on Penalties on taxes 24,000
General Government $1,790,000
Public Safety 2,560,000
Public Works 1,120,000
Miscellaneous Appropriations 31,000
In addition, the City reported the following actual amounts for the same fiscal year:
Property Taxes $4,499,000
Licenses and Permits 584,000
(TCO D) The City of Martinville had the following pre-closing account balances in its General Fund as of June 30, 2012. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures that are recorded this year is an amount that has been expended on supplies ordered at the end of the previous year. Assume that the encumbrances do not lapse and that the city failed to make the proper journal entry or entries necessary to re-establish the encumbrance in the current year.
Pre-closing Trial Balance of the City of Martinville as of June 30, 2012:
Estimated Revenues 6,300,000
Estimated Other Financing Sources 79,000
Estimated Other Financing Uses 320,000
Taxes Receivable-Delinquent 45,000
Fund Balance – July 1, 2011 380,000
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