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State & Local Govt - Accounting and Financial Reporting

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Chapter 2
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Resumen del Recurso

Pregunta 1

Pregunta
Which of the following is a difference between financial reporting for internal service and enterprise funds?
Respuesta
  • Internal service funds are reported in the governmental fund financial statements.
  • Internal service funds are reported in the proprietary fund financial statements.
  • Internal service funds are generally reported in the Business-type Activities column of the government-wide financial statements.
  • Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.

Pregunta 2

Pregunta
Which of the following funds should be used if resources provided by a federal grant must be segregated and used for counseling of youthful offenders?
Respuesta
  • Private-purpose trust fund.
  • Enterprise fund.
  • Internal service fund.
  • Special revenue fund.

Pregunta 3

Pregunta
In which of the following funds would it not be appropriate to record depreciation of capital assets?
Respuesta
  • Special revenue fund.
  • Enterprise.
  • Internal service.
  • Pension trust.

Pregunta 4

Pregunta
Capital assets used by an enterprise fund should be accounted for in the
Respuesta
  • Enterprise fund and depreciation on the capital assets should be recorded.
  • Business-type activities journal but no depreciation on the capital assets should be recorded.
  • Governmental activities journal and depreciation on the capital assets should be recorded.
  • Enterprise fund but no depreciation on the capital assets should be recorded.

Pregunta 5

Pregunta
A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least:
Respuesta
  • Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.
  • Ten percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.
  • Five percent of the corresponding element(s) of total governmental funds and five percent of the corresponding element(s) of total governmental and enterprise funds combined.
  • Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined.

Pregunta 6

Pregunta
Which of the following must be reported as a major fund?
Respuesta
  • The General Fund.
  • A fund having total assets, liabilities, revenues, or expenditures/expenses equaling at least 10 percent of the total governmental or enterprise fund amount for the same element (assets, liabilities, and so forth), as applicable, and at least 5 percent of the combined governmental and enterprise fund total amount for the same element.
  • Both of the answers.
  • None of the answers.

Pregunta 7

Pregunta
Which of the following is a fiduciary fund?
Respuesta
  • Investment trust fund.
  • Special revenue fund.
  • Debt service fund.
  • Enterprise fund.

Pregunta 8

Pregunta
Generally accepted accounting principles applicable to state and local governments require that
Respuesta
  • Only governmental funds and proprietary funds should be established.
  • Only those funds required by law, GASB standards, and sound financial administration should be established.
  • Only those funds required by law should be established.
  • All categories of funds must be established.

Pregunta 9

Pregunta
Which of the following funds is a governmental fund-type?
Respuesta
  • Private-purpose trust fund.
  • Internal service fund.
  • Permanent fund.
  • Enterprise fund.

Pregunta 10

Pregunta
Under the modified accrual basis of accounting, revenues should be recognized when
Respuesta
  • Earned.
  • Collected in cash.
  • Authorized by the budget ordinance.
  • Measurable and available.

Pregunta 11

Pregunta
Which of the following is not an activity category in which general purpose governments typically engage?
Respuesta
  • Fiduciary.
  • Contractual.
  • Business-type.
  • Governmental.

Pregunta 12

Pregunta
All of the following are part of the basic financial statements except:
Respuesta
  • Management's discussion and analysis.
  • The government-wide statement of net position.
  • The statement of revenues, expenditures, and changes in fund balances—governmental funds.
  • All of the answers are part of the basic financial statements.

Pregunta 13

Pregunta
Which of the following is a basic fund financial statement?
Respuesta
  • Statement of revenues, expenditures, and changes in fund balances.
  • Statement of fiduciary net position.
  • Statement of cash flows.
  • All of the answers are correct statements.

Pregunta 14

Pregunta
Which of the following financial statements is required at the government-wide level?
Respuesta
  • Statement of activities.
  • Statement of revenues, expenditures, and changes in fund balances.
  • Statement of cash flows.
  • All of the listed financial statements are required at the government-wide level.

Pregunta 15

Pregunta
GASB's first accounting and reporting principle requires that the accounting system used by a state or local governments must make it possible:
Respuesta
  • To prepare consolidated modified accrual basis statements for the governmental unit as a whole.
  • To present fairly and with full disclosure the funds and activities of the governmental unit in conformity with GAAP.
  • To demonstrate compliance with finance-related legal and contractual provisions.
  • Both to present fairly and with full disclosure funds and activities, and to demonstrate compliance with legal and contractual provisions.

Pregunta 16

Pregunta
A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives, is known as a:
Respuesta
  • Public corporation.
  • Fund.
  • Activity.
  • Accounting system.

Pregunta 17

Pregunta
Which of the following basic financial statements is most useful in assessing fiscal accountability?
Respuesta
  • Statement of activities.
  • Statement of cash flows—proprietary funds.
  • Balance sheet—governmental funds.
  • Statement of fiscal accountability.

Pregunta 18

Pregunta
The basis of accounting under which revenues are recognized when measurable and available is the:
Respuesta
  • Modified accrual basis of accounting.
  • Accrual basis of accounting.
  • Cash basis of accounting.
  • Modified cash basis of accounting.

Pregunta 19

Pregunta
Depreciation expense for depreciable general capital assets should be reported on the:
Respuesta
  • Statement of revenues, expenditures, and changes in fund balances.
  • Statement of activities.
  • Statement of general capital assets.
  • All answers are correct.

Pregunta 20

Pregunta
Which of the following fund types focuses on the measurement of current financial resources and flows thereof?
Respuesta
  • General fund.
  • Capital projects fund.
  • Permanent fund.
  • All of the answers are correct.

Pregunta 21

Pregunta
The accrual basis of accounting is used in accounting for financial transactions that affect:
Respuesta
  • Governmental activities at the government-wide level.
  • Proprietary funds.
  • Fiduciary funds.
  • All of the answers are correct.

Pregunta 22

Pregunta
General capital assets, such as buildings and equipment, would be recorded in the accounts of:
Respuesta
  • Governmental activities at the government-wide level.
  • Capital projects funds.
  • Permanent funds.
  • All of the answers are correct.

Pregunta 23

Pregunta
If a capital projects fund borrows $500,000 by issuing a 5-year note payable, how does this transaction affect the accounts of the capital projects fund?
Respuesta
  • Cash is increased by $500,000.
  • Fund balance is increased by $500,000.
  • Long-term liabilities are increased by $500,000.
  • Both cash increased by $500,000 and fund balance increase by $500,000.

Pregunta 24

Pregunta
Which of the following is not a fiduciary fund type?
Respuesta
  • Private-purpose trust fund.
  • Investment trust fund.
  • Permanent fund.
  • Pension trust fund.

Pregunta 25

Pregunta
Financial reporting for internal service funds differs from that for enterprise funds in which of the following ways?
Respuesta
  • Internal service funds use the accrual basis of accounting.
  • Internal service fund financial information is generally reported in the governmental activities column of the government-wide financial statements.
  • Major fund reporting is used for internal service funds.
  • Both major fund reporting used for internal service, and generally reported in governmental activities column of government-wide financial statements.

Pregunta 26

Pregunta
The establishment of a fiduciary fund is warranted when:
Respuesta
  • Any trust or agency relationship exists.
  • The government needs to segregate resources for future construction purposes.
  • A trust or agency relationship exists in which the beneficiary is a private party (individuals, organizations, or other governments).
  • All of the answers are correct.

Pregunta 27

Pregunta
Capital assets, including depreciation on those assets, would appropriately be reported in which of the following funds?
Respuesta
  • Capital projects.
  • Enterprise.
  • Pension Trust.
  • Both Enterprise and Pension Trust.

Pregunta 28

Pregunta
Which of the following is always reported in a separate column of a governmental fund financial statement?
Respuesta
  • The General Fund.
  • Special revenue funds.
  • Permanent funds.
  • All of the answers are correct.
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