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Questions and Answers of Accounting

Multiple Choice. Choose the best answer.1. Which of the following best describes the recommended format for the government-wide statement of activities?a. Revenues minus expenses equals change in net
Beginning and Ending Fund Balances. The following information is provided about the Village of Wymette’s General Fund operating statement and budgetary accounts for the fiscal year ended June 30,
Recording Adopted Budget. The City of Marion adopted the following General Fund budget for fiscal year 2011:Estimated revenues:Taxes................$3,000,000Intergovernmental revenues........
Recording Encumbrances. During July 2010, the first month of the 2011 fiscal year, the City of Marion issued the following purchase orders and contracts (see Problem 3—4):General
Subsidiary Ledgers. The printout of the Estimated Revenues and Revenues subsidiary ledger accounts for the General Fund of the City of Salem as of February 28, 2011, appeared as
Appropriations, Encumbrances, and Expenditures The finance director of the Town of Liberty has asked you to determine whether the appropriations, expenditures, and encumbrances comparison for Office
Computerized Accounting System€”Departmental Budgetary Comparison Report. Review the computer generated budgetary comparison report presented below for the Lincoln City Parks and Recreation
Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2011. The budget provides
Government-wide Statement of Activities. The following alphabetic listing displays selected balances in the governmental activities accounts of the City of Kokomo as of June 30, 2011. Prepare a
Explain why some transactions for governmental activities at the government- wide level are reported differently than transactions for the General Fund.Give some examples of transactions that would
In what ways does the government-wide statement of net assets differ from the balance sheet for governmental funds?
How does the use of encumbrance procedures improve budgetary control over expenditures?
If the General Fund of a certain city needs $6,720,000 of revenue from property taxes to finance estimated expenditures of the next fiscal year and historical experience indicates that 4 percent of
Actual revenues and expenditures reported on a budget and actual comparison schedule should be prepared on the same basis as budgeted revenues and expenditures, even if a cash basis is used.” Do
Explain why expenses reported on the government-wide statement of activities for supplies used in conducting governmental activities may differ in amounts from expenditures for the same supplies
Explain the primary differences between ad valorem taxes, such as property taxes, and other taxes that generate derived tat revenues, such as sales and income taxes. I-low does accounting differ
If interim financial reporting to external parties is not required, why should a government bother to prepare interim financial statements and schedules? Give some examples of interim financial
How does a permanent fund differ from public-purpose trusts that are reported in special revenue funds? How does it differ from private-purpose trust funds?
Name the four classes of nonexchange transactions defined by GASB standards and explain the revenue and expenditure/expense recognition rules applicable to each class.
Analyzing Results of Operations. Using either a city’s own Web site or the GASBS 34 link of the GASB’s Web site, download either the city’s entire comprehensive annual financial report (CAFR)
Policy Issues Relating to Property Taxes. Property owners in Trevor City were shocked when they recently received notice that assessed valuations on their homes had increased by an average 35
Reporting Internal Service Fund Financial Information at the Governmentwide Level. During the current fiscal year, the City of Manchester created a Printing and Sign Fund (an internal service fund)
Reporting Multipurpose Grant Transactions in the Funds and Governmentwide Financial Statements of Local Government Recipients. In this case local governments receive reimbursements from the state
Multiple Choice. Choose the best answer.1. When equipment was purchased with General Fund resources, which of the following accounts would have been debited in the General Fund?a. Expenditures.b.
Calculating Required lax Anticipation Financing and Recording Issuance of Tax Anticipation Notes. The City of Perrin collects its annual property taxes late in its fiscal year. Consequently, each
Property Tax Calculations and Journal Entries. The Village of Darby’s budget calls for property tax revenues for the fiscal year ending December 31, 2011, of $2,660,000. Village records indicate
Adjusting Entries for Inventory of Supplies The Village of Baxter uses the purchases method of accounting for its inventories of supplies in the General Fund. GASB standards, however, require that
Special Revenue Fund, Voluntary Nonexchange Transactions. The City of Eldon applied for a competitive grant from the state government for park improvements such as upgrading hiking trails and bike
Closing Journal Entries. At the end of a fiscal year, budgetary and operating statement control accounts in the general ledger of the General Fund of Dade City had the following balances:
Interfund and interactivity Transactions. The following transactions affected various funds and activities of the City of Atwater.1. The Fire Department, a governmental activity, purchased $100,000
Transactions and Budgetary Comparison Schedule. The following transactions occurred during the 2011 fiscal year for the City of Fayette. For budgetary purposes the city reports encumbrances in the
Operating Transactions, Special Topics, and Financial Statements. The City of Ashland's General Fund had the following post-closing trial balance at April 30, 2010, the end of its fiscal year:During
Permanent Fund and Related Special Revenue Fund Transactions Annabelle Benton, great-granddaughter of the founder of the Town of Benton, made a cash contribution in the amount of $500,000 to be held
What are general capital assets? How are they reported?
Explain what disclosures the GASB requires for capital assets in the notes to the financial statements.
What is the difference between using the modified approach to accounting for infrastructure assets and depreciating infrastructure assets? Under the modified approach, what happens if infrastructure
How does one determine whether a particular lease is a capital lease or an operating lease? What entries are required in the general journals of a governmental fund and governmental activities at the
Compare the reporting of intangible assets under GASB and FASB standards.
What is the purpose of a capital projects fund? Give some examples of projects that might be considered capital projects.
If a capital project is incomplete at the end of a fiscal year, why is it considered desirable to close Encumbrances and all operating statement accounts at year-end? Why is it desirable to
Which expenditures of a capital projects fund should be capitalized to Construction Work in Progress? Is Construction Work in Progress included in the chart of accounts of a capital projects fund? If
The county replaced its old office building with a new structure. Rather than destroy the old office building, the county decided to convert the old building and use it as a storage facility. Why
Using the Modified Approach or Depreciation You are an auditor in a regional public accounting firm that does a large volume of governmental audits and consulting engagements. A large metropolitan
Options for Financial Public Infrastructure. Desert City is a rapidly growing city in the Southwest, with a current population of 200,000. To cope with the growing vehicular traffic and the need for
Recording and Reporting of Damaged Capital Assets. Recent river flooding damaged a part of the Town of Brownville Library. The library building is over 70 years old and is located in a part of the
Multiple Choice. Choose the best answer.1. Under GASB standards, which of the following would be considered an example of an intangible asset?a. A lake located on city property.b. Water rights
General Capital Assets. Make all necessary entries in the appropriate governmental hind general journal and the government-wide governmental activities general journal for each of the following
Capital Asset Disclosures. Lynn County has prepared the following schedule related to its capital asset activity for the fiscal year 2011. Lynn County has governmental activities only, with no
Capital Assets Acquired under Lease Agreements. Crystal City signed a lease agreement with East Coast Builders, Inc., under which East Coast will construct a new office building for the city at a
Asset impairment. On July 20, 2011, the building occupied by Sunshine City’s Parks and Recreation Department suffered severe structural damage as a result of a hurricane. It had been 48 years since
Recording Capital Projects Fund Transactions. In Erikus County, the Parks and Recreation Department constructed a library in one of the county’s high growth areas. The construction was funded by a
Statement of Revenues, Expenditures, and Changes in Fund Balance. The pre-closing trial balance for the Annette County Public Works Capital Project Fund is provided below.Requireda. Prepare the June
Construction Fund. During FY 2011, the voters of the Town of Dex approved constructing and equipping a recreation center to be financed by tax-supported bonds in the amount of $3,000,000. During
Capital Project Transactions. In 2011, Falts City began work to improve certain streets to be financed by a bond issue and supplemented by a federal grant. Estimated total cost of the project was
How are general long-term liabilities distinguished from other long-term liabilities of the government? How does the financial reporting of general long-term liabilities differ from the financial
What disclosures about long-term liabilities are required in the notes to the financial statement?
In the current fiscal year, St. George County issued $3,000,000 in general obligation term bonds for 102. The county is required to use any accrued interest or premiums for servicing the debt
If a bond ordinance provides for regular and recurring payments of interest and principal payments on a general obligation bond issue of a certain government to be made from earnings of an enterprise
The debt limit for general obligation debt for Milos City is 1 percent of the assessed property valuation for the city. Using the following information, calculate the city’s debt margin.Assessed
What is overlapping debt? Why would a citizen care about the amount of overlapping debt reported? Why would a government care about the amount of overlapping debt reported7
If a certain city had six tax-supported bond issues and three special assessment bond issues outstanding, it would be preferable to operate nine separate debt service funds or, at a minimum, one debt
Explain the essential differences between regular serial bonds and term bonds and how debt service fund accounting differs for the two types of bonds.
What are the GASB requirements for reporting investments held for the purpose of servicing government debt?
Under what circumstances might a government consider an advance refunding of general obligation bonds outstanding?
Policy Issue: Who Should Pay for Neighborhood Improvements? Related Accounting Issues Facts: Pursuant to its capital improvement plan, the City of Kirkland decided to make certain improvements to Oak
Financial Statement Impact of Incurring General Long-term Debt on Behalf of Other Governments. Facts: The Bates County government issued $2.5 million of tax-supported bonds to finance a major
The Case of the Vanishing Debt.Facts: A county government and a legally separate organization—the Sports Stadium Authority—entered into an agreement under which the authority issued revenue bonds
Assessing General Obligation Debt Burden. This case focuses on the analysis of a city€™s general obligation debt burden. After examining the accompanying table that shows a
Multiple Choice. Choose the best answer.1. Which of the following would not be considered a general long-term liability?a. The estimated liability to clean up the fuel and hazard waste storage sites
Long-term Liability Transactions. Following are a number of unrelated transactions for K-Town, some of which affect governmental activities at the government-wide level. None of the transactions has
Budgetary Transactions. Fleck County issued $5,500,000, 3 percent serial bonds, paying interest on January 1 and July 1. The bonds were sold on June 1 for 101. The county is required to use all
Statement of Legal Debt Margin. In preparation for a proposed bond sale, the city manager of the City of Appleton requested that you prepare a statement of legal debt margin for the city as of
Debt Service Fund Trial Balance. Following is Franklin County€™s debt service fund pre-closing trial balance for the fiscal year ended June 30, 2011.RequiredUsing information provided by
Capital Lease. The City of Jamestown has agreed to acquire a new city maintenance building under a capital lease agreement. At the inception of the lease, a payment of $100,000 is to be made: nine
Serial Bond Debt Service Fund Journal Entries and Financial Statements. As of December 31, 2010, New Town had $9,500,000 in 4.5 percent serial bonds outstanding. Cash of $509,000 is the debt service
Term Bond Liabilities. Following are transaction data for a term bonds issue for the City of Nevin. Prepare all necessary entries for these transactions in the city’s hinds, and governmental
Comprehensive Capital Assets/Serial Bond Problem. Transaction data related to the City of Chambers€™s issuance of serial bonds to finance street and park improvements follow. Utilizing
Explain the reporting requirements for internal service funds and enterprise funds.
When would a city establish an internal service fund? An enterprise fund?
A member of the city commission insists that the city’s internal service fund prepare and submit a budget for commission approval. The commissioner argues that it is only through the budget that
How does GASB reporting of uncollectible accounts for governmental funds and proprietary funds differ from the reporting of uncollectible accounts under FASB standards?
What is the purpose of the Restricted Assets section of an enterprise fund statement of fund net assets? Provide examples of items that might be reported in the Restricted Assets section.
Explain how capitalization of interest costs differs for enterprise funds as opposed to governmental funds.
How does the statement of cash flows under GASB standards differ from the statement of cash flows under FASB standards?
What are regulatory accounting principles and how do they relate to enterprise fund accounting?
Explain the difference between operating revenues/expenses and nonoperating revenues/expenses. Why does the GASB require that operating revenues/expenses be reported separately on proprietary
What is meant by segment information for enterprise funds? When is the disclosure of segment information required?
Building Maintenance Fund. The balance sheet and statement of revenues, expenditures. and changes in fund balance for the Building Maintenance Fund, an internal service fund of Coastal City, are
Internal Service Fund. Jaffry County operates a Risk Management Pool as an internal service fund. The Risk Management Pool provides the insurance function for the county departments through the
Mass Transit System. The City of Dixon operates a mass transit system (DTS) consisting of a network of bus and trolley routes. The following information is provided about the operations and financing
Multiple Choice. Choose the best answer.1. Which of the following correctly states the role of budgeting in proprietary funds?a. Proprietary fund managers should ensure that a valid appropriation
Central Duplicating Internal Service Fund. As of September 30, 2010, the Central Duplicating Fund of the Town of Fredericksburg had the following post-closing trial balance:During the fiscal year
Central Garage Internal Service Fund. The City of Ashville operates an internal service fund to provide garage space and repairs for all city-owned-and-operated vehicles. The Central Garage Fund was
Net Asset Classifications. During the past year, Oak City had a number of transactions that impacted net asset classifications of its produce market, which is operated as an enterprise fund. All
Parking Facilities Fund. The City of Dalton accounts for its parking facilities as an enterprise fund. For the year ended December 31, 2011, the pre-closing trial balance for the Parking Facilities
Central Station Fund. The Town of Elizabeth operates the old train station as an enterprise fund. The train station is on the national register of historic buildings. Since the town has held the
Enterprise Fund Journal Entries and Financial Statements. Following is the June 30, 2010, statement of net assets for the City of Bay Lake Water Utility Fund.Requireda. For fiscal year 2011, prepare
Proprietary Fund Financial Statements. Von County has prepared the following statement of revenues, expenses, and changes in fund net assets for its proprietary funds. The county has three enterprise
Statement of Cash Flows for Proprietary Funds From the right-hand column, choose the letter that corresponds to the section of the statement of cash flows where the activity listed in the left-hand
Explain the distinction(s) between agency funds and trust funds.

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