Questions and Answers of Fundamentals Of Advanced Accounting

The City of Wilson receives a large sculpture valued at $240,000 as a gift to be placed in front of the municipal building. Which of the following is true for reporting the gift within the
In Problem 17, which of the following statements is true about reporting a revenue in connection with this gift?a. A revenue will be reported.b. Revenue is reported but only if the asset is
Assume in Problem 17 that the city reports the work as a capital asset. Which of the following is true?a. Depreciation is not recorded because the city has no cost.b. Depreciation is not required if
What are the two government-wide financial statements? What does each normally present?
A city builds sidewalks throughout its various neighborhoods at a cost of $2.1 million. Which of the following is not true?a. Because the sidewalks qualify as infrastructure, the asset is viewed in
Which of the following is true about the management’s discussion and analysis (MD&A)?a. It is an optional addition to the comprehensive annual financial report, but the GASB encourages its
Which of the following is not necessary for a special purpose local government to be viewed as a primary government for reporting purposes?a. It must have a separately elected governing body.b. It
An employment agency for individuals with disabilities works closely with the City of Hanover. The employment agency is legally separate from the city but still depends on it for financial support,
The City of Bacon is located in the County of Pork. The city has a school system and reports buildings at a net $3.6 million although they are actually worth $4.2 million. The county has another
For component units, what is the difference in discrete presentation and blending?a. A blended component unit is shown to the left of the statements; a discretely presented component unit is shown to
What is the most common form used in creating the financial statements prepared by public colleges and universities?
A government reports that its public safety function had expenses of $900,000 last year and program revenues of $200,000 so that its net expenses were $700,000. On which financial statement is this
Which of the following is true about the statement of cash flows for the proprietary funds of a state or local government?a. The indirect method of reporting cash flows from operating activities is
Which of the following is most likely to be true about the financial reporting of a public college or university?a. It resembles the financial reporting of private colleges and universities.b. It
On January 1, 2020, the City of Hastings created a solid waste landfill that it expects to reach capacity gradually over the next 20 years. If the landfill were to be closed at the current time,
Use the same information as in problem 51 except that, by the end of Year 3, the landfill is 40 percent filled. The city now realizes that the total closure costs will be $3 million. Indicate whether
Which of the following does not represent a primary motivation for business combinations? a. Combinations are often a vehicle to accelerate growth and competitiveness. b. Cost savings can
Under fair-value accounting for an equity investment. which of the following affects the income the investor recognizes from its ownership of the investee? a. The investee's reported income

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