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fundamentals of advanced accounting

Questions and Answers of Fundamentals Of Advanced Accounting

22. How are internal service funds reported on government-wide financial statements?
21. Why does a government determine the net expenses or revenues for each of the functions within its statement of activities?
20. What is the difference in program revenues and general revenues? Why is that distinction important?
19. What are the two fund-based financial statements for governmental funds? What information does each normally present?
18. What are the two government-wide financial statements? What does each normally present?
17. What is the difference between a blended component unit and a discretely presented component unit?
16. The Willingham Museum qualifies as a component unit of the City of Willingham. How does an activity or function qualify to be a component unit of a primary government?
15. A primary government can be either a general purpose government or a special purpose government. What is the difference in these two? How does an activity qualify as a special purpose government?
14. What does a comprehensive annual financial report (known as the CAFR) include?
13. What does the management’s discussion and analysis (MD&A) normally include? Where does a state or local government present this information?
12. What impact does the use of the modified approach have on reporting within the government-wide financial statements?
11. Under what condition is the modified approach applied?
10. Assume in question 9 that the city does not report the painting on the government-wide financial statements as a capital asset. Must the city report a revenue for the gift?
9. The City of Salem is given a painting by Picasso to display in its city hall. Under what condition will the city not report this painting as a capital asset on its government-wide financial
8. Assume in question 7 that the teacher takes the vacation late in 2009 and is paid the entire $2,000. What journal entry is reported in creating each of the two types of financial statements?
7. A teacher working for the City of Lights earns vacation pay of $2,000 during 2008. However, the vacation will not be taken until the end of 2009. In the government-wide financial statements for
6. A city operates a solid waste landfill. This facility is 11 percent full after the first year of operation and 24 percent after the second year. How much expense should be recognized on the
5. A landfill is scheduled to be filled to capacity over a 10-year period. However, at the end of the first year of operations, the landfill is only 7 percent filled. How much liability for closure
4. Why does the operation of a solid waste landfill create reporting concerns for a local government?
3. On December 31, 2008, the city in question 2 makes its first annual lease payment. How does it report the payment on the government-wide financial statements? On the fund-based financial
2. On January 1, 2008, a city signs a capital lease for new equipment for the police department. How does it report this transaction on the government-wide financial statements? On the fund-based
1. What criteria does a state or local government apply to determine whether to capitalize a lease?
• How does governmental accounting apply to public colleges and universities?
• What is a component unit, and how does a state or local government report such units?
• What is included in the management's discussion and analysis (MD&A), and why is it required of state and local governments?
• What is meant by using the modified approach in connection with the depre¬ ciation of infrastructure assets?
• How does a state or local government record artworks or historical treasures that it buys or obtains through donation?
• What is a government's liability for closure and cleanup costs of a solid waste landfill, and how are these costs reported?
• How does the accounting for capital leases utilized for fund-based financial statements differ from the procedures used in producing government-wide financial statements?
The City of Bainland has been undergoing financial difficulties because of a decrease in its tax base caused by corporations leaving the area. On January 1,2008, the city has a fund balance of
Search the Internet for the official Web site of one or more state or local governments. After reviewing this Web site, determine whether the latest comprehensive annual financial report (CAFR) is
Obtain a copy of GASB Statement 34. Read paragraphs 239 through 277. LO9 Required Write a report describing alternatives that the GASB considered when it created Statement 34. Indicate the
Go to the Web site www.gasb.org and click on “GASB Facts.” Find the GASB Mission Statement. LO9 Required Write a memo on the changes created by the requirements that state and local governments
Go to the Web site www.gasb.org and scroll down to the topic “Exposure Drafts.” Review any exposure drafts currently being considered by the GASB.Required LO9 Identify the major impacts that the
Search the Internet for the official Web site of one or more state or local governments. After reviewing this Web site, determine whether the latest comprehensive annual financial report (CAFR) is
The City of Danmark is preparing financial statements. Officials are currently working on the statement of activities within the government-wide financial statements. A question has arisen as to
The City of Flampshore is currently preparing financial statements for the past fiscal year. The city man¬ ager is concerned because the city encountered some unusual transactions during the current
During 2008, the City of Coyote’s General Fund received $ 10,000, which was recorded as a general revenue when it was actually a program revenue earned by its park program.a. What was the correct
In 2008, the City of Coyote received a $320,000 cash grant from the state to stop air pollution. Assume that although a special revenue fund could have been set up, the money remained in the General
The City of Coyote mailed property tax bills for 2009 to its citizens during August 2008. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15,
The City of Coyote mailed property tax bills for 2009 to its citizens during August 2008. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15,
An art display set up for the community was recorded within the General Fund and generated rev¬ enues of $9,000 but had expenditures of $45,000 ($15,000 in expenses and $30,000 to buy land for the
On December 30, 2008, the City of Coyote borrowed $20,000 for the General Fund on a 60-day note. In that fund, both Cash and Other Financing Sources were recorded. In the general informa¬ tion, a
During 2008, the City of Coyote contracted to build a sidewalk costing $10,000 as a special assess¬ ments project for which it collected $10,000 from affected citizens. The government had no oblig¬
Fund A transfers $20,000 to Fund B. For each of the following, indicate whether the statement is true or false and, if false, explain why.a. If Fund A is the General Fund and Fund B is an Enterprise
Indicate (i) how each of the following transactions impacts the fund balance of the General Fund for fund-based financial statements and (ii) what the impact is on the net asset balance of the
On December 1,2008, a state government awards a city government a grant of $ 1 million to be used specifically to provide hot lunches for all schoolchildren. No money is received until June 1, 2009.
Government officials of the City of Jones expect to receive General Fund revenues of $400,000 in 2008 but approve spending only $380,000. Later in the year, as they receive more information, they
Use the transactions in problem 40 but prepare a statement of net assets for the government-wide financial statements. Assume that the General Fund had $180,000 in cash on the first day of the year
The following transactions relate to the General Fund of the city of Lost Angel for the year ending December 31, 2008. Prepare a statement of revenues, expenditures, and other changes in fund bal¬
A city has only one activity, its school system. The school system is accounted for within the Gen¬ eral Fund. For convenience, assume that, at the start of 2008, the school system and the city have
The following trial balance is taken from the General Fund of the City of Jennings for the year end¬ ing December 31, 2008. Prepare a condensed statement of revenues, expenditures, and other changes
Chesterfield County had the following transactions. Prepare the entries first for fund-based finan¬ cial statements and then for government-wide financial statements.a. A budget is passed for all
Following are descriptions of transactions and other financial events for the City of Tetris for the LO9 year ending December 2008. Not all transactions have been included here. Only the General Fund
The following trial balances are for the governmental funds of the City of Copeland prepared from the current accounting records: LO9 General Fund Cash.Taxes Receivable.Allowance for Uncollectible
Prepare journal entries for a local government to record the following transactions, first for fund- based financial statements and then for government-wide financial statements.a. The government
Prepare journal entries for the City of Pudding’s governmental funds to record the following trans¬ actions, first for fund-based financial statements and then for government-wide financial
A local government has the following transactions during the current fiscal period. Prepare journal entries without dollar amounts, first for fund-based financial statements and then for government¬
Cash of $90,000 is transferred from a city’s General Fund to start construction on a police station. The city issues a bond at its $1.8 million face value. The police station is built for $1.89
A city orders a new computer for its General Fund at an anticipated cost of $88,000. Its actual cost when received is $89,400. Payment is subsequently made. Give all required journal entries for
The board of commissioners of the City of Hartmoore adopted a General Fund budget for the year ending June 30, 2008, which included revenues of $1,000,000, bond proceeds of $400,000, appro¬
Cash of $20,000 is transferred from the General Fund to the Enterprise Fund to pay for work that was done. What is reported on the fund-based financial statements?a. No reporting is made.b. Other
Cash of $20,000 is transferred from the General Fund to the Enterprise Fund to pay for work that was done. What is reported on the government-wide financial statements? LO9a. No reporting is made.b.
Cash of $60,000 is transferred from the General Fund to the Debt Service Fund. What is reported on the fund-based financial statements?a. No reporting is made.b. Other Financing Sources increase by
Cash of $60,000 is transferred from the General Fund to the Debt Service Fund. What is reported on the government-wide financial statements?a. No reporting is made. LO9b. Other Financing Sources
Which of the following is an example of an interactivity transaction?a. Money is transferred from the General Fund to the Debt Service Fund.b. Money is transferred from the Capital Projects Fund to
A city constructs curbing in a new neighborhood and finances it as a special assessment. Under what condition should this activity be recorded in the Agency Fund?a. Never; the work is reported in the
A city constructs a special assessment project (a sidewalk) for which it is secondarily liable. The city issues bonds of $90,000. It authorizes another $10,000 that is transferred out of the General
A $ 110,000 payment is made on a long-term liability. Of this amount, $ 10,000 represents interest. Which of the following is not true?a. Reduce liabilities by $100,000 in the government-wide
A city issues five-year bonds payable to finance construction of a new school. What recording should be made?a. Report the liability in the government-wide financial statements; show an other
A city issues a 60-day tax anticipation note to fund operations. What recording should it make?a. The liability should be reported in the government-wide financial statements; an other financ¬ ing
The state awards a grant of $50,000 to the Town of Glenville. The state will pay the grant money to the town as a reimbursement for money spent on road repair. At the time ofthe grant, the state pays
The state government passes a law requiring localities to upgrade their water treatment facilities. The state then awards a grant of $500,000 to the Town of Midlothian to help pay for this cost. What
An income tax is an example of which of the following?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transaction. LO9
A city acquires supplies for its fire department and uses the consumption method of accounting. Which of the following statements is true for the fund-based statements?a. An expenditures account was
A government buys equipment for its police department at a cost of $54,000. Which of the follow¬ ing is not true?a. Equipment will increase by $54,000 in the government-wide financial statements.
At the end of the current year, a government reports a fund balance reserved for encumbrances of $9,000. What information is being conveyed?a. A donor has given the government $9,000 that must be
A purchase order for $3,000 is recorded in the General Fund for the purchase of a new computer. The computer is received at an actual cost of $3,020. Which of the following is correct?a. Machinery is
The General Fund pays rent for two months. Which of the following is not correct?a. Rent expense should be reported in the government-wide financial statements. LO9b. Rent expense should be reported
Which of the following statements is true concerning the recording of a budget?a. At the beginning of the year, debit Appropriations. LO9b. A debit to the Budgetary Fund Balance account indicates an
During the current year, a government buys land for $80,000. Which of the following is not true?a. The land could be reported as an asset by the business-type activities in the government-wide
Which of the following statements is correct for governmental funds? LO9a. Fund-based financial statements measure revenues and expenditures based on modified accrual accounting.b. Government-wide
Which of the following statements is correct for governmental funds?a. Fund-based financial statements measure economic resources.b. Government-wide financial statements measure only current
A citizen of the City ofTownsend gives it a gift of $22,000 in investments. The citizen requires that the investments be held but any resulting income must be used to help maintain the city’s
A government expects to receive revenues of $400,000 but has approved expenditures of $430,000. The anticipated shortage will have an impact on which of the following terms? LO9a. Interperiod
Which of the following statements is true?a. There are three different types of proprietary funds.b. There are three different types of fiduciary funds. LO9c. There are five different types of
What is the purpose of Enterprise Funds? LO9a. To account for operations that provide services to other departments within a government.b. To account for asset transfers.c. To account for ongoing
What is the purpose of a Special Revenue Fund?a. To account for revenues legally restricted as to expenditure.b. To account for ongoing activities. LO9c. To account for gifts when only subsequently
Which of the following is not a governmental fund?a. Special Revenue Fund. LO9b. Internal Service Fund.c. Capital Projects Fund.d. Debt Service Fund.
What is an internal exchange transaction, and how is it reported? LO9
In government-wide financial statements, how do an intra-activity transaction and an interactivity transaction differ? How is each reported? LO9
How are interfund transfers reported in fund-based financial statements? LO9
What is a special assessment project? How are special assessment projects reported? LO9
How is the issuance of a long-term bond reported on fund-based financial statements? How is the issuance of a long-term bond reported on government-wide financial statements? LO9
When is a receivable recognized for property tax assessments? When is the revenue recognized? LO9
What are the four classifications of nonexchange revenues that a state or local government can rec¬ ognize? In each case, when does it normally recognize revenues? LO9
What are the two different ways that supplies and prepaid items can be recorded on fund-based financial statements? LO9
How do governmental funds report capital outlay? How do government-wide financial statements report capital expenditures? LO9
At what point in time does a governmental fund report an expenditure? LO9
What costs cause a governmental fund to report an expenditure? LO9

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