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business
modern advanced accounting

Questions and Answers of Modern Advanced Accounting

1. Export Company had a trade account receivable from a foreign customer stated in the local currency of the foreign customer. The trade account receivable for 900,000 local currency units (LCU) had
7. Does the date-of-combination cost of the combinee in a business combination include: a. Determinable Contingent Consideration? Yes Nondeterminable Contingent Consideration? b. Yes C. No. d. No Yes
4. Are the combinees always liquidated in business combinations accomplished by a(n): Statutory Merger? Statutory Consolidation? Acquisition of Common Stock? PAGY a. Yes Yes Yes b. Yes Yes No
1. Is one or more of the constituent companies always liquidated in a business combination carried out by means of: a. b. A Statutory Merger? Yes Yes A Statutory Consolidation? An Acquisition of
Samore, Inc., bills its only branch for merchandise shipments at a markup of 30% above home office cost. The branch sells the merchandise at a markup of 10% above billed price.Shortly after the close
Leland Company has a policy of accounting for all plant assets of its branches in the accounting records of the home office. Contrary to this policy, the accountant for Davis Branch prepared the
Among the journal entries of the home office of Watt Corporation for the month of January 2005, were the following:Prepare related journal entries for the Whilshire Branch of Watt Corporation: the
The trial balance of Southwestern Enterprises on December 31,The partners of Noble & Roland LLP have asked you to review the following balance sheet(AICPA Professional Standards, vol. 2,
Following are financial statements and additional information for Alef, Beal & Clarke LLP:Southwestern Enterprises (a limited partnership) was formed on January 2, 2005, with the issuance of
Yee & Zane LLP has maintained its accounting records on the accrual basis of accounting, except for the method of handling uncollectible account losses. Doubtful accounts expense has been
A series of substantial net losses from operations has resulted in the following balance sheet drafted by the controller of Nobis, Ortho & Parr LLP:Concerned about the partnership’s high
During your audit of Nue & Olde LLP for its first year of operations, you discover the following end-of-year adjusting entry in the partnership’s general journal:Instructions Is the recognition
The partners of Arch, Bell & Cole LLP had the following capital account balances and income-sharing ratio on May 31, 2005 (there were no loans receivable from or payable to partners):The partners
During your audit of the financial statements of Arnold, Bright & Carle LLP for the fiscal year ended January 31, 2005, you review the following general journal entry:Instructions Is recognition
The accountant for Tan, Ulm & Vey LLP prepared the following journal entry on January 31, 2005:Prepare a journal entry for Tan, Ulm & Vey LLP on January 31, 2005, to correct, not reverse, the
The partners’ capital (income-sharing ratio in parentheses) of Nunn, Owen, Park & Quan LLP on May 31, 2005, was as follows: Nunn (20%) Owen (20%) Park (20%) $ 60,000 80,000 70,000 Quan (40%)
The inexperienced accountant for Fox, Gee & Hay LLP prepared the following journal entries during the fiscal year ended August 31, 2005:Prepare journal entries for Fox, Gee & Hay LLP on
On May 31, 2004, Ike Loy was admitted to Jay & Kaye LLP by investing Loy Company, a highly profitable proprietorship having identifiable tangible and intangible net assets of$600,000, at carrying
On January 31, 2005, partners of Lon, Mac & Nan LLP had the following loan and capital account balances (after closing entries for January):The partnership’s income-sharing ratio was Lon, 50%;
Activity in the capital accounts of the partners of Webb & Yu LLP for the fiscal year ended December 31, 2005, follows:Net income of Webb & Yu LLP for the year ended December 31, 2005,
13. Are the results of operations on a per unit basis displayed in the income statement of a: Limited Liability Partnership? Limited Partnership? a. b. Yes Yes Yes No No Yes C. d. No No
6. The CPA partners of Tan, Ullman & Valdez LLP shared net income and losses 25%, 35%, and 40%, respectively. On January 31, 2006, by mutual consent of the partners, Julio Valdez withdrew from
9. Are conflicts of interest addressed directly in the ethics codes of the: IMA? FEI? AICPA? a. Yes Yes Yes b. Yes No Yes C. No Yes Yes d. No No Yes
6. According to the AICPA, are financial statements of a business enterprise that have been drafted by the enterprise’s independent auditors on its behalf the representations of the enterprise’s:
5. Does fraudulent financial reporting include: Cooking the Books? Cute Accounting? uhcd No Yes b. No No C. Yes Yes d. Yes No
12. A Net Assets Reserved for Endowment ledger account is appropriate for:a. An endowment principal nonexpendable trust fund only.b. An endowment revenues expendable trust fund only.c. Either an
11. Does an agency fund for a governmental entity issue:A Statement of A Statement of Changes A Statement of Fiduciary Assets in Fiduciary Net Assets Cash Flows?a. Yes Yes Yesb. Yes No Yesc. Yes Yes
10. Customers’ deposits that may not be spent for operating purposes are displayed in the statement of net assets of the enterprise fund of a governmental entity as:a. Restricted cash or
9. Which of the following funds of a governmental entity may account for expendable or nonexpendable resources?a. Debt service funds.b. Enterprise funds.c. Private-purpose trust funds.d. Special
8. Restricted assets are displayed in a governmental entity statement of net assets for:a. Both an enterprise fund and an internal service fund.b. Neither an enterprise fund nor an internal service
7. Which of the following funds of a governmental entity uses the same basis of accounting as an enterprise fund?a. Special revenue funds.b. Internal service funds.c. Permanent funds.d. Capital
6. Is the entire fund balance reserved in:A Nonexpendable An Expendable Private-Purpose Trust Fund? Private-Purpose Trust Fund?a. Yes Yesb. Yes Noc. No Yesd. No No
5. Slade City Internal Service Fund received a transfer in of $50,000 cash from the General Fund. This $50,000 transfer is accounted for in the Internal Service Fund with a credit to:a. Revenues.b.
4. Does a governmental entity’s agency fund issue a:Statement of Fiduciary Statement of Changes Assets in Fiduciary Net Assets?a. Yes Yesb. Yes Noc. No Yesd. No No
3. The following transactions were among those reported by the Scobey County Water and Power Enterprise Fund for the fiscal year ended June 30, 2006:Proceeds from issuance of revenue bonds $5,000,000
2. Is a Contributed Capital from General Fund amount displayed in the statement of net assets of a governmental entity’s:Enterprise Fund? Internal Service Fund?a. Yes Nob. No Yesc. No Nod. Yes Yes
1. An agency fund of a governmental entity is an example of which of the following type of fund?a. Fiduciaryb. Governmentalc. Proprietaryd. Internal service
11. Does the management’s discussion and analysis section of a governmental entity’s comprehensive annual financial report include required supplementary financial information?Explain.
10. Are fund financial statements the only financial statements included in the comprehensive annual financial report of a governmental entity? Explain.
9. Explain the nature of the contributions in the statement of changes in fiduciary net assets of a governmental entity’s pension trust fund.
8. Accounting for a nonexpendable trust for which a governmental entity acts as custodian requires the establishment of two separate private-purpose trust funds. Why is this true?
7. Is a statement of revenues, expenses, and changes in fiduciary net assets issued for an agency fund of a governmental entity? Explain.
6. How does the statement of net assets of a governmental entity’s internal service fund differ from the statement of net assets of the governmental entity’s enterprise fund?Explain.
5. How is the excess of total assets over total liabilities displayed in the financial statements of a governmental entity’s internal service fund? Explain.
4. What are the four categories of cash flows in the statement of cash flows for a governmental entity’s enterprise fund?
3. Why does a governmental entity’s enterprise fund have restricted assets in its statement of net assets? Explain.
2. The accounting for a governmental entity’s enterprise fund in many respects is similar to the accounting for a business enterprise; yet there are a number of differences between the two types of
1. Under what circumstances are general obligation bonds payable of a governmental entity recorded in the governmental entity’s enterprise fund? Explain.
On July 1, 2005, the Town of Warren issued $600,000 face amount of three-year, 9% special assessment bonds, payable $200,000 a year plus interest, at a 10% yield rate, to finance a street improvement
On April 30, 2006, the Town of Noblisse General Fund received the $30,000 proceeds from disposal of a computer that had a carrying amount of $40,000. The General Fund had acquired the computer three
A citizen of Hays City donated 10 acres of undeveloped land to the city for a future school site. The donor’s cost of the land was $555,000. The current fair value of the land was$850,000 on the
On March 24, 2006, Wildwood Village sold to a scrap dealer for $40,000 an old fire engine with a cost of $200,000 and carrying amount of $20,000 in Wildwood’s general capital assets account group.
Prepare journal entries (omit explanations) for the foregoing activity of Nemo County.Identify by initials the funds or voluntarily maintained account groups (for example, GF, SRF, CPF, GCAAG) in
Among the activities of Nemo County for the fiscal year beginning July 1, 2005, and ending June 30, 2006, was the following:Sept. 1, 2005 Acquired for cash, from proceeds of general tax revenues,
Prepare journal entries (omit explanations) on March 18, 2006 only, for the appropriate funds and voluntarily maintained account group of Bucolic Township.
On March 18, 2006, the Bucolic Township General Fund transferred $140,000 to the Debt Service Fund for the semiannual $100,000 serial maturity (payable March 31, 2006) on$800,000 face amount of
On April 30, 2006, the fiscal agent for the Town of Wallen Debt Service Fund paid the final serial payment of $50,000 on the town’s 8% general obligation bonds, together with semiannual interest.
On July 1, 2005, the County of Pinecrest issued at face amount $1,200,000 of 30-year, 5%general obligation term bonds, interest payable each January 1 and July 1, to finance the construction of a
On July 1, 2005, the City of Garbo Capital Projects Fund received the proceeds of a $1 million face amount, 6% five-year serial bond issue, $200,000 principal plus interest payable annually, to
On July 1, 2005, property taxes totaling $480,000, of which 11⁄2% was estimated to be uncollectible, were levied by the County of Larchmont Special Revenue Fund. Property taxes collected by the
16. For the transactions and events related to construction of public improvements financed by special assessments, does a governmental entity use a:Special Revenue Capital Projects Debt Service
15. Are journal entries for a capital lease (for property not recorded in a proprietary fund)entered into by a governmental entity typically required in the entity’s:General Long-Term General
14. The typical balances of the following ledger accounts of a governmental entity’s general long-term debt account group are:Amount Available in Debt Service Fund Amount to Be Provided Debit
13. A governmental entity’s Amount to Be Provided ledger account is included in the accounting records of the entity’s:a. Debt service funds.b. Capital projects funds.c. General long-term debt
12. Excluded from the voluntarily maintained general capital assets account group of a governmental entity are:a. Donated plant assets.b. Plant assets constructed with resources of capital projects
11. Are plant assets of a governmental entity accounted for in the entity’s:General Fund? Capital Projects Funds?Yes Yes Yes No No Yes No No
10. A governmental entity’s voluntarily maintained general capital assets account group may be used for all plant assets of the governmental entity not recorded in:a. Capital projects fundsb. Trust
9. Is an annual budget always recorded by a governmental entity’s:Special Revenue Capital Projects Debt Service Funds? Funds? Funds?Yes Yes Yes Yes No Yes Yes Yes No Yes No No
8. To record the issuance of general obligation bonds at face amount to finance a governmental entity’s capital project fund, the accountant for that fund credits:a. Revenuesb. Other Financing
7. A Fund Balance Reserved for Encumbrances ledger account most likely is appropriate for a governmental entity’s:a. Special revenue fundb. Capital projects fundc. Debt service fundd. Three
6. A capital projects fund of a governmental entity is:a. A governmental fundb. A proprietary fundc. A fiduciary fundd. An account group
5. The governmental funds of a governmental entity for which the statement of revenues, expenditures, and changes in fund balance typically displays both budgeted and actual amounts are:a. Special
4. The type of governmental fund of a governmental entity whose accounting most resembles that of the entity’s general fund is a:a. Capital projects fundb. Debt service fundc. Special revenue
3. An example of a governmental fund of a governmental entity is:a. An enterprise fundb. A special revenue fundc. An agency fundd. None of the foregoing
2. The governmental funds of a governmental entity include all the following except:a. Special revenue fundsb. Agency fundsc. Debt service fundsd. Capital projects funds
11. Under what circumstances, if any, is a liability for special assessment bonds recorded in a governmental entity’s voluntarily maintained general long-term debt account group?Explain.1. May
10. Explain how each of the following accounting units of a governmental entity is affected by a capital lease for fire engines of the fire department: general fund, voluntarily maintained general
9. The following journal entry appeared in the accounting records of the Village of Marvell voluntarily maintained General Long-Term Debt Account Group:Amount to Be Provided 25,000 Amount Available
8. Is a balance sheet issued for a governmental entity’s voluntarily maintained general capital assets account group? Explain.
7. Explain the use of the Investment in General Capital Assets from Gifts ledger account of a governmental entity’s general capital assets account group.
6. Is the recognition of depreciation of plant assets appropriate for a governmental entity’s voluntarily maintained general capital assets account group? Explain.
5. The following journal entry (explanation omitted) appeared in the Charter County Debt Service Fund:Cash with Fiscal Agent 83,000 Cash 83,000 What is the probable explanation for this journal
4. Is a separate debt service fund established for every issue of general obligation bonds issued by a governmental entity? Explain.
3. How are proceeds of general obligation bonds issued at face amount by a governmental entity to finance a construction project accounted for in a capital projects fund? Explain.
2. The following journal entry was prepared for the Town of Groman Special Revenue Fund, established to account for special assessments on selected property owners of the nearby Village of
1. Describe the taxes, fees, or other revenues of a governmental entity that often are accounted for in special revenue funds.
12. The appropriate format of the end-of-fiscal-year journal entry (explanation omitted) to close the Encumbrances ledger account of a governmental entity’s general fund is:a. Unreserved and
11. The appropriate ledger accounts to be credited by a governmental entity’s general fund for cash received from the entity’s enterprise fund are:Payments in Lieu of Property Taxes Subsidies
10. Repairs that have been made for a governmental entity’s general fund, and for which an invoice has been received, are recorded in the general fund with a debit to:a. Expenditures.b.
9. The ledger account debited in the journal entry of a governmental entity’s general fund crediting the Allowance for Uncollectible Current Taxes ledger account is:a. Doubtful Current Taxes
8. In a governmental entity’s general fund journal entry on the date an invoice is received for a nonrecurring procurement under a purchase order for which encumbrance accounting was used, the
7. Which of the following ledger accounts of a governmental entity’s general fund is credited when previously ordered supplies are received?a. Fund Balance Reserved for Encumbrances.b.
6. Which of the following is a budgetary ledger account of a governmental entity’s general fund?a. Encumbrances.b. Other Financing Sources.c. Unreserved and Undesignated Fund Balance.d.
5. In the journal entry to record the annual budget of a governmental entity’s general fund, appropriate entries to the following general fund ledger accounts are:Estimated Other Estimated Revenues
4. Is a fund of a governmental entity:a.b.c.d.Exercises(Exercise 17.1)A Fiscal Unit? An Accounting Unit?Yes Yes Yes No No Yes No No
3. GASB Statement No. 34, “Basic Financial Statements . . . for State and Local Governments,”identified:a. Eleven types of funds.b. Seven types of funds and two account groups.c. Two types of
2. Which of the following ledger accounts is debited by a governmental entity’s general fund that uses the encumbrances accounting technique when a purchase order is issued?a. Appropriations.b.
1. The Estimated Revenues ledger account of a governmental entity’s general fund is debited when:a. The budgetary accounts are closed at the end of the fiscal year.b. The budget is recorded.c.
14.a. What are the financial statements issued for a governmental entity’s general fund?b. What are the principal differences between the financial statements of a governmental entity’s general
13. Differentiate between a reservation and a designation of the fund balance of a governmental entity’s general fund.

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