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modern advanced accounting

Questions and Answers of Modern Advanced Accounting

3. The following proceeds received by Glad City in 2017 are legally restricted to expenditure for specified purposes:Donation by a benefactor mandated to provide meals for the needy$200,000 Sales
2. Taylor City issued the following long-term obligations:Revenue bonds to be repaid from admission fees collected from users of the city swimming pool$1,000,000 General obligation bonds issued for
What amount of the foregoing revenues should be accounted for in Arvida’s governmental funds?a $6,140,000 b $6,100,000 c $6,040,000 d $6,000,000 Accounting for State and Local Governmental
E 21-5 Multiple choice [AICPA adapted]1. The following revenues were among those reported by Arvida Township in 2016:Net rental revenue (after depreciation) from a parking garage owned by
5. The accounting and financial reporting concepts are virtually the same for which of the following fund types?a Private-purpose trust funds and permanent funds b Permanent funds and pension trust
4. If Hudack County established a separate fund entity to account for state income taxes collected and remitted to the state, the fund would likely be:a An agency fund b An internal service fund c An
3. Funds for which a government entity has fiduciary responsibilities:a Must be accounted for in trust and agency funds according to GAAP b May be accounted for as liabilities of the general fund c
2. Agency funds maintain accounts for:a Liabilities b Revenues c Net position d Expenditures
E 21-4 Multiple choice 1. Fiduciary funds include four different types of funds. Which of the following is not one of these types?a Agency funds b Tax collection funds c Private-purpose trust funds d
5. Enterprise funds should be used in accounting for governmental activities that involve:a Providing goods and services to the public b Providing goods and services to other departments of the
4. An internal service fund would most likely be created to provide:a Debt service b Centralized purchasing c Perpetual care of cemeteries d Tax collection and recording services
3. If enterprise fund assets are financed through general obligation bonds, rather than revenue bonds, the debt:a Is not an enterprise fund liability b Must be serviced through a debt service fund c
2. A city provides initial financing for its enterprise fund with the stipulation that the amount advanced be returned to the general fund within five years. The general fund expects prompt
E 21-3 Multiple choice 1. Charges for services are a major source of revenue for:a A debt service fund b A trust fund c An enterprise fund d A capital projects fund
5. Through an internal service fund, Floyd County operates a centralized data processing center to provide services to Floyd’s other departments. In 2014, this internal service fund billed
4. Carlton City serves as a collecting agency for the local independent school district and for a local water district.For this purpose, Carlton has created a single agency fund and charges the other
3. Initial financing for internal service fund activities may be obtained from a Advances from another fund b Transfers from another fund c Transfer of related materials held by governmental
2. Which of the following transactions would not be allowed in an internal service fund?a The purchase of capital items b Borrowing from another fund c Transfers from other funds d None of the above
E 21-2 Multiple choice [Based on AICPA]1. The billings for transportation services provided to other governmental units are recorded by the internal service fund as:a Interfund exchanges b
5. The accounting equation for agency funds is:a Current assets Noncurrent assets All liabilities Fund balance b Current assets Noncurrent assets All liabilities Net position c Current
4. The simplified accounting equation for proprietary funds is:a Current assets Noncurrent assets All liabilities Fund balance b Current assets Noncurrent assets All liabilities Net
3. The proprietary fund statement of cash flows includes all of the following sections except:a Cash flows from operating activities b Cash flows from investing activities c Cash flows from capital
2. Which of the following is not a fiduciary fund?a Agency fund b Trust fund c Permanent fund d All of the above are fiduciary funds
E 21-1 Multiple choice 1. Internal service funds are reported:a With governmental funds on the fund financial statements b With governmental activities on the government-wide statement of net
16. How might the enterprise fund amounts on the proprietary fund statement of net position differ from the amounts reported as “business-type activities” on the government-wide statement of net
15. Under what circumstances will a proprietary fund be required to report segment information?
14. What is the accounting equation for an agency fund?
13. Do governmental financial statements indicate whether a pension plan is fully funded? Explain.
12. How many columns (not including total columns) are needed for a government-wide statement of net position of a governmental unit with a general fund, two special revenue funds, three internal
11. How does a private-purpose trust fund differ from a permanent fund?
10. Describe the disclosure requirements for an Enterprise Fund (EF). Explain how the disclosure assists users of financial statements.
9. Explain public employment retirement systems (PERS). What are the two types of pension plans? Explain the differences.
8. How does a proprietary fund statement of cash flows differ from a commercial enterprise’s statement of cash flows?
7. Why is it important for internal service funds to differentiate between revenues generated by interfund transactions and transactions with external parties?
6. Because proprietary funds are accounted for in much the same manner as commercial business organizations, is it appropriate for FASB pronouncements to be used for their accounting?
5. How does the presentation of an enterprise major fund differ from the presentation of an internal service major fund?
4. Which fund financial statements include internal service fund data? Which government-wide statements include internal service fund data?
3. What fund financial statements are needed for an enterprise fund to meet the requirements for fair presentation in accordance with GAAP? Which government-wide statements include enterprise fund
2. Cite some governmental operations that might be accounted for through an internal service fund.
1. How are enterprise and internal service funds similar? How are they different?
2. Locate the Web site for a municipality (city, county, town, parish, etc.) in which your college or university is located. Is the municipality’s financial report available on the Web site? If so,
1. Visit the GASB’s Web site. Click on Standards & Guidance menu and select Pronouncements.What is the title of the most recently issued GASB standard? When was it issued? What is its effective
E 19-13 Identification of fund type and transaction analysis Perez County entered into a number of transactions for the current fiscal year. Identify the fund or funds affected by each transaction
6. Interest income collected on Sioux Falls’s general fund investments totaled $70,000 for the year.An Introduction to Accounting for State and Local Governmental Units 663
5. “Profits” of $500,000 from the airport enterprise fund were transferred to the general fund of the city to subsidize general fund operations.
4. In the second fiscal year, the city repaid the principal and interest on the note issued in transaction 2 at the due date of the note.
3. The city sold general fixed assets with an original cost of $300,000 for $30,000 at the end of their useful life. The use of the resources received is not restricted.
2. Sioux Falls purchased an automobile by issuing a $25,000, 8 percent note to the vendor. The purchase occurred at midyear, and the note is a one-year note.
E 19-12 Identification of fund type and transaction analysis The City of Sioux Falls entered into a number of transactions for the current fiscal year. Identify the fund or funds affected by each
E 19-11 Identification of fund type For each of the following events or transactions, identify the fund or funds that will be affected.1. A new city government establishes an employee pension
E 19-10 Identification of fund type For each of the following events or transactions, identify the fund or funds that will be affected.1. The Board of County Commissioners approved the construction
E 19-9 Identification of fund type For each of the following events or transactions, identify the fund or funds that will be affected.1. The principal, interest, and related charges from a city’s
E 19-8 Transaction analysis—proprietary funds Repeat Exercise 19-7, this time assuming that the transactions involve a proprietary activity instead of a general governmental activity.
8. Determined that it is probable that a lawsuit involving a claim against a department will result in a settlement of at least $50,000. However, it is not expected that any payments will be required
7. Sold equipment at the end of its expected useful life. The equipment had no expected residual value when acquired (at a cost of $13,000), but it sold for $1,200.
2. Levied property taxes of $100,000; $98,000 was collected during the year. The balance is expected to be uncollectible.3. Borrowed $60,000 by issuing a nine-month note bearing interest at 7
E 19-7 Transaction analysis—governmental funds Use transaction analysis to determine the effects of each of the following transactions in the general fund.1. Salaries paid totaled $30,000.
8. A fund used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds or in trust funds for
7. A fund used to report any activity that provides goods or services to other funds, departments, or agencies of the primary government and its component units, or to other governments, on a
6. A fund used to account for the proceeds of specific revenue sources (other than trusts for individuals, private organizations, or other governments or for major capital projects) that are legally
5. A fund used to report resources that are legally restricted to the extent that only earnings, and not principal, may be used for purposes that support the reporting government’s programs—that
4. A fund used to account for the accumulation of resources for, and the payment of, general long-term debt principal and interest.
3. A fund used to account for all financial resources except those required to be accounted for in another fund.
2. A fund used to report any activity for which a fee is charged to external users for goods and services.
1. A fund that is used to report assets held in a trustee capacity for others and that cannot be used to support the government’s own programs.
E 19-6 Identification of fund type Identify each of the fund types described.
5. Required supplementary information includes a Schedule(s) of funding progress of pension plans b Schedule(s) of employer contributions to pension plans c Budgetary comparison schedules for the
4. Budgetary comparison information must be presented for the a Debt service fund b General fund c Pension fund d Permanent trust fund
3. A component unit a Is financially accountable to the primary government b Must be discretely presented in a primary government’s CAFR c Is excluded from a primary government’s CAFR d Is a
2. An expense would be reported in which of the following funds?a General fund b Internal service fund c Debt service fund d Special revenue fund
E 19-5 Multiple choice 1. Which of the following are eliminated from the financial statements under GASB 34?a General long-term debt account group b General fixed asset account group c Both a and b d
5. Which of the following funds would be used to account for an activity that provides goods or services to other funds?a General fund b Enterprise fund c Debt service fund d Internal service fund
4. Which of the following funds would not be included in governmental fund financial statements?a Debt service fund b General fund c Pension trust fund d Permanent fund
3. Which of the following funds will report fixed assets in the fund financial statements?a General fund b Special revenue fund c Debt service fund d None of the above An Introduction to Accounting
2. Which of these funds generally follows the accrual basis of accounting?a General fund b Internal service fund c Debt service fund d Special revenue fund
E 19-4 Multiple choice 1. Which of the following is not a governmental fund?a Special revenue fund b Debt service fund c Trust fund d General fund
5. The simplified governmental fund accounting model is as follows:a Assets Liabilities Fund Balance b Current Assets Current Liabilities Fund Balance c Current Assets Noncurrent Assets
4. Which fund follows the modified accrual basis of accounting?a General fund b Special revenue fund c Debt service fund d All of the above
3. The cash received from the sale of vehicles used by the sheriff’s office should be recorded in a The general fund b The general fixed assets account group c A capital projects fund d A debt
2. One would not expect to find fixed asset accounts in the a Governmental fund financial statements b Proprietary fund financial statements c Government-wide financial statements d Financial
E 19-3 Multiple choice 1. Which of the following is considered an exchange transaction under GASB 33?a A city receives a federal grant b A bus driver collects bus fare from a rider c Property taxes
5. An expense would be reported in which of the following funds?a Special revenue funds b Capital projects funds c Enterprise funds d Permanent funds
4. Authority granted by a legislative body to make expenditures and to incur obligations is the definition of an a Appropriation b Allowance c Encumbrance d Expenditure
3. Under the modified accrual basis of accounting for a governmental unit, revenues should be recognized in the accounting period in which they a Are earned and become measurable b Are collected c
2. The government-wide statements of a state government a May not be issued separately from the comprehensive annual financial report b Are prepared on both the accrual and modified accrual bases of
E 19-2 Multiple choice [AICPA adapted]1. Depreciation expense accounts would likely be found in the a General fund b Capital projects fund c Debt service fund d Enterprise fund
5. Ketchum County issues general obligation serial bonds to finance construction of a new high school. Which of the following funds are affected by the transaction?a Special revenue fund b Capital
4. Which of the following will not appear in financial statements prepared under GASB 34?a Government-wide statements b Fund financial statements c Management’s discussion and analysis d General
3. The term appropriation, as used in governmental accounting, is:a A budget request b A commitment c An authorization to spend d An allotment
2. The primary emphasis in accounting and reporting for governmental funds is on:a Flow of current financial resources b Income determination c Capital transfers d Transfers relating to proprietary
E 19-1 Multiple choice 1. Which of the following items has the greatest GAAP authority under SAS 69?a GASB implementation guides b Consensus positions of GASB’s Emerging Issues Task Force c GASB
23. How do operational accountability and fiscal accountability differ? In what context are they used?E x E R c I S E S
22. What are the three sections of a CAFR? Briefly identify the contents of each section.
21. How does an expenditure differ from an expense? Identify the funds that report expenditures and those that report expenses.
20. Distinguish between the various types of interfund activity.An Introduction to Accounting for State and Local Governmental Units 659
19. List the authoritative documents available to financial statement preparers and auditors related to governmental accounting and financial reporting. Which is the most authoritative?
18. How do nonreciprocal transfers differ from reciprocal transfers?
17. List the required governmental fund and proprietary fund financial statements. On what basis of accounting are these statements prepared?
16. What is an appropriation? How can budgetary approval be arranged to give the legislative body maximum control over the budget? How can it be arranged to give the executive maximum flexibility?
15. Are interfund transfers expenditures or expenses? Explain.

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