1. A government incurred expenditures for its infrastructure as follows: $20 million for general repairs; $22 million to extend the life of existing infrastructure; $21 million for improvements and additions. If depreciation is to be charged, the amount would be $23 million. Which of the following would be true? A) If the government chose to use the modified approach to record infrastructure, the amount to be charged as expense would be $42 million. B) If the government chose not to use the modified approach to record infrastructure, the amount to be charged to expense would be $43 million. C) Both A and B. D) None of the above.

2. The City of Casper levied property taxes for 2017 in the amount of $9,000,000. By the end of the year, $7,200,000 had been collected. It was estimated that $500,000 would be collected during the next 60 days of 2017 and that $240,000 would be collected after that and the remainder would be uncollectible. The City has a policy of recognizing the full amount possible for property taxes. Which of the following statements is true? A) The amount reported for property tax revenue in the government-wide Statement of Activities would be $7,700,000. B) The amount reported for property tax revenue in the governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balances would be $7,940,000. C) Both A and B. D) None of the above.

3. A governmental fund's Statement of Revenues, Expenditures, and Changes in Fund Balances reported expenditures for capital outlay in the amount of $5,000,000. Capital assets for that government cost $110,000,000, including $20,000,000 in land. Depreciable assets are amortized over 20 years, on average. The reconciliation from the governmental funds changes in fund balances to the governmental activities change in Net Position would reflect a(an): A) Increase of $250,000. B) Decrease of $250,000. C) Increase of $500,000. D) Decrease of $500,000.

4.In its government-wide Statement of Net Position, a government reported assets of $165 million, including $70 million in capital assets (net of depreciation), and liabilities of $80 million, including long-term debt of $60 million, $50 million of which was issued to acquire capital assets. In addition, $30 million was restricted for debt service and other purposes. The government's Unrestricted Net Position would be reported as: A) $85 million. B) $65 million. C) $45 million. D) $35 million

5. A government reported an Other Financing Source in the amount of $600,000 related to the sale of land in its governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. The land had a cost of $150,000. The adjustment in the reconciliation when moving from the changes in fund balances in the Statement of Revenues, Expenditures, and Changes in Fund Balances to the change in Net Position in the Statement of Activities would be: A) Increase of $150,000. B) Decrease of $150,000. C) Increase of $450,000. D) Decrease of $450,000.

6. A government reported the following transfers in its governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances: (1) a transfer from the General Fund to a special revenue fund in the amount of $500,000; (2) a transfer from the General Fund to an enterprise fund in the amount of $400,000; (3) a transfer from the General Fund to a permanent fund in the amount of $100,000. The amount that would be shown as a transfer out in the governmental activities column in the Statement of Activities would be: A) $0; no transfer would be shown. B) $ 400,000. C) $ 700,000. D) $1,000,000.

7. A governmental fund's Statement of Revenues, Expenditures, and Changes in Fund Balances reported expenditures of $40 million, including capital outlay expenditures of $12 million. Capital assets for that government cost $80 million, including land in the amount of $10 million. Depreciable assets are amortized over 10 years, on average. The reconciliation from governmental fund changes in fund balances to governmental activities change in Net Position would reflect a(an): A) $4 million increase. B) $5 million decrease. C) $5 million increase. D) $4 million decrease.

8. The City of Smithfield levied property taxes in and for 2017 in the amount of $300 million. During 2017, $280 million was collected, and $12 million was collected during the next 60 days. During the remainder of 2018 (March - December), $3 million was written off and the remainder of the tax levy was collected. The adjustment, when moving from the governmental funds changes in fund balances to the governmental activities change in Net Position would be: A) $2 million increase. B) $2 million decrease. C) $5 million increase. D) $5 million decrease

9. A government reported expenditures for infrastructure as follows: $18 million for improvements and additions; $20 million to extend the life of existing infrastructure; $17 million for general repairs. The cost of its infrastructure, excluding land, is $750 million, and the infrastructure has an estimated life of 50 years, on average. Which of the following would be the reported expense (in millions) under each of the following options? A) Depreciation Approach: $15; Modified Approach: $37 B) Depreciation Approach: $15; Modified Approach: $32 C) Depreciation Approach: $32; Modified Approach: $37 D) Depreciation Approach: $32; Modified Approach: $32

10. A government reported expenditures for infrastructure as follows: $20 million for improvements and additions; $18 million to extend the life of existing infrastructure; $22 million for general repairs. The cost of its infrastructure, excluding land, is $600 million, and the infrastructure has an estimated life of 50 years, on average. Which of the following would be the reported expense (in millions) under each of the following options? A) Depreciation Approach: $34; Modified Approach: $40 B) Depreciation Approach: $38; Modified Approach: $32 C) Depreciation Approach: $32; Modified Approach: $38 D) Depreciation Approach: $40; Modified Approach: $34

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