Hi , any one can answer 40 multiply questions . Please double check your answers. I need all answer correct. If you cannot do that please don't Assign it.
the following? 8- Basis of accounting determines which of fl When transactions and events are recogmzai s will be rep0fld will be reported. ll be reported. b) What transactions and event C) Where transactions and events d) Why transactions and events WI 9. Which of the following funds is a fiduciary fund? a) Permanent fund. jr) Agency fund. c) Capital projects fund. d) Debt service fund. 10. Per GASB standards, a budget a) The original budget only. b) The final budget only. y)' Both the original and the final budget. d) Both the amended and the final budget. -toactual comparison must include columns for the actual results and Use the information below to answer the following two questions: Kayla Township issued the following bonds during the year: Ten-year bonds to acquire equipment for a data processing service reported in an internal servtce fund 52,000,000 Bonds to construct a new police station 59,000,000 Bonds to increase the capacity of the water treatment plant reported in an enterprise fund 54,800.000 1 l. The amount of debt reported in the Township's general fund is: Ai so b) 39,000.000 c) 31 l,000,000 d) sis,800,000 12. The township should report depreciation expense on related new capital assets in: a) General fund b) Enterprise fund pf Enterprise and internal service funds d) Capital projects fund 13. The bonds issued to construct the new police station should be reported as: a) Debt proceeds in the general fund b) Long-term debt in a debt service fund of Debt proceeds in a capital projects fund ,-. d) None of the above 'MX' ( 14. yertain fiscal practices of governments promote interperiod equity while others undermine. For the "xu/"Situations listed below, which one undermine the interperiod equity ? a) lssuing 30-year serial bonds to finance the construction of capital assets with estimated 30-year lives b) Paying for the pensions of retired employees out of resources provided by current-period taxpayers. 0) Charging the cost of supplies as expenditures in the year in which they were used rather than when they were purchased. d) Charging payments of wages and salaries made in the first week of a new year to the previous fiscal year, the year in which the wages and salaries were earned.Multiple Choice 2.5 points each l. When a purchase order is released, a commitment is made by a governmental unit to buy a com') be manufactured to specifications for use in property tax administration. This commitment shotililuzlto recorded in the general fund as a (an): a. Appropriation. fb. Encumbrance. c. Expenditure. d. Fixed asset. 2. A county's balances in the general fund included the following: Appropriations $755,000 Encumbrances 37,250 Expenditures 298,000 Vouchers payable 55,875 What is the remaining amount available for use by the county? 3. $353,875 b. $391,125 c. $409,750 d. $4l9,750 3. Receipts from a special tax levy to retire and pay interest recorded in which fund? a. General. b. Capital projects. l/c: Debt service. d. Special revenue. 4. Under the modified accrual basis of accounting, revenues cannot be recognized a. Until cash has been collected ,b; Unless they will be collected within 60 days of year-end 0. Until they are subject to accrual ntil they are measurable and available 5. Which event(s) is(are) supportive of interperiod equity as a financial re on general obligation bonds should be porting objective of a governmental unit? I. A balanced budget is adopted. II. Residual equity transfers out equa (a'. I only. b. Il only. c. Both 1 and Il. d. Neither I nor II. is residual equity transfers in. 'ations. should be made in the general fund. .i is used by governmental units with resources that must be: into combined or combining financial statements. gr the purpose of carrying on specific activities or attaining certain objectives. : 'atmy according to varions objectives.i a. Special revenue fund Name b. Permanent fund c. Fiduciary fund d. Agency fund 36. Assume that th ' e City of Junea ' ' u maintains its books and records to facilitate the preparation of its fund, financial statements T ' ' he c'ty pays Its employees bi-weekly on Friday. The fiscal year ended dir" we "CSday June E general fund had earnedngloogees had been Paid on Friday, June 25. The employees paid from the entry. if any should b ' po on Monday. Tucsday. and Wednesday (June 28, 29, and 30). What If) Debit E' d. 6 made m the CitY'S general fund on June 30? b) Debit E:pen itures $90,000; credit Wages and salaries payable $90,()OO. penses S90,000; credit Wages and salaries payable S90,000. C) Debit Expenditures $90 000. , ,cred t E dl No entry is reCIUired. l ncumbrances "0300- 7. ' . . . 3 What is the primary reason that governmental entities use fund accounting? 3) Fund accounting is required by law. b) Fund accounting is required by GAAP. yi Fund accounting promotes control and accountability over restricted resources. d) Fund accounting promotes better control over operating activities. account for supplies. At the beginning of the year the city had no supplies on hand. During the year the city purchased $800,000 of supplies for use by activities accounted for in the general fund. The city used $400,000 of those supplies during the year. Assuming that the city maintains its books and records in a manner that facilitates the preparation of its-fund, fr 'al statements at fiscal year-end the appropriate account balances related to supplies expenditures and supplies inventory would be a) Expenditures $600,000; Supplies inventory $200,000. yExpenditures 5800,000; Supplies inventory $4005UO c) Expenditures $400,000; Supplies inventory $200,000. d) Expenditures S400,000; Supplies inventory SO. iption method to account for supplies. At the beginning of the year During the year the city purchased $450,000 of supplies for use by l fund. The city used $300,000 of those supplies during the year. ances on the general fund financial statements would be Mm 38. Bay City uses the purchases method to 39. Shoshone County uses the consun the city had no supplies on hand. activities accounted for in the genera At fiscal yearend, the appropriate account a) Expenditures $450,000; Supplies inventory $150,000 b) Expenditures S450,000; Supplies inventory $0 fi) Expenditures $300,000; Supplies inventory S l 50,000. d) Expenditures S300,000; Supplies inventory 30, 40 Xml of the following rule-making authorities would establish accounting standards for Queens Cg, CUNY? x" CPA 8) b) c) fi at must be invested and the 'nclp . . . . ifies that the P" rtncr al 0 20. A Ci" receives a donation from a mill {on y. The P P fthis v ra I - , . sed to support "Pe . , eammgs must be u hich ofihe iollowm gin should be accounted for in W al Trust fund. bi Special revenue fund. cl Pemtanent fund. d dl internal service fund. at the government mten s "l at government is the recipient of a bequest of a multi-story Office bmldlf'gr R value m me hands of - . . v building has a historical cost of S850.000, 3 OO on ns ' The city should recognize to use as a new city hall. The 000 the benefactor ot"5700.000; and a fair value of S l ,050. f governmental fund financial statements donations revenue 0 so. {ai 5700.000. ci sssocoo. d) SLOSODOO. d 33. A public school district formally adopted a budget with estimated revenues of $800 and approve to record the budget? expenditures of 8780. Which of the following is the appropriate entry balance 520; credit Estimated revenues SBOO. balance 520; credit Estimated revenues $800. ropriations 3780; credit Fund balance $20 3) Debit Appropriations S780; Debit Fund b) Debit Encumbrances 5780; Debit Fund of Debit Estimated revenues SSOO; credit App dl Memorandum entry only. I 23. During 2014. a state has the following cash collections related to state income taxes Payroll withholdings and estimated payments related to 2014 income 5360 4'l 514 Balance of 2013 (net ofSlO refunds) income taxes 5 40 1715' 15 payroll withholdings and estimated payments related to 2014 income $ 30 3i'15s'15 payroll withholdings and estimated payments related to 2015 income 5 25 41515 Balance of 2014 (net of SS refunds) income taxes 3 45 Assuming that the state defines "available" as the maximum period allowable for property taxes, what is the amount of revenue that will be recognized in the 2014 governmental fund financ' it. related to state income taxes? 3) 5400. b) 5405. /l 5430. d) 5465. @ During 2014, a state has the following cash collections related to state income taxes Pa}1'oll withholdings and estimated payments related to 2014 income $360 415/14 Balance of 20l3 (net ofSlO refunds) income taxes $ 40 in' l Sil 5 payroll withholdings and estimated payments related to 2014 income $ 30 3 '15.'l 5 payroll withholdings and estimated payments related to 2014 income 25 4='l 5115 Balance of 20l4 (net of SS refunds) income taxes 3 45 Assuming that the state defines "available" as the maximum period allowable for property taxes what is the amount of revenue that will be recognized in the 2014'w-Wmmemekm related to state income taxes? a) 5400. b) 5495. ct' 5430. 25. A city formally adopted a budget at the beginning of the current year. Budgeted revenues were 5500 and budgctcd expenditures were 5470. During the year actual revenues were 3530 and actualx X ; is". x 17 18. Name M- The amount that a government has available to spend for a particular purpose in a particular year would be indicated by a. Encumbrances minus the sum of appropriations, expenditures, and net adjustments b. Reserve for encumbrances plus appropriations minus the sum of expenditures and net adjustments c. Appropriations plus encumbrances minus the sum d. Appropriations minus the sum of expenditures, encumbrances, and n government to Clare City's of expenditures and net adjustments et adjustments At December 31, Year 1, the following balances were due from the state .. various funds: Capital projects $300,000 Special revenue fund $18,000 Trust and agency lO0,000 Enterprise 80,000 In Clare's December 31, Year 1, financial statements, what amount should be reported in governmental funds? a.$318,000 b.$l80,000 e.$300,000 d.$480,QOO A government makes a contractual-determined contribution to its pension plan in the amount of SS,500 for year 1. The actuarially-determined annual required contribution for year l was $l3,500. The pension plan paid benefits of $8,200 and refunded employee contributions of $800 for year 1. What is the pension expenditure for the general fund for year 1? (58,500 b. $9,000 c. $10,000 d. $13,500 Which of the following is one of the, three standard sections of a governmental comprehensive annual financial report? a. Investment. b. Actuarial. / Statistical. d. Single audit. i'v Gity of Lakeview adopts its budget on a basis of accounting that permits outstanding purchase Umnfiiments to be charged against the budget in the year that the goods are received instead of in the year they are ordered. During the year the city.ordere.d" Of supplies (of which 'tuznsri asia-ms paid and." l was unpaid) and'had'$500 of outstanding purchase commitments for ./ k i SMS at year-end. In the budget-to-actual comparison, the expenditures for supplies would be:,b') Net current financial resourCeS C) Net cash. d) Net economic resources. t and encumbers $6,000 for that item. The . ofe uipmen . 30. Carolina City places an order for a specrfic "CTVIfiCh'Jofthe fonowing entries should the my make upon equipment arrives with an invoice for $5,700. ' t fth e ui ment? and a credit to race: 0A d:bii]to:xpenditttres for $5,700 a debit to accounts payable for $300' encumbrances for 56.000. for encumbrances for "Go, and a credit b) A debit to expenditures for $5,700, a debit to reserve to accounts payable for 56,000. c) A debit to expenditures for $300, a to encumbrances for $6,000. redit to 'th A debit to expenditures for $5,700, a debit to reserve for encumbrances for $6,000, a 3 accounts payable for $5,700, and a credit to encumbrances for $6,000 redit debit to reserve for encumbrances for $5,700, and a C . . ' ms? 3 1. Which of the following funds would be reported as a fiducrary fund in Pine City s finanClal Stateme a. Special revenue. ' b. Permanent. XPrivate-purpose trust. d. Internal service. 32. Kenn City obtained a municipal landfill and passed a local ordinance that required the city to operate the landfill so that the costs of operating the landfill, as well as the capital costs, are to be recovered with charges to customers. Which of the following funds should Kenn City use to report the activities ofthe landfill? /( Enterprise. b. Permanent. 0. Special revenue. d. Internal service. 33. To close Reserve for encumbrances at the end of the year which of the following entries should be made? a) Debit Reserve for encumbrances; credit Fund balance. b) Debit Reserve for encumbrances; credit Encumbrances. c) Debit Fund balance; credit Reserve for encumbrances. is No closing entry needed. 34. During 2014, the city issued 3300 in fines for failure to keep real property in 'acceptable' condition. During that period the city spent $200 to mow and clean up the unoccupied properties for which the fines were assessed. The city estimates that $30 of the fines issued in 2014 will be uncollectible. During 2014 the city collected 5230 related to 2014 fines and 340 related to 2013 fines. The amount of revenue that the city should recognize in its 2014 governmental fund financial statements related to fines is a) 35230. b)' $250 c) 3270. d) 5300. 65. The City ofRound Lake receives a contribution of $20 million. The donor stipulates that the k oney is to be invested. The principal is to remain intact, and the investment proceeds are to be used to support a city-owned mare center. The city should report the contribution in a7' Name expenditures were $520 ' . Which of the following statements is true? Fund balance at the end of the current year in com ar. fl $lO greater. p iso" to fi'md balance at the end of the preceding year will be b) 530 greater. c) $40 greater. d) $50 greater. 2 . ' 6 A c")' that has a 12/31 fiscal year end has adopted a policy of recognizing the maxtmum amount of property tax revenue allowable under GAAP. Property taxes of $720,000 (OfWhiCh 5 Peru?"t are estimated to be uncollectible) are levied in October 2013 to finance the activities of the fiscal year 2014 During 2014. cash collections related to property taxes levied in October 2013 were $600,000 In 2015 the following amounts related to the property taxes levied in October 2013 were collected: January $30,000; February, $6,000. For the fiscal year ended 12/31/14. what amount should be recognized as property tax revenues related to the 2013 levy on the governmental fund financial J- statements? a) $720,000. b) $684,000. $630,000. S636,000. city that has a 12/31 fiscal year end has adopted a policy of recognizing the maximum amount of property tax revenue allowable under GAAP. Property taxes of $720,000 (of which 0 percent are estimated to be uncollectible) are levied in October 20 l 3 to finance the activities of the fiscal year 2014. During 2014, cash collections related to pr0perty taxes levied in October 2013 were $600,000. In 2015the following amounts related to the property taxes levied in October 2013 were collected: January $30,000; February $6,000. For the fiscal year ended 12/3 1 / l 4, what amount should be recognized as property tax revenues related to the 2013 levy on the govemment-wide financial Mug. .7.. .,... . , tements? S720,000. v 5648,000. 0) $630,000. d) $600,000. 27. 28. A city with a 12/31 fiscal year-end requires that restaurants buy a license, renewable yearly. Proceeds of the license fees are intended to pay the salaries of inspectors in the health department. Licenses are imd for a fiscal year from October 1 to September 30. During 20 l 4, cash collections related to flames were as follows [accuses issued during 2013 for the lO/l/l3-9/30/l4 fiscal year $ 3 lawnses issued during 2014 for the 10/1/14-9/30/15 fiscal year $180 It isms'eipatedthat during 2015 the amount collected on licenses for the lO/l/l4-9/30/l 5 fiscal year "germans. In September 2013 the amount collected related to lO/ 1/ l 3-9/30/ 14 licenses was $l44 "EMU!" should be recognized as revenue in the fund financial statements for the fiscal year firmly/Mi? Z) . fig: chaim 0 r . . '9' AS Will accounting, expenditures are decreases in n' KIM ..,"L l
