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Assessment 5: Government Accounting 2 Exercise 2 Worksheet: City Operations Transactions Determine whether each of the following statements is true or false, and explain why 1. The government-wide financial statements, not the fund financial statements, will disclose the pension trust fund 4 5 True or False Brief Explanation 2. Permanent funds are disclosed as one of the governmental funds. 7 True or False Brief Explanation 9 nue er False Bret 8 3. A police department requisitions $40,000 in equipment. The cost of the equipment received is $41,600. As required for fund financial statements, a S40,000 encumbrance is recorded at the time the order was placed. A $41,600 expenditure is recorded upon receipt of the equipment. 10 11 True or False Brief Explanation 12 4. The government reports a biomass energy plant as an enterprise fund. At the end of the first year, the cost for clean-up after eventual project closure was estimated at $875,000. The current expenditure was 12%. At the end of the second year, and an expenditure of 2096, the estimate was revised upward to $960,000. Payments are not due for several years. An $87,000 expense should be reported on fund financial statements for the second year. 13 14 True or False 15 Brief Explanation 5. A city reports a landfill in its general fund. At the end of the first year, the city anticipated that landfill clean-up, after it's full, would cost $1,200,000 and reported it as 11% full. At the end of the second year, the city revised its estimates to $1,150,000 and 20% full. Payments are not due for several years. A S98,000 expense should be reported on government-wide financial statements for the second year 16 17 True or False Brief Explanation 18 6. On the first day in January of Year 1, a city signs a six-year lease for a communications system (for use by police department). Six $15,000 yearly payments will be made under the terms of the lease, with the first payment due immediately. The present value of the $90,000 in cash flows based on an interest rate of 10%, is $65,329, First-year fund financial statements should report