Question
You will be using the 2016 CAFR (you will also need the 2013 CAFR for some questions) for the city of Fond du Lac found
You will be using the 2016 CAFR (you will also need the 2013 CAFR for some questions) for the city of Fond du Lac found at www.fdl.wi.gov
QUESTION 1
Using the appropriate schedule in the Statistical Section, what amount would be recorded when the tax levy is recorded for the 2015 tax year (2016 Fiscal year)?
Debit Taxes Receivable for $23,836,590 | ||
Credit Revenue for $25,233,390 | ||
Debit Taxes Receivable for $25,233,390 | ||
Debit Taxes Receivable for $25,243,083 | ||
Both a and b. |
QUESTION 2
Assume the city applied for a grant to hire additional police officers. The grant will pay their wages. If this is the only grant of this type (the entire amount shown on the financial statement is for this grant), how much did the city receive? (Hint: Use the government wide statement).
$178,203 | ||
$425,355 | ||
Cannot be determined from the financial statements | ||
$0 | ||
$10,270,290 |
QUESTION 3
Closing the accounts at the end of the 2016 year resulted in what effect on the total fund balances of the General Fund? Assume they use a Budgetary Fund Balance account.
Net increase of $1,234,692 | ||
Net decrease of $1,834,815 | ||
Net decrease of $1,234,692 | ||
Net increase of $7,868,963 | ||
The effect cannot be determined from the financial statements. |
QUESTION 4
Internal exchange transactions between the city's governmental funds and an internal service fund would be:
The city of Fond du Lac does not have any internal service funds. | ||
Reported as expenditures by governmental funds and as revenues by the internal service fund. | ||
Reported as interfund transfers out by governmental funds and as interfund transfers in by the internal service fund. | ||
Do not need to be reported in the funds as the internal service funds are combined with the governmental activities at the government-wide level. | ||
Reported as expenses by governmental funds and as revenues by the internal service fund. |
QUESTION 5
The city amended the Expenditure budget for the Police. Recording the change in the general journal will require a:
Credit to Supplemental Appropriations. | ||
Debit to Appropriations. | ||
Debit to Encumbrances. | ||
Credit to Appropriations. |
QUESTION 6
In their governmental funds balance sheet, the city shows a deferred inflow for Property Taxes. What does this item represent? Why is it classified the way it is? I do not want a definition of deferred inflows. I want you to take that definition and what you learned about property taxes and explain this item.
QUESTION 7
Assume the city uses the periodic consumption method and their beginning inventory in the General Fund was $822,550. What was the adjusting journal entry made by the city for the inventory in the General Fund? Use the following format for your answer: DR-Account Title $amount CR-Account Title $amount Show any calculations for which you wish to receive partial credit.
QUESTION 8
Assume the adjusting entry for inventory has already been made (ignore the effect of the inventory adjustment in answering this question). The city needs to adjust the remaining fund balance accounts in the General Fund. The change in the unassigned fund balance account from making the adjusting entries was: _________________. (Enter your answer with a negative sign if it is decreased. Do not use dollar signs, commas or cents).
Note: You will need to get the 2015 statement to determine the beginning balances.
QUESTION 9
The city has which of the following governmental fund types (check all that apply). You may find it useful to look at the Combining fund statements in the Supplemental Information to determine the types of funds included in nonmajor funds.
Special Revenue Funds | ||
Capital Project Funds | ||
Permanent Funds | ||
Debt Service Funds |
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