practice exam1

Identify the letter that best describes the accounting and reporting by the following funds and account groups:1. Enterprise fund fixed assets.2. Capital projects fund.3. General fixed assets.4. Infrastructure fixed assets.5. Enterprise fund cash.6. General fund.7. Agency fund cash.8. General long-term debt.9. Special revenue fund.10. Debt service fund.a. Accounted for in a fiduciary fund.b. Accounted for in a proprietary fund.c. Accounted for in a quasi-endowment fund.d. Accounted for in a self-balancing account group and included in financial statements.e. Accounted for in a special assessment fund.f. Accounts for major construction activities.g. Accounts for property tax revenues.h. Accounts for payment of interest and principal on tax-supported debt.i. Accounts for revenues from earmarked sources to finance designated activities.j. Reporting is optional.

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Indicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Statement Capital assets Long - term liabilities Encumbrances 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service funds 8. Pension (and other employee benefit) trust funds 9. Investment trust funds 10. Private-purpose trust funds 11. Custodial funds

All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements. a. True O b. False

This problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a:  Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund.  Problem b:  Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed.   Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…

187. Which of the following funds should be reported as part of local government's governmental activities column in its government-wide statements? a. Debt service b. Agency c. Private-purpose trust. d. Pension trust. 188. A nongovernmental not-for-profit organization's statement of activities is similar to which of the fol- lowing for-profit financial statements? a. Balance sheet. b. Statement of cash flows. c. Statement of retained earnings. d. Income statement.

Indicate which of the following use Modified Accrual Accounting?

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For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses:   A.    Governmental funds only. B.    Proprietary funds only.       Bond Proceeds   Long Term liability for Compensated Absences   Deferred Inflows/Outflows of Resources   Taxes Receivable   Estimated Revenues     Operating Revenues

Which trust fund has assets always equal to liabilities with never a fund balance. O a. Pension trust funds O b. debt service trust funds Oc. Investment trust funds O d. special revenue trust funds Oe. Private purpose trust funds Of. Agency trust funds O g. capital projects trust funds Oh. Internal service trust funds

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8   The basis of accounting that should be used in preparing fund financial statements is:    Governmental funds Proprietary funds Fiduciary funds A) Modified accrual Accrual Modified accrual B) Modified accrual Modified accrual Modified accrual C) Modified accrual Accrual Accrual D) Accrual Accrual Accrual     Multiple Choice   Choice A   Choice B   Choice C   Choice D

Answer two questions please 1-What are the objectives of financial reporting of not-for-profit organizations? 2-Which fund category uses modified accrual basis of accounting? What are the recognition rules of revenues and expenditures under modified accrual basis of accounting?

Which of the following funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.

6   Which of the following should not be reported on the balance sheet of the General Fund?   Multiple Choice   Equipment.   Vouchers payable.   Tax anticipation notes payable.   Due from federal government.

Which of the following is an example of an interactivity transaction?a. Money is transferred from the general fund to the debt service fund.b. Money is transferred from the capital projects fund to the general fund.c. Money is transferred from the special revenue fund to the debt service fund.d. Money is transferred from the general fund to the enterprise fund.

3. A government-wide statement of net position may include a column for each of the following except: A. business type activities B. component units C. governmental activities D. major funds 4.Which type of interfund transactions result in one fund reporting revenues? A. interfund advances B. interfund services provided and used C. reimbursements D. transfers

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