Acct 567 Week 1 Assignment

613 Words Aug 15th, 2014 3 Pages
1–3. Matching. Place the abbreviations corresponding to the appropriate reporting attribute(s) in the spaces provided for each financial statement. Include all that apply.
Activities or Funds
Governmental activities—GA
Business-type activities—BTA
Governmental funds—GF
Proprietary funds—PF
Fiduciary funds—FF

Basis of Accounting
Accrual—A M odified accrual—MA

Measurement Focus
Economic resources—ER
Current financial resources—CFR Financial Statements | Activities or funds Report | Basis of Accounting | Measurement Focus | Statement of assets-government wide | GA, BTA | AM | ER | Statement of activitgies-government wide | GA, BTA | AM | ER | Balance sheet-government wide | GF | AM | ER | Statement of revenues,
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TRUE
6. Financial information for component units must be reported by discrete presentation.
TRUE
7. All assets, both current and noncurrent, and all liabilities, both current and noncurrent, are reported in the government-wide financial statements. TRUE
8. All proprietary fund financial information is reported in the Business-type Activities column of the government-wide financial statements.
TRUE
9. Depreciation should be reported in the financial statements of the General Fund for general capital assets accounted for in the General Fund. FALSE
10. In addition to the General Fund, in governmental and proprietary fund financial statements, the only individual funds for which financial information is reported in separate columns are major funds.
TRUE

2-5. Matching Funds with Transaction. Choose the letter of the sample transaction in the right-hand column that would most likely be reported in the fund listed in the left-hand column 1. Agency – k. Taxes collected on behalf of another governmental unit. 2. Capitial projects – a. Construction of highways, bridges, or parks. 3. Debt service – j. Principal and interest payments on general long-term debt. 4. Enterprise – g. Costs of operating a municipal swimming pool. 5. General – b. Administrative expenses of the city manager’s office. 6. Internal service – d. Costs of a central purchasing and

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