Government and Nonprofit Accounting: Financial Reporting and Transactions Analysis

Preview (3 of 9 Pages)

100%

Purchase to unlock

Loading page image...

Government and Nonprofit Accounting: Financial Reporting and Transactions Analysis1.(TCO A) On what should the government-wide financial statements report?(Points : 5)Net position and results of the financial operations of thegovernment as a whole.Budgetary ComplianceThe cost of government servicesFiscal accountability2.(TCO B) According to GASB standards, when should transfers be recognized?(Points : 5)When earned.Whencollected in cash.When authorized by the budget ordinance.In the period the interfund receivable and payable arise.3.(TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement ofwhich of the following situations?(Points : 5)Required by GAAP for the general fund and major special revenue funds for which an annualbudget has been legally adopted.Required by GAAP for all government fund types.Required by GAAP for internal management reports only, they are not permitted for externalfinancial reporting.It is optional under GASB standards for all funds.4.(TCO D) The revenues account of a government entity is debited when(Points : 5)the budget isrecorded at the beginning of the year.property taxes are recorded.the account is closed to fund balance-unassigned at the end of the year.property taxes are collected.5.(TCO E) During the year, a wealthy local businessman donated a building to city of Perris. The originalcost of the building was $340,000. Accumulated depreciation at the date of the gift amounted to$220,000. The appraised fair market value of the donation at the date of the gift was $525,000 of which$35,000 was the value of the land on which the building was situated. At what amount should the cityrecord this donated property in the governmental activities accounts at the government-widelevel?(Points: 5)$220,000.

Loading page image...

$120,000.$340,000.$525,000.6.(TCO E) Which of the following resource inflows would be recorded as a revenue of a debt servicefund?(Points : 5)Receipt of the premium on a new bondissue.Property taxes levied by the debt service fund for debt service purposes.Taxes collected by the General Fund and transferred to the debt service fund.Transfer of the residual equity of a capital projects fund to the debt service fund.7.(TCO G) Which of the statements concerning agency funds is a true statement?(Points : 5)Agency funds use the same basis of accounting as permanent funds.Agency funds are reported only on the statement offiduciary net position.Agency funds use the temporary accounts—Additions and Deductions.Agency funds never receive cash.8.(TCO J) Which of the following items are typically reported differently between the governmental fundstatements and the governmental activities column of the government-wide statements?(Points : 5)InventoriesCash collected on property taxes receivableCapital outlaysAccounts Payable and other accrued expenses9.(TCO H) A condition whereby the design or operation of a control does not allow management oremployees in the normal course of performing their assigned functions, to prevent or detect and correctmisstatements on a timely basis is called a(an)(Points : 5)system design weakness.deficiency.unacceptable reportable condition.audit alert item.10.(TCO H) Under FASB Standards, how would a not-for-profit organization recognize a conditionalpledge?(Points : 5)It would disclose the amount of the conditional pledge in the notes to the financial statements.

Preview Mode

This document has 9 pages. Sign in to access the full document!

Report

Study Now!

Document Details

Related Documents

Accounting

Master Managerial Accounting Techniques

Controlling and Reporting of Real Assets

Sarbanes Oxley Act, GAAP and IFRS

Accounting Audit Final Exam MCQs 2015

Team A Week 5 Problems

IFRS or US GAAP Which is the Best Reporting Standard

Understanding Key Concepts in Managerial Accounting

Financial Reporting, Regulations, and Corporate Governance

Midterm Exam on Governmental and Not-for-Profit Accounting

Company

Explore

Study Tools