Question Devry ACCT 567 (Governmental and Non-Profit Accounting) Week 3 Quiz (Multiple Choice & Explanatory)

Devry ACCT 567 (Governmental and Non-Profit Accounting)

Week 3 Quiz (Multiple Choice & Explanatory)

1. (TCO A) Which of the following items are considered Required Supplementary Information (RSI)?
2. (TCO B)In addition to the government-wide statements, governmental entities are required to prepare fund financial statements for which of the following category of funds?
3. (TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as:
4. (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?
5. (TCO B)Which of the following is true regarding the government-wide Statement of Net Assets?
6. (TCO D) GASB standards _____ that each governmental reporting entity display _____ General Fund in its general-purpose financial statements.
7. (TCOs A and B) Please list and describe the three major sections of the Comprehensive Annual Financial Report and provide a brief description of what is included in each of the section.
8. (TCO D)The City of Minyard adopted the following budget for fiscal year 2012:
9. (TCO D)The City of Martinville had the following pre-closing account balances in its General Fund as of June 30, 2012. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures that are recorded this year is an amount that has been expended on supplies ordered at the end of the previous year. Assume that the encumbrances do not lapse and that the city failed to make the proper journal entry or entries necessary to re-establish the encumbrance in the current year.

ACCT 567 Week 4 Midterm Exam

1. (TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting? (Points : 5)
2. (TCOs A and B) Funds other than the General Fund are required to be considered to be a major fund when (Points : 5)
3. (TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis? (Points : 5)
4. (TCOs B and C) With regards to budgetary reporting by governmental entities, which of the following is not a true statement? (Points : 5)
5. (TCOs B and C) The proper journal entry to record an encumbrance would include which of the following? (Points : 5)
6. (TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the following fund? (Points : 5)
7. (TCO E) When a government acquires general fixed assets under a capital lease agreement, how should the asset be recorded in the government-wide financial statements? (Points : 5)
8. (TCO E) Which of the following projects would usually be accounted for in a capital projects fund? (Points : 5)
9. (TCO E) Which of the following statements is a true statement regarding the reporting of debt service funds? (Points : 5)
10. (TCO D) Under GASB Statement No. 33, when would a special revenue fund be considered to have satisfied the eligibility requirement of a reimbursement type federal grant? (Points : 5)
11. (TCO E)You are in a staff meeting with the city controller and one of your colleagues was quoted as follows: “Capital projects funds are established by a government to account for all plant or equipment acquired by construction.” Do you agree with this statement? Why or why not? (Points : 30)
12. (TCOs A and B)How are the major funds of a state or local government determined by a governmental entity? (Points : 3

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