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 : 30)

ACCT 567 Week 6 Quiz (Multiple Choice & Explanatory)

1. (TCO F) Any activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund?
2. (TCO F)Government units use which fund type to account for services provided to the general public on a user-fee basis?
3. (TCO G) A fund that is the result of an agreement between a contributor and a government that the principal and/or income of trust assets that is for the benefit of individuals, organizations, or other governments is a(n)
4. (TCO H) Which of the following would be considered a performance audit under the Governmental Auditing Standards?
5. (TCO J) Which of the following kinds of information would not be provided by management’s discussion and analysis (MD&A)?
6. (TCO H)Which of the following would be considered “contribution revenue or support” of a not-for-profit organization?
7. (TCO H) Describe the different types of governmental audits and attestation engagements.
8. (TCO F) Internal Service Fund, Statement of Cash Flows. Prepare a statement of cash flows for the internal service fund for the city of Pearman from the following information:

ACCT 567 Week 8 Final Exam (Multiple Choice & Explanatory)

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1. (TCO A) On what should the government-wide financial statements report? (Points : 5)
2. (TCO B) According to GASB standards, when should transfers be recognized? (Points : 5)
3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following situations? (Points : 5)
4. (TCO D) The revenues account of a government entity is debited when (Points : 5)
5. (TCO E) During the year, a wealthy local businessman donated a building to city of Perris. The original cost 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 city record this donated property in the governmental activities accounts at the government-wide level? (Points : 5)
6. (TCO E) Which of the following resource inflows would be recorded as a revenue of a debt service fund? (Points : 5)
7. (TCO G) Which of the statements concerning agency funds is a true statement? (Points : 5)
8. (TCO J) Which of the following items are typically reported differently between the governmental fund statements and the governmental activities column of the government-wide statements? (Points : 5)
9. (TCO H) A condition whereby the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis is called a(an) (Points : 5)
10. (TCO H) Under FASB Standards, how would a not-for-profit organization recognize a conditional pledge? (Points : 5)
11. (TCO I) Which of the following items would not aff
    ect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university? (Points : 5)
12. (TCO I) The primary source of revenues for most hospitals are (Points : 5)

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1. (TCOs D, E, F, and G) Please list the name of the fund(s) in which each of the following transactions or events would be recorded.
2. (TCO F) The garbage collection of the city of Rockwell could be accounted for through the General Fund, a Special Revenue Fund, or an Enterprise Fund. Please identify the circumstances in which each of these fund types might be appropriate. (Points : 40)
3. (TCO I) During the fiscal year of June 2012, Jefferson General Hospital, a not-for-profit healthcare organization, had the following revenue-related transactions. (The amounts are summarized for the entire year.)
4. (TCO E) Enter the template provided in the answer space and record the following transactions in the Capital Projects Fund in the general journal for the following transactions.
5. (TCO F) The following Statement of Cash Receipts and Disbursements was prepared by the bookkeeper of the City of Glass City Museum of Science. The museum is a component unit of the City of Glass City and must be included in the city’s financial statements. It began operations on January 1, 2012 with no liabilities or commitments and only two assets.