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 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: