ACCT 567 Week 3 Quiz (Multiple Versions)
ACCT 567 Week 3 Quiz (Version 1)
- Question : (TCO A) Which of the following funds does not belong under the fiduciary fund category?
- Question : (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?
- Question : (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
- Question : (TCO D) The journal entry to record the property tax levy for a municipality would include which of the following?
- Question : (TCO B) Which of the following is true regarding the government-wide Statement of Activities?
- Question : (TCO D) Which of the following is not true with respect to Special Revenue Funds?
- Question : (TCOs A and B) Please identify the accounting standard setting bodies for the U.S. commercial enterprises, private not-for-profit entities, public not-for-profit entities, state and local governments, and the federal government.
- Question : (TCO D) Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for the fiscal year 2012. Please use the modified accrual accounting approach in recording the transactions.
- Question : (TCO D) The following information was available for the General Fund for the City of Newman for the Year Ended June 30, 2012.
ACCT 567 Week 3 Quiz (Version 2)
- Question : (TCO A) With respect to the preparation of fund basis financial statements……….. of the following condition exists?
- Question : (TCO B) Government fund statements are prepared using which of the following focus?
- Question : (TCO C) Which of the following is a true statement regarding other financial sources and other financing uses?
- Question : (TCO D) Nonreciprocal interfund activity consist which of the following?
- Question : (TCO B) Which of the following is true regarding the government-wide Statement of Activities?
- Question : (TCO D) Which of the following is true regarding modified accrual accounting?
- Question : (TCOs A and B) Please identify the accounting standard setting bodies for the U.S. commercial enterprises, private not-for-profit entities, public not-for-profit entities, state and local governments, and the federal government.
- Question : (TCO D) The City of Minyard adopted the following budget for fiscal year 2012:
- Question : (TCO D) The following information was available for the General Fund for the City of Axton for the year ended June 30, 2012.
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ACCT 567 Week 3 Quiz (Version 3)
- Question : (TCO A) The FASB has the authority to establish the accounting and financial reporting standards for which of the following?
- Question : (TCO B) Expenditures are generally recorded and fund liabilities are recognized under which of the following?
- Question : (TCO C) Which of the following is a true statement regarding the government-wide Statement of Activities?
- Question : (TCO D) Nonreciprocal interfund activity consist which of the following?
- Question : (TCO B) The total fund balances presented in Governmental Funds Statements are different from the total net assets on the government-wide Statement of Net Assets. Which of the following is not a reason for such a difference?
- Question : (TCO D) Under the modified accrual basis of accounting, GASB Standards for property tax revenue recognition provide that revenue should not be recognized for property taxes collected
- Question : (TCOs A and B) Please identify the accounting standard setting bodies for the U.S. commercial enterprises, private not-for-profit entities, public not-for-profit entities, state and local governments, and the federal government.
- Question : (TCO D) The City of Davenport adopted the following budget for fiscal year 2012:………………………………….In addition, the City reported the following actual amounts for the same fiscal year:…………………
- Question : (TCO D) The following information was available for the General Fund for the City of Axton for the year ended June 30, 2012.
ACCT 567 Week 3 Quiz (Version 4)
- Question: (TCO A) Which of the following items are considered Required Supplementary Information (RSI)?
- Question: (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?
- Question: (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…….. recorded as:
- Question: (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?
- Question: (TCO B) Which of the following is true regarding the government-wide Statement of Net Assets?
- Question: (TCO D) GASB standards _____ that each governmental reporting entity display _____ General Fund in its general-purpose financial statements.
- Question: (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.
- Question: (TCO D) The City of Minyard adopted the following budget for fiscal year 2012:
- Question: (TCO D) The City of Martinsville had the following pre-closing account balances in its General Fund as of June 30, 2012……. each account had its “normal” balance………. 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.
