ACCT 567 Week 4 Midterm (Version 1)
Multiple Choice
- Question : (TCOs A and B) Which of the following fund statements will use the current financial resources measurement focus?
- Question : (TCOs A and B) Funds other than the General Fund are required to be considered to be a major fund when
- Question : (TCOs A and B) The GASB sets accounting standards for all of the following except
- Question : (TCOs B and C) Governmental Fund Balance is required to be displayed in which of the categories?
- Question : (TCOs B and C) Which of the following is a true statement regarding modified accrual accounting?
- Question : (TCOs B and C) Capital assets used by the departments that are accounted for by the General Fund of a governmental unit should be accounted for which of the following fund?
- Question : (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?
- Question : (TCO E) Which of the following items described below is not a source of funding for capital projects?
- Question : (TCO E) Which of the following funds or activities general journals would it be inappropriate to record depreciation of capital assets?
- Question : (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?
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Essay
- Question: (TCO E) The City of Holland issued bonds on August 1, 2012. The interest on its bonds is paid from City of Holland Debt Service Fund on February 1 and August 1. Should the interest payable be accrued at December 31, the end of the city’s fiscal year? Why? Would you have a different answer if the interest payment dates were July 15 and January 15? Please explain.
- Question : (TCOs A and B) What are fiduciary funds? Please identify and explain the two main types and what is the main difference between the funds?
- Question : (TCO D) The City of Ridgetown received a gift of $3,000,000 from a local resident on April 1, 2012 and signed an agreement that the funds would be invested on a permanent basis and the income would be used to maintain all of the city parks and recreation centers. The following transactions took place during the fiscal year ended Dec 31, 2012.
