ACCT 567 Week 4 Midterm (Version 2)

Multiple Choice

1. Question : (TCOs A and B) The GASB has the authority to establish and financial reporting standards for which of the following groups?
2. Question : (TCOs A and B) Governmental fund statements are prepared using which of the following?
3. Question : (TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis?
4. Question : (TCOs B and C) With regards to budgetary reporting by governmental entities, which of the following is not a true statement?
5. Question : (TCOs B and C) Which of the following is a true statement regarding modified accrual accounting?
6. Question : (TCOs B and C) Capital assets that are used by an enterprise fund should be accounted for in the following fund?
7. Question : (TCO E) King City receives a trust donation for the purpose of maintaining flower in city parks, but the donor does not make a specification as to how the principal must be maintained. This type of trust should be appropriately accounted for which of the following fund?
8. Question : (TCO E) Which fund type is the interest on Long Term Debt typically not accrued; however, it is recognized as an expenditure in the year in which interest is legally due?
9. Question : (TCO E) Debt Service funds are used to record which of the following?
10. 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

1. 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.
2. 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?
3. Question : (TCO D) The City of Norton received a gift of $3,500,000 from a group of local residents 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 purchase artifacts for the city museum. The following transactions took place during the fiscal year ended Dec 31, 2012.