ACCT 567 Week 4 Midterm (Version 4)

Multiple Choice

1. Question: (TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting?
2. Question: (TCOs A and B) Which of the following is included in the Required Supplementary Information Section of the Comprehensive Annual Financial Report?
3. Question: (TCOs A and B) Proprietary funds use which of the following measurement focus and basis of accounting?
4. Question: (TCOs B and C) Which of the following items would not be considered a nonexchange transaction for a state government?
5. Question: (TCOs B and C) Which basis of accounting for a government should revenues be recognized in the period when they are measurable and available?
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) General Fixed Assets that are acquired with governmental fund resources should be recorded in the
8. Question: (TCO E) Which of the following projects would usually be accounted for in A Capital Projects Fund?
9. Question: (TCO E) Which of the following funds or activities general journals would it be inappropriate to record depreciation of capital assets?
10. Question: (TCO D) When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term is desirable and secured by a government’s power of tax?
    

    ---

Play Video

Name: Jennifer Lucas
Status: Online ⬤
Classes Taken: 3878
Ratings: ⭐⭐⭐⭐⭐

Hire Me

STATUS

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.(Points : 30)
2. Question: (TCOs A and B) Under the following circumstances should a governmental entity use a Special Revenue Fund? A Capital Projects Fund? A Debt Service Fund?(Points : 30)
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 ……….. The following transactions took place during the fiscal year ended Dec 31, 2012.