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1.
Of the following powers possessed by Government A, which is an
indication that Government A can impose its will on Government B?
Government A:
2.
Two cities entered into a contractual agreement to operate a
landfill. The cities each contributed the necessary assets to operate the
landfill in proportion to their populations. Each city has the ability to
appoint two members of the governing body of the landfill, and each has an
equity interest in the arrangement. The assets contributed by First City
were primarily in the form of property and equipment that had been used in
general government activities. In what manner would the landfill be
included in First City’s government-wide financial statements?
3.
A government’s financial condition
4.
A city’s Revenue from own sources/Median family income ratio is
a measure of its
5.
Which of the following is necessary for a government to be
considered fiscally independent?
6.
Open Air Conservatory, a not-for-profit entity, held a
fund-raising drive to raise money to buy land to provide a habitat for the
endangered Sleepy Eagle. A donor pledged $1 million to the project
provided that Open Air Conservatory was able to raise an additional $1.5
million from other sources. What entry should Open Air Conservatory make
at the time of the $1 million pledge?
7.
Restricted gifts to not-for-profit organizations
8.
Music Lovers Foundation, a not-for-profit governed by an
independent board, was founded to support the Northern State University Choir
until such time as the state legislature adequately funds the choir. When
the choir is adequately funded by appropriation, the Foundation may direct
resources to other music projects that it deems acceptable. When Music
Lovers accepts a contribution from a donor it should debit cash and/or other
assets and credit
9.
The basis of accounting used by not-for-profit organizations in
their external financial reports is
10.
Expenses incurred by not-for-profit organizations should be
reported as
11.
During the year, Goodman College received the following:
• An unrestricted $280,000 pledge to be paid the following year
• A $140,000 cash gift restricted for study-abroad scholarships
• A notice from a recent business school graduate that he has named the college as a beneficiary of $60,000 in his will
What amount of contribution revenue should Goodman College report in its statement of activities?
• An unrestricted $280,000 pledge to be paid the following year
• A $140,000 cash gift restricted for study-abroad scholarships
• A notice from a recent business school graduate that he has named the college as a beneficiary of $60,000 in his will
What amount of contribution revenue should Goodman College report in its statement of activities?
12.
A public university had tuition and fees for the year ended June
30, 2012, in the amount of $27,000,000. Scholarships, for which no
services were required, amounted to $2,100,000. Graduate assistantships, for
which services were required, amounted to $1,950,000. The amount to be reported
by the university as net tuition and fee revenue would be
13.
Landon College, a private college, received a $1 million
donation. The donor specified that the principal of her gift could never
be used for program activities, but the earnings on the principal must be used
to provide scholarships to academically qualified students in the business
school. The $1 million gift would increase which of the following
categories of net assets?
14.
An accountant has encountered a perplexing financial reporting
issue related to the private college for which he is preparing financial
statements. The issue is not specifically addressed by FASB
Statements. To what standards would the accountant first look for
guidance?
15.
Lane College Foundation is governed by a board, some members of
which are appointed by the president of Lane College and some of which are
elected by the alumni. The foundation was created to solicit and accept
donations on behalf of Lane College, a private not-for-profit college.
Lane College and its foundation are deemed to be financially
interrelated. All funds collected by the foundation must be used to
support activities of Lane College. The foundation board can select which
activities of Lane College it supports. Lane Foundation received a $1
million bequest from the estate of a 1940 graduate. At the time the foundation
receives the donation, the foundation should debit Cash for $1 million and
credit what account for $1 million?
16.
Which the following is not included in the GAO auditing
standards for financial statement audits?
17.
Reports issued by CPAs conducting audits subject to the GAO
standards must include all of the following except:
18.
Which of the following is NOT a necessary condition for a
performance audit?
19.
Which of the following is not a unique characteristic that
distinguishes ethical decisions made by employees of governments from those
made by employees of for-profit entities?
20.
The Schedule of Findings and Questioned Costs should include all
of the following except
21.
Federal operations are accounted for in four types of
funds. Which of the following is one of the types of funds used?
22.
When the federal government makes a direct loan at an interest
rate below the prevailing Treasury rate (a subsidized loan), an expense should
be recorded for which of the following amounts?
23.
Which of the following federal fund types is most similar to a
state or local government's enterprise fund?
24.
Which of the following categories is included in the Objectives
of Federal Financial Reporting?
25.
The CFO of the United States is
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