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What is the effect on the General Funds’ unreserved fund balance
when capital assets are purchased during a year from General Fund revenues?
There is no effect, since one asset (cash) is replaced by
another (capital asset)
Unreserved fund balance is increased
None of the above, capital assets must be purchased through a
capital projects fund
Unreserved fund balance is decreased
2. When payrolls and other liabilities are incurred and must be
paid before substantial amounts of cash will be collected, what type of
short-term note is desirable and secured by a government's power to tax?
Tax Budget Note Payable
Tax Relief Note Payable
Tax Anticipation Note Payable
Tax Encumbrances Note Payable
3. The City of Lonesome Pines levied property taxes for the
fiscal year ended June 30, 2009 in the amount of $8,000,000. It is estimated
that 2% will not be collected. During the year ended June 30, 2009, $7,200,000
in property taxes were collected. It is estimated that $400,000 will be
collected during the next 60 days, $240,000 will be collected after 60 days and
$160,000 will not be collected. What is the maximum amount Lonesome Pines can
recognize as property tax revenue for the fiscal year ended June 30, 2009 in
its Governmental Funds Statement of Revenues, Expenditures and Changes in Fund
Balances, assuming there were no unpaid property taxes at the end of the
previous year?
$7,600,000
$7,200,000
$8,000,000
$7,840,000
4. To compute the net debt per capita, a user of financial
statements would need to look at (in the CAFR):
The debt in the governmental funds Balance Sheet, the amount
available in the government-wide Statement of Net Assets and the population
from the statistical section
The debt and the amount available to pay that debt in the
governmental funds Balance Sheet and the population from the statistical
section
The debt in the government-wide Statement of Net Assets, the
amount available to pay that debt in the governmental funds Balance Sheet and
the population from the statistical section
All three items from the government-wide Statement of Net Assets
5. Governmental units use which fund type to account for
services provided to the general public on a user-charge basis?
Permanent fund
General fund
Enterprise fund
Internal service fund
6. According to NACUBO guidelines, what is the correct treatment
for recognizing summer school revenues and expenses when a college's fiscal
year ends on June 30?
Recognize the entire amount of revenues and expenses in the year
in which the term began
Apportion the revenues and expenses to the two fiscal years,
following accrual accounting practices similar to those employed by commercial
enterprises
Recognize expenses in the year in which they were billed and the
expenses in the year in which they were incurred
Recognize the entire amount of revenues and expenses in the year
in which the term is predominantly conducted
7. Under GASB rules for the financial reporting entity:
component units are included if the primary government is
financially accountable for their operations
component units must be reported in columns (discrete
presentation) separate from the funds of a primary government
blended and discretely presented component units are to be
reported in government-wide financial statements but not in fund financial
statements
bounties are component units of the state government
8. In its Statement of Net
Assets, a government reported: Assets of $90 million, including $30 million in
capital assets (net) and liabilities of $50 million, including long-term debt
of $15 million, all related to capital asset acquisition. The government also
reported $5 million of net assets that were restricted for payment of debt
service. The government's unrestricted net assets would be reported as:
$20 million
$30 million
$25 million
$10 million
9. A government had the
following transfers reported in its governmental funds Statement of Revenues,
Expenditures and Changes in Fund Balances: (1) a transfer from the General Fund
to a debt service fund in the amount of $l,000,000; (2) a transfer from the
General Fund to an enterprise fund in the amount of $1,200,000; and (3) a
transfer from the General Fund to an internal service fund in the amount of
$400,000. The amount that would be shown as a transfer out in the governmental
activities column in the Statement of Activities would be:
$1,400,000
$2,600,000
$1,200,000
$800,000
10. A local government was
awarded a federal grant in the amount of $600,000 to provide for a summer
employment program for young people. The grant was a reimbursement grant and
was awarded on April 30, 2009. The local government expended the resources as
follows: June, 2009, $220,000; July 2009, $200,000; August, 2009, $180,000. The
federal government provided the funds the following months. The local
government would recognize revenues for the fiscal year ended June 30, 2009 in
which amount?
·
$600,000
·
$420,000
·
$ - 0 –
·
$220,000
11
A governmental funds Statement of Revenues, Expenditures and
Changes in Fund Balances reported expenditures of $30 million, including
capital outlay expenditures of $2 million. Capital assets for that government
cost $70 million, including land of $10 million. Depreciable assets are
amortized over 20 years, on average. The reconciliation from governmental
changes in fund balances to governmental activities changes in net assets would
reflect:
·
an increase of $ l million
·
a decrease of $1 million
·
an increase of $2 million
·
a decrease of $3 million
12
What type of serial bond schedules an increase each year in
annual principal repayment approximately equivalent to the decrease in interest
payments?
·
Regular
·
Annuity
·
Irregular
·
Deferred
13
GASB Statement 31, Accounting and Financial Reporting for
Certain Investments and for External Investment Pools, applies to all of the
following investment types EXCEPT:
·
investments of pension funds
·
external investment pools
·
open-end mutual funds
·
debt securities
14
Which organization promulgates the Government Auditing
Standards?
·
The U.S. Government Accountability Office
·
The U.S. Office of Management and Budget
·
The American Institute of Certified Public Accountants
·
The Securities and Exchange Commission
15
Which of the following choices regarding the government-wide
Statement of Net Assets is TRUE?
·
The government-wide Statement of Net Assets reflects capital
assets, net of accumulated depreciation, for both governmental and
business-type activities
·
The government-wide Statement of Net Assets must be prepared in
a classified format; that is, both assets and liabilities must be separated
between current and long-term categories
·
A reporting entity (primary government plus component units)
total column is required
·
The government-wide Statement of Net Assets includes all
resources entrusted to the government; including governmental, proprietary and
fiduciary
16
Under GASB rules for the financial reporting entity:
·
blended and discretely presented component units are to be
reported in government-wide financial statements but not in fund financial
statements
·
counties are component units of the State Government
·
component units must be reported in columns (discrete presentation)
separate from the funds of a primary government
·
component units are included if the primary government is
financially accountable for their operations
17
A public college had tuition and fees of $20,000,000.
Scholarships, for which no services were required, amounted to $2,000,000.
Graduate assistantships, for which services were required, amounted to
$1,000,000. The amount to be reported by the public college as net tuition and
fees would be:
·
$20,000,000
·
$19,000,000
·
$17,000,000
·
$18,000,000
18
A donor pledged $100,000 to the fund raising drive of a local
government to assist its police officers in obtaining the latest technology.
The pledge was made on July 16, 2008 but was conditioned on the government
raising an additional $100,000 from other donors. By the fiscal year-end of
June 30, 2009, the local government had raised only $5,000 from other donors.
What entry would be made for the initial pledge by the local government during
the year ended June 30, 2009?
·
Debit a receivable and credit a revenue
·
Debit a receivable and credit Fund Balance
·
Debit a receivable and credit deferred revenues, a liability
·
No entry
19
The FASB has the authority to set accounting standards for all
of the following organizations EXCEPT:
·
for profit proprietary schools
·
private colleges
·
educational foundations established to support a private college
or university
·
public colleges
20
The City of Springfield has three pension plans: a locally
administered police plan for which it is trustee, a statewide cost sharing plan
and a statewide agency plan. The city would include in its CAFR financial
statements for:
·
all three plans
·
both statewide plans
·
the locally administered plan plus the statewide agency plan
·
the locally administered plan only
21
Proprietary funds utilize what basis of accounting?
·
Accrual
·
Modified accrual
·
Budgetary
·
Cash
22
If taxes or special assessments are levied by the General Fund
and then-transferred to the debt service fund, they are:
·
recorded as revenues of the debt service fund
·
recorded as an expense and voucher payable by the general fund
and are recorded as a revenue and receivable by the debt service fund.
·
included as transfers out in the General Fund but are not
budgeted as revenue in that fund
·
included in the revenues budget of the general fund and budgeted
by that fund as transfers out to the debt service fund
23
Ford County levies for its General Fund $1,000,000 in property
taxes. In addition, the county is responsible for collecting $2,000,000 in
property taxes for the consolidated school district and $500,000 in property
taxes for a town within the county. 2% of all taxes levied are expected to be
uncollectible. When recording the levies in an agency fund, what amount would
Ford County record as Taxes Receivable for Other Governments – Current and Due
to Other Governments?
·
$3,430,000
·
$3,500,000
·
$2,450,000
·
$2,500,000
24
Which part of the financial section of the CAFR is considered
"Required Supplementary Information?"
·
Find Financial Statements
·
Government-wide Financial Statements
·
Management’s Discussion and Analysis
·
Auditor’s Report
25
All the following choices would be considered a special-purpose
government for financial reporting purposes EXCEPT:
·
a county board of supervisors
·
a public school system
·
an art museum
·
a public hospital
26
The fund statements for governmental funds are presented using:
·
Economic Resources Measurement focus and the Accrual Basis of
Accounting
·
Current Financial Resources Measurement focus and the Modified
Accrual Basis of Accounting
·
Current Financial Resources Measurement focus and the Accrual
Basis of Accounting
·
Economic Resources Measurement focus and the Modified Accrual
Basis of Accounting
27
What is a Special Revenue Fund?
·
A fund used to account for all revenue transactions of a
governmental unit that are not accounted for in another fund
·
A fund created to account for all resources and revenues to be
used for the construction or acquisition of capital assets
·
A fund used to account for revenues from specific taxes or other
revenue sources that by law are designated to finance particular activities of
the government other than capital projects
·
A fund used to account for revenues from general taxes or other
revenue sources that by law are designated to finance general activities of the
government
28
In which fund type is interest on long term debt typically not
accrued, yet is recognized as an expenditure in the year in which interest is
legally due?
·
Debt service fund
·
Pension fund
·
Enterprise fund
·
Internal service fund
29
Each of the following is one of the four classes into which
nonexchange transactions apply in accordance with GASB Statement No. 33 EXCEPT:
·
imposed nonexchange revenues
·
derived tax revenues
·
voluntary nonexchange transactions
·
mandatory exchange transactions
30
Which of the following choices regarding the proprietary fund
financial statements is TRUE?
·
Statements include the Statement of Net Assets (or Balance
Sheet), Statement of Revenues, Expenses and Changes in Fund Net Assets and
Statement of Cash Flows
·
The Statement of Net Assets (or Balance Sheet) reflects equity
as contributed equity and retained earnings
·
Normally, reconciliation is required between the proprietary
fund financial statements and the business-type activities column in the
government-wide financial statements
·
The Statement of Cash Flows may be prepared using either the
direct or the indirect methods
31
Under the terms of the Single Audit Act and its amendments, what
percentage of federal awards expenditures must be selected for audit?
·
High Risk Auditee: 50%; Low Risk Auditee: 25%
·
High Risk Auditee: 100%; Low Risk Auditee: 50%
·
High Risk Auditee: 100%; Low Risk Auditee: 25%
·
High Risk Auditee: 50%; Low Risk Auditee: 0%
32
When would a special revenue fund be deemed to have satisfied
the eligibility requirement of a reimbursement-type federal grant under GASB
Statement 33?
·
When a plan for use of the funds has been developed and approved
·
Only as work is completed for a project
·
Only after work is completely finished for the project
·
When work has started for the project
33
The City of Greenville had a balance in the Reserve for
Encumbrances account at the end of 2008 in the amount of $30,000. During 2009,
all purchase orders related to the $30,000 were filled and the invoice amount
was $30,500. Which of the following would be TRUE regarding the Statement of
Revenues, Expenditures and Changes in fund balances for 2009? (assume
encumbrances do not lapse)
·
The amount shown for expenditures would not include items
related to orders placed in 2008
·
The amount shown for expenditures would include the $30,500
·
The amount shown for expenditures would include only the $500
·
The amount shown for expenditures would include only the $30,000
34
In 2008 a faculty member at a private college received a grant
from the National Science Foundation to conduct basic research on tree frogs in
the amount of $350,000. Expenses associated with the grant totaled $225,000 in
2009. In the Statement of Activities for 2009, the college should show:
·
revenues of $225,000 and expenses of $225,000 in Temporarily
Restricted Net Assets
·
expenses of $ 225,000 in Unrestricted Net Assets and a decrease
in Temporarily Restricted Net Assets of $ 225,000
·
revenues of $350,000 and expenses of $225,000 in Temporarily
Restricted Net Assets
·
revenues of $225,000 and expenses of $225,000 in Unrestricted
Net Assets
35
Funds that are used to account for activities similar to those
often engaged in by profit-seeking businesses are:
·
capital project funds
·
agency funds
·
special revenue funds
·
proprietary funds
36
Assume a government is determined to be a special-purpose
government engaged in business-type activities only. Which of the following
financial statements would be required?
·
Statement of Net Assets, Statement of Activities, Statement of
Cash Flows
·
Statement of Net Assets, Statement of Revenues, Expenses and
Changes in Net Assets, Statement of Cash Flows
·
Balance Sheet, Statement of Revenues, Expenditures and Changes
in end Balances
·
Statement of Net Assets and Statement of Activities
37
Which of the following accounts of a governmental unit is
credited to close it at the end of the fiscal year?
·
Reserve for Encumbrances
·
Appropriations Control
·
Encumbrances Control
·
Other Financing Sources-Transfers In
38
What are the three major sections of the Comprehensive Annual
Financial Report?
·
Introductory Section, Financial Section, Management Discussion
and Analysis.
·
Introductory Section, Financial Section, Reporting
Infrastructure.
·
Introductory Section, Financial Section, Statistical Section.
·
Introductory Section, Financial Section, Budgetary Comparison.
39
What type of fund is used when resources are provided mainly
through business like transactions to parties external to the government?
·
Internal Service Funds
·
Enterprise Funds
·
Agency Funds
·
Capital Projects Funds
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