ACC 574 Final Exam-New

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1) Recognizing revenues when measurable and available for paying current obligations and expenditures when incurred describes which basis of accounting? 1.       Budgetary 2.       Modified cash 3.       Modified accrual 4.       Accrual

2) Which of the following uses the flow of economic resources measurement focus? 1.       Internal Service Fund 2.       Special Revenue Fund 3.       Debt Service Fund 4.       General Fund

3) The organization that designates which authoritative standard-setting body is responsible for establishing accounting and financial reporting standards for particular kinds of organizations—federal, state, and local government; not-for-profit; and business organizations—is the 1.       Association of Government Accountants 2.       Government Finance Officers Association 3.       Financial Accounting Foundation 4.       American Institute of Certified Public Accountants

4) Which of the following has contributed most to governments’ increased interest in activity-based accounting? 1.       The Single Audit Act of 1984, and 1996 Amendments 2.       Increased demand for high-profile management tools to bolster the image of government 3.       Implementation of innovative management approaches—such as TQM and SEA measures—in response to public demand for greater accountability and productivity 4.       GASB standards

5) State reimbursement to schools for a portion of any special education costs incurred is an example of which category of nonexchange transactions? 1.       Voluntary nonexchange revenue 2.       Government mandated nonexchange revenue 3.       Imposed tax revenue 4.       Derived tax revenue

6) Which of the following is a characteristic that distinguishes government and not-for-profit (G&NP) organizations from business enterprises? 1.       Accumulating wealth on behalf of its constituents is a key goal of G&NP organizations and business enterprises. 2.       Net income is an appropriate performance evaluation measurement for most of these organizations. 3.       The resource providers of G&NP organizations often do not receive services commensurate with the amount of resources they provide. 4.       Borrowing is not a significant source of financing.

7) Which of the following is not specifically identified in the GAAP hierarchy for state and local governments? 1.       GAO’s Yellow Book 2.       GASB Implementation Guides 3.       GASB Technical Bulletins 4.       AICPA Industry Audit and Accounting Guides

8) The purpose of encumbrance accounting is to 1.       prevent government waste 2.       replace expense accounting in governments 3.       avoid expenditures exceeding appropriations 4.       manage a government’s cash flows

9) The governmental GAAP hierarchy was established by 1.       The Financial Accounting Foundation (FAF) 2.       The American Institute of Certified Public Accountants (AICPA) 3.       The Financial Accounting Standards Board (FASB) 4.       The Governmental Accounting Standards Board (GASB)

10) Which of the following budgetary approaches starts with line-item expenditures and applies a factor approximating the inflation rate to most items, unless specific information is available to suggest that a different factor should be applied? 1.       Incremental budgeting 2.       Program budgeting 3.       Zero-based budgeting 4.       Performance budgeting

11) Which of the following is not one of the purposes of a budget considered in the Government Finance Officer Association Distinguished Budget Presentation Award Program? 1.       As a policy document 2.       As a communication device 3.       As a legal document 4.       As a financial plan

12) Which of the following statements is not consistent with the GASB’s Budgeting, Budgetary Control, and Budgetary Reporting Principle? 1.       An annual budget must be adopted using generally accepted accounting principles. 2.       The budgetary comparison schedule should present both the original and the final appropriated budgets for the reporting period. 3.       The accounting system should provide the basis for appropriate budgetary control. 4.       Budgetary comparison schedules should be presented as required supplementary information for the General Fund and each major special revenue fund for which an annual budget has been adopted.

13) The government official typically responsible for providing department heads with technical support such as clerical assistance with budget computation and maintenance of document files relating to the budget is 1.       the chief financial officer 2.       the director of finance 3.       the legislative budget analyst 4.       the budget officer

14) Cash disbursements budgets 1.       need to be prepared because GASB standards specify the use of the accrual basis of accounting for governments 2.       should be prepared only for each fiscal year because disbursements for each month are approximately equal 3.       should usually be prepared for each month of the year, or for shorter intervals, in order to facilitate planning short-term borrowings and investments 4.       should be prepared only for funds not required to operate under legal appropriation budgets

15) Cash receipts and cash disbursement budgets for a government 1.       should be prepared for all funds for the entire fiscal year 2.       should be prepared for only those funds for which appropriations budgets are not required by law 3.       should be prepared as needed to enhance cash management, investment management, and short-term debt management 4.       should be prepared for only those funds for which appropriations budgets are required by law to be prepared on the accrual basis or the modified accrual basis

16) In accounting for state and local governments, the modified accrual basis is required for 1.       proprietary and fiduciary funds 2.       all funds 3.       governmental funds only 4.       proprietary funds only

17) The accounting system used by a state or local government must make it possible 1.       to fairly present the financial position and results of financial operations of the government as a whole, as well as fund financial activity in conformity with GAAP, and to demonstrate compliance with finance-related legal and contractual provisions 2.       to provide web-based bond offering statements to investment firms 3.       to prepare financial statements as required by the Financial Accounting Standards Board 4.       to prepare consolidated accrual basis statements for the government as a whole

18) Which of the following is not a characteristic of a fund as defined by GASB standards? 1.       An accounting entity 2.       A self-balancing set of accounts 3.       A fiscal entity 4.       A segregated quantity of cash and other financial resources on deposit with a designated trustee

19) Which of the following costs would be allowable under OMB Circular A-87? 1.       Advertising on the Internet by a defense contractor 2.       Depreciation expense on the equipment used in a federal research grant 3.       Lobbying for continuation of an educational program by the school administrator 4.       Indirect costs of the state legislature

20) Which of the following should not be reported as a liability of the General Fund? 1.       General obligation bonds payable (due in 10 years) 2.       Due to federal government 3.       Vouchers payable 4.       Tax anticipation notes payable

21) Cash disbursements budgets 1.       need to be prepared because GASB standards specify the use of the accrual basis of accounting for governments 2.       should be prepared only for each fiscal year because disbursements for each month are approximately equal 3.       should usually be prepared for each month of the year, or for shorter intervals, in order to facilitate planning short-term borrowings and investments 4.       should be prepared only for funds not required to operate under legal appropriation budgets

22) The schedule of legally required events in the budgeting process is generally referred to as the 1.       budget docket 2.       budget calendar 3.       legal timetable 4.       hearing schedule

23) Which basis of accounting best contributes to measuring the cost of services for rational budgeting purposes? 1.       Accrual 2.       Cash 3.       Modified cash 4.       Modified accrual

24) Which of the following might appropriately be termed an outcome indicator for a police department that reports service efforts and accomplishments indicators? 1.       Number of crimes investigated 2.       Number of personnel hours expended 3.       Value of property lost due to crime 4.       Hours of patrol

34) A budgetary comparison schedule includes the following columns except 1.       actual on the GAAP basis 2.       actual on the budgetary basis 3.       final revised budget 4.       the original budget

35) The city of Newton purchased a vehicle for the police department. If the operations of the police department are financed by general revenues, the purchase would be recorded in which funds and/or activities? 1.       General Fund: No; governmental activities: No 2.       General Fund: Yes; governmental activities: Yes 3.       General Fund: No; governmental activities: Yes 4.       General Fund: Yes; governmental activities: No

36) A Special Revenue Fund 1.       must be used to account for all expandable restricted resources 2.       must be used to account for all nonexpendable restricted resources 3.       is not required except when its use is legally or contractually mandated 4.       is used to account for resources restricted for capital or debt service purposes

37) Taxes receivable of $80,000, which have a related allowance for uncollectible taxes of $8,000, become delinquent. The entry to record this includes a debit to 1.       Allowance for Uncollectible Current Taxes 2.       Revenues 3.       Allowance for Uncollectible Delinquent Taxes 4.       Taxes Receivable—Current

38) Sale taxes are an example of which category of nonexchange transactions? 1.       Imposed tax revenue 2.       Voluntary nonexchange revenue 3.       Government mandated nonexchange revenue 4.       Derived tax revenue

39) Which of the following does not affect the "Excess of Revenues over Expenditures"? 1.       incurring and paying salaries 2.       transfers from Enterprise Funds 3.       property taxes levied and collected in the year 4.       purchase of capital assets

40) The operation of a municipality’s recreation facilities and sites such as ball fields, gymnasiums, and tracks are most likely to be accounted for in a 1.       capital projects fund 2.       internal service fund 3.       general fund 4.       enterprise fund

41) A municipality operates a local landfill. How could the landfill facility’s operations be reported in the municipality’s financial statements? 1.       only in an enterprise fund 2.       either in the general fund or a capital projects fund 3.       either in the general fund or an enterprise fund 4.       only in a general fund

42) A computer was purchased from unrestricted resources for a general government department. The government paid cash for the computer at the purchase date. Which of the following is not an effect of this transaction in the General Fund? 1.       Current liabilities do not change. 2.       Fund balance decreases. 3.       Current assets decrease. 4.       Capital assets increase.

43) If an expenditure was inadvertently charged to the General Fund instead of the appropriate Special Revenue Fund, what effect would the correction of this error later in the same fiscal year have on the General Fund? 1.       Expenditures would be decreased. 2.       Transfers in would be increased. 3.       An entry would be made directly to the General Fund’s fund balance to correct the error. 4.       Revenues would be increased.

44) The county received a $75,000 payment in lieu of taxes from the water Enterprise Fund. The Enterprise Fund receives no service from the county for this payment. The General Fund should report the payment in 1.       revenues 2.       special item 3.       other financing sources – transfer 4.       interfund charges

45) If a state law requires local governments to prepare General Fund and special revenue fund budgets on a basis that differs from the basis of accounting required by generally accepted accounting principles (GAAP), then which of the following is true? 1.       Both the budgeted and actual amounts in the budgetary comparison schedule prepared as part of the required supplementary information should be reported on the GAAP basis; a separate budget-basis comparison schedule should be prepared for the appropriate state oversight body. 2.       Only a budgetary comparison schedule prepared for the appropriate state oversight body is required. 3.       The actual amounts in the budgetary comparison schedule should be reported using the government’s budgetary basis. 4.       The actual amounts in the budgetary comparison schedule should be reported on the GAAP basis.

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