ACCT 567 Midterm Exam
1.(TCOs A and B)
Fiduciary funds are to use which of the following measurement and basis of
accounting?
2.(TCOs A and B)
Funds other than the General Fund are required to be considered to be a major
fund when
3.(TCOs A and B) Which
of the following is most correct with regard to ManagementΓ’ΒΒs Discussion and
Analysis?
4.(TCOs B and C)
With regards to budgetary reporting by governmental entities, which of the
following is not a true statement?
5.(TCOs B and C)
The proper journal entry to record an encumbrance would include which of the
following?
6.(TCOs B and C))
Capital assets that are used by an enterprise fund should be accounted for in
the following fund?
7.(TCO E) When a
government acquires general fixed assets under a capital lease agreement, how
should the asset be recorded in the government-wide financial statements?
8.(TCO E) Which
of the following projects would usually be accounted for in a capital projects
fund?
9.(TCO E) Which
of the following statements is a true statement regarding the reporting of debt
service funds?
10.(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?
1.(TCO E)You are
in a staff meeting with the city controller and one of your colleagues was
quoted as follows: Γ’ΒΒCapital projects funds are established by a government to
account for all plant or equipment acquired by construction.Γ’ΒΒ Do you agree with
this statement? Why or why not?
2.(TCOs A and
B)How are the major funds of a state or local government determined by a
governmental entity?
3.(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
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