ACCT 567 Week 3 Quiz

ACCT 567 Week
3 Quiz

1. Question : (TCO A) Which of the
following items are considered Required Supplementary Information (RSI)?
A). Management’s Discussion and
Analysis
B). Budgetary Comparison Schedule
C). Schedule of Risk Management
Activities
D). All of the above

2. Question : (TCO B) In addition
to the government-wide statements, governmental entities are required to
prepare fund financial statements for which of the following category of funds?

A). Governmental type funds
B). Proprietary funds
C). Fiduciary funds
D). All of the above

3. Question : (TCO C) The County
Commission of Hunter County adopted its General Fund budget for the year ending
June 30, comprising of estimated revenues of $3,750,000 and appropriations of
$3,150,000. Hunter County utilizes the budgetary accounts required by GASB
standards. The budgeted excess of estimated revenues over appropriations will
be recorded as
A). a credit to Surplus Revenues,
$600,000.
B). a debit to Estimated Excess
Revenues, $600,000.
C). a credit to Budgetary Fund
Balance, $600,000.
D). a memorandum entry only.

4. Question : (TCO D) Which of the
following is a true statement regarding the use of a Special Revenue Fund?
A). Special Revenue Funds may be
used when a government wishes to segregate income for specific purposes.
B). Special Revenue Funds may only
be used when a substantial portion of the resources are provided by restricted
or committed revenue sources.
C). Assigned resources can be
accounted for in a Special Revenue Fund.
D). Once a Special Revenue Fund is
established by the governmental entity, it will continue to be a Special
Revenue Fund until all of the resources are exhausted.

5. Question : (TCO B)Which of the
following is true regarding the government-wide Statement of Net Assets?
A). 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 liabilities.
B). A reporting entity (primary
government plus component units) total column is required.
C). The government-wide Statement
of Net Assets reflects capital assets, net of accumulated depreciation, for
both governmental and business-type activities.
D). The government-wide Statement
of Net Assets includes all resources entrusted to the government, including
governmental, proprietary, and fiduciary.

6. Question : (TCO D) GASB
standards _____ that each governmental reporting entity display _____ General
Fund in its general-purpose financial statements.
A). require; only one.
B). recommend; one or more.
C). require; one or more.
D). recommend; one or more.

7. Question : (TCOs A and B) Please
list and describe the three major sections of the Comprehensive Annual
Financial Report and provide a brief description of what is included in each of
the section.

8. Question : (TCO D) The City of
Minyard adopted the following budget for fiscal year 2012:
Anticipated Revenues:
Property Taxes $4,480,000
Licenses and Permits 604,000
Fines and Forfeits 498,000
Interest on Penalties on taxes 24,000
Total $5,606,000

9. Question : (TCO D) The City of Martinville had the following pre-closing
account balances in its General Fund as of June 30, 2012. Debits and credits are
not separated; each account had its “normal” balance. Among the expenditures
that are recorded this year is an amount that has been expended on supplies
ordered at the end of the previous year. Assume that the encumbrances do not
lapse and that the city failed to make the proper journal entry or entries
necessary to re-establish the encumbrance in the current year.