ACC 410 MidTerm Exam
- The primary standard-setting body for accounting and financial reporting by a state-supported college or university is:
- Which of the following is NOT an objective of financial reporting by governmental entities as established by GASB?
- Which of the following is NOT a reason that users of government and not-for-profit external financial statements need to have information to enable them to assess the financial condition of a government?
- Users of financial statements should be interested in information about compliance with laws and regulations for which of the following reasons?
- The City of San Jose built a new city hall and financed construction by issuing bonds due in installments over the next 30 years. The bond principal and interest will be paid by a special tax levied on property in the City. The money received from this special tax should be accounted for in which of the following funds?
- Governments most commonly separate resources into funds to assure that they adhere to restrictions placed on them by
- Which of the following funds is a fiduciary fund?
- Which of the following funds is accounted for on the modified accrual basis of accounting?
- In the fund financial statements, the statements for the governmental funds should be prepared using
- Under the new GASB reporting model for governmental entities, which of the following is required?
- The aim of the government-wide statement of activities is to show
- Which of the following would NOT be found in the Statement of Net Assets of Teton City?
- Under GAAP, property taxes levied in one fiscal period to finance the activities of the following fiscal period are recognized as revenue in the government-wide financial statements
- Under the accrual basis of accounting, fines, license fees, permits, and other miscellaneous revenue are generally recognized
- A city receives a $200,000 grant from the state to purchase vans to transport physically challenged individuals. During the current year the city receives the entire $200,000 and purchases one bus for $85,000 and issues a purchase order for another van for $80,000. The grant revenue that the city should recognize on the government-wide financial statements in the current year is
- A City levies a 2% sales tax. Sales tax must be remitted by the merchants to the City by the 20th day of the month following the month in which the sale occurred. Cash received by the City related to sales tax is as follows:
Amount received 1/20/00, applicable to December 1999 sales $ 50
Amount received 2/20/00, applicable to January 2000 sales $ 15
Amount received during 2000 related to February-November 2000 sales $200
Amount received 1/20/01 for December 2000 sales $ 55
Amount received 2/20/01 for January 2001 $ 20
Assuming the City uses the same period to define “available” as the maximum period allowable for property taxes, what amount should it recognize in the fund financial statement as sales tax revenue for the fiscal year ended 12/31/00.
- Other financing sources/uses would appear on which of the following statements?
- The amount of pension expenditures that should be recognized in the government-wide financial statements during the current year is
- The City of Holbrook transferred $100,000 from the General Fund to the Debt Service Fund for payment of interest. The appropriate entry in the General Fund to record this transfer would be
- Several years ago, Grant County was sued by a former County employee for wrongful discharge. Although it was to be contested by the County, at the time of the lawsuit the attorneys felt that that the County was likely to lose and the estimated amount of the ultimate judgment would be $100,000. This year, the case was finally settled with a judgment against the County of $150,000, which was paid. Assuming that the county maintains its books and records in a manner to facilitate the preparation of its government-wide financial statements, the entry in the current year should be