Page 1 Question 1. 1.(TCOs A and B) Fiduciary funds are to use which of the following measurement an

Page 1

Question
1. 1.(TCOs A
and B) Fiduciary funds are to use which of the following measurement and
basis of accounting?

Economic resource measurement
focus and accrual basis of accounting.

Current financial resources
measurement focus and accrual basis of accounting.

Economic resources measurement
focus and modified accrual basis of accounting.

None of the above, the fiduciary
funds have no revenues.

Question
2. 2.(TCOs A
and B) Governmental fund statements are prepared using which of the
following?

Economic resources measurement
focus and modified accrual basis of accounting.

Economic resources measurement
focus and accrual basis of accounting.

Current financial resources
measurement focus and modified accrual basis of accounting.

Current financial resources
measurement focus and accrual basis of accounting.

. 3.
(TCOs A and B) Proprietary
funds use which of the following measurement focus and basis of
accounting?

Economic resources measurement
focus and modified accrual basis of accounting.

Current financial resources
measurement focus and modified accrual basis of accounting.

Economic resources measurement
focus and accrual basis of accounting.

Current financial resources
measurement focus and accrual basis of accounting.

4.
(TCOs B and C) Which of the
following items would notbe considered a nonexchange transaction
for a state government?
(Points : 5)

Property taxes

Sales of lottery tickets

Income taxes

Fines and forfeits

5.
(TCOs B and C) Which of the
following is a true statement regarding modified accrual accounting? (Points : 5)

Expenditures for claims and
judgments, compensated absences, and special termination benefits should be
ecognized whether or not the liabilities are to be paid with available
funds.

Expenditures for services used
by the General Fund departments should be recognized when those services
are received, regardless of whether or not funds are available for payment.

Both of the above statements are
true.

Neither of the above statements
are true.

6.(TCOs B and C)) Capital assets that are used by an
enterprise fund should be accounted for in the following fund? (Points : 5)

Enterprise fund but no
depreciation on the capital assets should be recorded.

Enterprise fund and depreciation
on the capital assets should be recorded.

Business-type activities journal
but no depreciation on the capital assets should be recorded.

Governmental activities journal
and depreciation on the capital assets should be recorded.

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? (Points : 5)

As an expense when payments are
made.

At the inception of the lease
agreement at the lesser of the present value of the minimum lease payments
of the fair market value of the property.

As an expenditure when payments
are made.

None of the above

. 8.
(TCO E) Which of the following
projects would usually be accounted for in a capital projects fund? (Points : 5)

(A) Payment of interest on bonds
that are issued to finance the construction of a new city hall.

(B) The construction of a
parking garage that is operated as an enterprise fund.

(C) The construction of a fire
station addition.

Both A and B would 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? (Points : 5)

Debt service funds are reported
in a separate column in the governmental fund financial statements.

Debt service funds are reported
in the other governmental funds column in the governmental fund financial
statements.

Debt service funds are reported
in a separate column in the government-wide financial statements.

Debt service funds are reported
in the governmental activities column in the government-wide financial
statements.

. 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? (Points : 5)

Only as the work is completed
for a project.

When the work has started for
the project.

Only after the work is
completely finished for the project.

When a plan for the use of the
funds has been developed and approved by the appropriate personnel.

1.(TCO E)You are in a staff meeting with the city
controller and one of your colleagues was quoted as follows: “Capital
projects funds are established by a government to account for all plant or
equipment acquired by construction.” Do you agree with this statement? Why or
why not? (Points : 30)

2.(TCOs A and B) Under the following circumstances should a
governmental entity use a Special Revenue Fund? A Capital Projects Fund? A
Debt Service Fund? (Points
: 30)

. 3.(TCO D) The City of Melvin
received a gift of $2,500,000 from a local resident 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 books for the city library. The
following transactions took place during the fiscal year ended Dec 31, 2012.
a. The gift was recorded on the books on April 1.
b. On April 1, 2012, the PRZ Co. bonds were purchased in the amount of
$2,500,000, at par. The bonds carry an annual interest rate of 5 percent,
payable semiannually on October 1 and April
1.

c. On October 1, the semiannual interest was received.
d. From October 1 through December 1, payments were made totaling $35,000 to
purchase books for the city library.
e. On December 31, an accrual was made for interest.
f. After a review of the bond market on December 31, 2012, the bonds had a
market value of $2,511,000, exclusive of accrued interest.
g. The books were closed on December 31.

Required
a. Record the transactions on the books for Library Book Permanent Fund.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance
for the Library Book Permanent Fund for the year ended December 31,
2012.
c. Prepare the Balance Sheet for the Library Book Permanent Fund for the year
ended December 31, 2012.
(Points : 40)

 

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