ACC 548 FINAL EXAM ANSWERS(SCORE 100%) GUARANTEE - 68424

Solution Posted by
anjis_devis

anjis_devis

Rating : (20)B
Solution Detail
Price: $30.00
  • From: Business,
  • Posted on: Sat 05 Jul, 2014
  • Request id: None
  • Purchased: 0 time(s)
  • Average Rating: No rating
Request Description

1. Under GASB rules for the financial reporting entity

a. component units are included if the primary government is financially accountable for their operations
B. counties are component units of the state government
C. blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements
D. component units must be reported in columns (discrete presentation) separate from the funds of a primary government

 

2. According to GASB Statement No. 44, all of the following is a recommendation category for the CAFR’s statistical section EXCEPT

A. financial trends information
B. debt capacity information
C. comparative information
D. operating information

 

3. Which of the following choices regarding the government-wide Statement of Net Assets is true?

A. The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.
B. 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 categories.
C. The government-wide Statement of Net Assets includes all resources entrusted to the government; including governmental, proprietary, and fiduciary.
D. A reporting entity—primary government plus component units—total column is required.

 

4. Which of the following choices regarding the government-wide Statement of Activities is true?

            A. The government-wide Statement of Activities may reflect expenses either by function—general government, public safety, and so forth—or by object or natural classification—salaries, supplies, and so forth.
B. The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities.
C. The government-wide Statement of Activities reflects all taxes as general revenues.

 

Which of the following choices regarding the government-wide Statement of Activities is true?

A. The Statement of Activities includes depreciation expense.
B. Transfers between governmental and business type activities are eliminated and do not appear on the government-wide Statement of Activities.
C. In the government-wide Statement of Activities, special items are those items that are both unusual, infrequent, and are not under the control of management.
D. Taxes levied for specific functions may be reported as program revenue.

 

Which of the following choices regarding the proprietary fund financial statements is true?

A. The Statement of Net Assets (Balance Sheet) reflects equity as contributed equity and retained earnings.
B. Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements.
C. Statements include the Statement of Net Assets (Balance Sheet); Statement of Revenues, Expenses and Changes in Fund Net Assets: and Statement of Cash Flows.
D. The Statement of Cash Flows may be prepared using either the direct or indirect methods.

 

Which of the following choices regarding the fiduciary fund financial statements is true?

A. Fiduciary fund financial statements include the Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets.
B. Fiduciary fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting.
C. Fiduciary fund financial statements reflect equity as reserved and unreserved.
D. Agency funds are reported only on the Statement of Changes in Fiduciary Net Assets.

 

All of the following is likely to be recorded in a special revenue fund EXCEPT

A. phone fees restricted to supporting the emergency 911 access system
B. hotel taxes restricted to promoting tourism
C. sales taxes restricted to courthouse additions
D. state motor fuel tax restricted to road maintenance

 

Short-term loans which are backed by the taxing power of the governmental unit and used to meet working capital requirements are called 

A. tax anticipation notes
B. inter-fund loans
C. other financing sources
D. appropriation loan

 

A local government was awarded a federal grant in the amount of $600,000 to provide for a summer employment program for young people. The grant was a reimbursement grant and was awarded on April 30, 2009. The local government expended the resources as follows: June, 2009, $220,000; July 2009, $200,000; August, 2009, $180,000. The federal government provided the funds the following months. The local government would recognize revenues for the fiscal year ended June 30, 2009 in which amount? 

A. $ - 0 -
B. $220,000
C. $420,000
D. $600,000


A donor pledged $100,000 to the fund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 16, 2008 but was conditioned on the government raising an additional $100,000 from other donors. By the fiscal year-end of June 30, 2009, the local government had raised only $5,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2009? 

 

A. Debit a receivable and credit a revenue
B. Debit a receivable and credit deferred revenues, a liability
C. Debit a receivable and credit Fund Balance
D. No entry

Solution Description

1. Under GASB rules for the financial reporting entity

a. component units are included if the primary government is financially accountable for their operations
B. counties are component units of the state government
C. blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements
D. component units must be reported in columns (discrete presentation) separate from the funds of a primary government

 

2. According to GASB Statement No. 44, all of the following is a recommendation category for the CAFR’s statistical section

Attachments
ACC548-FinalExam.doc
ACC548-FinalExa...