Buy Solved ACCT 567 Week 4 Midterm (Version 4)


Buy Solved ACCT 567 Week 4 Midterm Version 4


Multiple Choice
  1. Question: (TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting?
  2. Question: (TCOs A and B) Which of the following is included in the Required Supplementary Information Section of the Comprehensive Annual Financial Report?
  3. Question: (TCOs A and B) Proprietary funds use which of the following measurement focus and basis of accounting?
  4. Question: (TCOs B and C) Which of the following items would not be considered a non-exchange transaction for a state government?
  5. Question: (TCOs B and C) Which basis of accounting for a government should revenues be recognized in the period when they are measurable and available?
  6. Question: (TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the following fund.
  7. Question: (TCO E) General Fixed Assets that are acquired with governmental fund resources should be recorded in the
  8. Question: (TCO E) Which of the following projects would usually be accounted for in a capital projects fund?
  9. Question: (TCO E) Which of the following funds or activities general journals would it be inappropriate to record depreciation of capital assets?
  10. Question: (TCO D) When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term is desirable and secured by a government’s power of tax?

  1. Question: (TCO E) The City of Holland issued bonds on August 1, 2012. The interest on its bonds is paid from City of Holland Debt Service Fund on February 1 and August 1. Should the interest payable be accrued on December 31, the end of the city’s fiscal year? Why? Would you have a different answer if the interest payment dates were July 15 and January 15? Please explain.(Points: 30)
  2. Question: (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. Question: (TCO D) The City of Norton received a gift of $3,500,000 from a group of local residents on April 1, 2012 ……….. The following transactions took place during the fiscal year ending Dec 31, 2012.



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