Get Guided ACCT 567 Week 4 Midterm (Version 3)


Get Guided ACCT 567 Week 4 Midterm Version 3


Multiple Choice
  1. Question : (TCOs A and B) The GASB has the authority to establish and financial reporting standards for which of the following groups?
  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) The GASB sets accounting standards for all of the following except
  4. Question : (TCOs B and C) Governmental Fund Balance is required to be displayed in which of the categories?
  5. Question : (TCOs B and C) The proper journal entry to record an encumbrance would include which of the following?
  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) When a government acquires general fixed assets under a capital lease agreement, how should the asset be recorded in the government-wide financial statements?
  8. Question : (TCO E) Which of the following items described below is not a source of funding for capital projects?
  9. Question : (TCO E) Which of the following statements is a true statement regarding the reporting of debt service funds?
  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) What are the typical sources of financing for general governmental capital projects? Where are these sources reported in the statement of revenues, expenditures, and changes in fund balance for a Capital Projects Fund?
  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?
  3. Question : (TCO D) The City of Ridgetown received a gift of $3,000,000 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 maintain all of the city parks and recreation centers. The following transactions took place during the fiscal year ending Dec 31, 2012.



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