Keller Acct 567 Quiz Week 3

KELLER ACCT 567 Quiz Week 3

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1 Question : (TCO A) Which of the following items are considered Required Supplementary Information (RSI)?

2. Question : (TCO B) In addition to the government-wide statements, governmental entities are required to prepare fund financial statements for which of the following category of funds?

3. Question : (TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as

4 Question : (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?

5. Question : (TCO B) Which of the following is true regarding the government-wide Statement of Net Assets?

6. Question : (TCO D) GASB standards _____ that each governmental reporting entity display _____ General Fund in its general-purpose financial statements.

7. Question : (TCOs A and B) Please list and describe the three major sections of the Comprehensive Annual Financial Report and provide a brief description of what is included in each of the section.

8. Question : (TCO D) The City of Minyard adopted the following budget for fiscal year 2012:

Anticipated Revenues:

Property Taxes $4,480,000

Licenses and Permits 604,000

Fines and Forfeits 498,000

Interest on Penalties on taxes...