Pa 504 Final Exam Solution

PA 504 Final Exam Solution

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PA 504 Final Exam Solution

Question1: (TCO E) Which of the following are best described as proprietary funds?

I. Internal Service funds;

II. Pension funds:

III. Enterprise funds.

Question 2: (TCO E) Activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund?

Question3: (TCO E) An internal service fund provided services to a General Fund department. At the time of billing, the debit entry in the General Fund would be:

Question 4 :( TCO E) In the Statement of Net Assets for proprietary funds, GASB requires a classified format where current assets, noncurrent assets, current liabilities, and noncurrent liabilities are presented:

Question 5 :( TCO E) Which of the following is true regarding proprietary fund accounting?

Question 6 :( TCO F) Which is true regarding the basis of accounting for fiduciary funds?

Question 7 :( TCO F) Which of the following is true regarding agency funds?

Question 8 :( TCO F) Which of the following statements is not required for pension trust funds?

Question 9 :( TCO F) Where is the actuarial liability shown in a Comprehensive Annual Financial Report for a pension trust fund?

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Question10: (TCO F) Which of the following is not true regarding post-employment benefit plans other than pension plans?

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Question11. (TCO G) Which of the following would not be considered a special-purpose government for financial reporting purposes?

Question12: (TCO G) Which of the following is true regarding accounting and financial reporting for special-purpose entities?

Question13: (TCO G) Assume a government is determined to be a special-purpose government engaged in business-type activities only. Which of the following financial...