Acct 567 Final Exam

ACCT 567 Final Exam

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1. (TCO A) On what should the government-wide financial statements report? (Points : 5)

Net position and results of the financial operations of the government as a whole.

Budgetary Compliance

The cost of government services

Fiscal accountability

2. (TCO B) According to GASB standards, when should transfers be recognized? (Points : 5)

When earned.

When collected in cash.

When authorized by the budget ordinance.

In the period the interfund receivable and payable arise.

3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following situations? (Points : 5)

Required by GAAP for the general fund and major special revenue funds for which an annual budget has been legally adopted.

Required by GAAP for all government fund types.

Required by GAAP for internal management reports only, they are not permitted for external financial reporting.

It is optional under GASB standards for all funds.

4. (TCO D) The revenues account of a government entity is debited when (Points : 5)

the budget is recorded at the beginning of the year.

property taxes are recorded.

the account is closed to fund balance-unassigned at the end of the year.

property taxes are collected.

5. (TCO E) During the year, a wealthy local businessman donated a building to city of Perris. The original cost of the building was $340,000. Accumulated depreciation at the date of the gift amounted to $220,000. The appraised fair market value of the donation at the date of the gift was $525,000 of which $35,000 was the value of the land on which the building was situated. At what amount should the city record this donated property in the governmental activities accounts at the government-wide level? (Points : 5)

$220,000.

$120,000.

$340,000.

$525,000.

6. (TCO E) Which of the following resource inflows would be recorded as a revenue...