ACCT 567 Week 8 Final Exam Latest 2022/2023

ACCT 567 Week 8 Final Exam Latest 2022/2023. (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 of a debt service fund? (Points : 5) Receipt of the premium on a new bond issue. Property taxes levied by the debt service fund for debt service purposes. Taxes collected by the General Fund and transferred to the debt service fund. Transfer of the residual equity of a capital projects fund to the debt service fund. 7. (TCO G) Which of the statements concerning agency funds is a true statement? (Points : 5) Agency funds use the same basis of accounting as permanent funds. Agency funds are reported only on the statement of fiduciary net position. Agency funds use the temporary accounts—Additions and Deductions. Agency funds never receive cash. 8. (TCO J) Which of the following items are typically reported differently between the governmental fund statements and the governmental activities column of the government-wide statements? (Points : 5) Inventories Cash collected on property taxes receivable Capital outlays Accounts Payable and other accrued expenses 9. (TCO H) A condition whereby the design or operation of a control does not allow management or employees in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis is called a(an) (Points : 5) system design weakness. deficiency. unacceptable reportable condition. audit alert item. 10. (TCO H) Under FASB Standards, how would a not-for-profit organization recognize a conditional pledge? (Points : 5) It would disclose the amount of the conditional pledge in the notes to the financial statements. It would debit Pledges Receivable and credit Deferred Contributions. It would debit Pledges Receivable and credit Contributions—Temporarily Restricted. It would not recognize the conditional pledge until pledge conditions are substantially met. I offer online tutoring, help with class Assignments, essay writing, dissertations, thesis, Copywriting Et al., for all Majors with a guaranteed PASS and QUALITY. For assistance Contact Tutor Lucas: