Advanced Accounting Final Exam Review(100%
Guaranteed)
Fiduciary funds are correct answers funds used to account for monies held by the government in
a trustee capacity
Governmental funds are correct answers fund used to account for the activities of a government
that are carried out primarily to provide services
special revenue funds are correct answers funds used to account for revenues that have been
legally restricted as to expenditure
what are the broad types or classifications of funds for a governmental entity such as a city
correct answers governmental, proprietary, and fiduciary funds
a fund is correct answers a self-balancing set of accounts used to demonstrate fiscal
accountability
which of the following is a governmental fund? correct answers permanent fund
proprietary funds are correct answers funds used to account for a government's ongoing
organizations and activities that are similar to those operated by for-profit organizations
a city received a grant of $5,000,000 from a private agency. The money was to be used to build a
new city library. In which fund should the money be recorded for the fund-based financial
statements? correct answers a capital projects fund
a state government is required to maintain custody of abandoned property such as unclaimed
payroll checks, unclaimed security deposits, and contents of safe deposit boxes. They will
accounting for these assets in which type of fund? correct answers private-purpose trust fund
which of the following is a proprietary fund? correct answers enterprise fund
which of the following is a fiduciary fund? correct answers pension trust fund
at the end of the current year, a government reports a fund balance reserved for encumbrances of
$9,000. What information is being conveyed correct answers the government has made $9,000 in
commitments in one year that will be honored on the subsequent year
Which of the following groups of funds uses the current financial resources measurement focus
for the fund-based financial statements? correct answers governmental funds
which of the following statements is true concerning the recording of a budget? correct answers
at the beginning of the year, debit estimated revenues
, a purchase order for $3,000 is recorded in the general fund for the purchase of a new computer.
The computer is received at an actual cost of $3,020. Which of the following is correct for fund
level accounting in the general fund? correct answers an expenditure is increased by $3,020
which of the following statements is correct for government funds? correct answers government-
wise financial statements measure economic resources
the general fund pays rent for two months. which of the following is false? correct answers rent
expense should be reported in general fund
a city acquires supplies for its fire department and uses the consumption method for accounting.
Which of the following is true for the fund-based statements? correct answers an inventory is
debited at the time of aquisition
which type of fund is not included in the government-wide financial statements correct answers
fiduciary funds
which of the following statements is correct for governmental funds? correct answers fund-based
financial statements measure revenues and expenditures based on modified accrual accounting
during the current year, a government buys land for $80,000. which of the following is false?
correct answers the land could be reported as an asset by the governmental funds in the fund-
based financial statements
when preparing fund-based financial statements, what account should be debited when office
equipment is ordered? correct answers encumbrances
trapper city issued 30-year bonds for the purpose of building a new city hall. The proceeds of the
bonds are deposited in the general fund. For the fund financial statements, in what fund will
bonds payable appear? correct answers bonds payable do not appear in the fund financial
statements
cash of $20,000 is transferred from the general fund to the enterprise fund to pay for the monthly
water bills for city hall. What is reported on the fund-based financial statements? correct answers
revenues increase by $20,000; expenditures increase by $20,000
Cash of $60,000 is transferred from the general fund to the debt service fund. What is reported
on the fund-based financial statements? correct answers Other financing sources increase by
$60,000; other financing uses increase by $60,000
which of the following is an example of an interactivity transaction? correct answers money is
transferred from the general fund to the enterprise fund.
a government buys equipment for its police department at a cost of $54,000. which of the
following is not true? correct answers depreciation in connection with this equipment will be
reported in the fund-based financial statements
Guaranteed)
Fiduciary funds are correct answers funds used to account for monies held by the government in
a trustee capacity
Governmental funds are correct answers fund used to account for the activities of a government
that are carried out primarily to provide services
special revenue funds are correct answers funds used to account for revenues that have been
legally restricted as to expenditure
what are the broad types or classifications of funds for a governmental entity such as a city
correct answers governmental, proprietary, and fiduciary funds
a fund is correct answers a self-balancing set of accounts used to demonstrate fiscal
accountability
which of the following is a governmental fund? correct answers permanent fund
proprietary funds are correct answers funds used to account for a government's ongoing
organizations and activities that are similar to those operated by for-profit organizations
a city received a grant of $5,000,000 from a private agency. The money was to be used to build a
new city library. In which fund should the money be recorded for the fund-based financial
statements? correct answers a capital projects fund
a state government is required to maintain custody of abandoned property such as unclaimed
payroll checks, unclaimed security deposits, and contents of safe deposit boxes. They will
accounting for these assets in which type of fund? correct answers private-purpose trust fund
which of the following is a proprietary fund? correct answers enterprise fund
which of the following is a fiduciary fund? correct answers pension trust fund
at the end of the current year, a government reports a fund balance reserved for encumbrances of
$9,000. What information is being conveyed correct answers the government has made $9,000 in
commitments in one year that will be honored on the subsequent year
Which of the following groups of funds uses the current financial resources measurement focus
for the fund-based financial statements? correct answers governmental funds
which of the following statements is true concerning the recording of a budget? correct answers
at the beginning of the year, debit estimated revenues
, a purchase order for $3,000 is recorded in the general fund for the purchase of a new computer.
The computer is received at an actual cost of $3,020. Which of the following is correct for fund
level accounting in the general fund? correct answers an expenditure is increased by $3,020
which of the following statements is correct for government funds? correct answers government-
wise financial statements measure economic resources
the general fund pays rent for two months. which of the following is false? correct answers rent
expense should be reported in general fund
a city acquires supplies for its fire department and uses the consumption method for accounting.
Which of the following is true for the fund-based statements? correct answers an inventory is
debited at the time of aquisition
which type of fund is not included in the government-wide financial statements correct answers
fiduciary funds
which of the following statements is correct for governmental funds? correct answers fund-based
financial statements measure revenues and expenditures based on modified accrual accounting
during the current year, a government buys land for $80,000. which of the following is false?
correct answers the land could be reported as an asset by the governmental funds in the fund-
based financial statements
when preparing fund-based financial statements, what account should be debited when office
equipment is ordered? correct answers encumbrances
trapper city issued 30-year bonds for the purpose of building a new city hall. The proceeds of the
bonds are deposited in the general fund. For the fund financial statements, in what fund will
bonds payable appear? correct answers bonds payable do not appear in the fund financial
statements
cash of $20,000 is transferred from the general fund to the enterprise fund to pay for the monthly
water bills for city hall. What is reported on the fund-based financial statements? correct answers
revenues increase by $20,000; expenditures increase by $20,000
Cash of $60,000 is transferred from the general fund to the debt service fund. What is reported
on the fund-based financial statements? correct answers Other financing sources increase by
$60,000; other financing uses increase by $60,000
which of the following is an example of an interactivity transaction? correct answers money is
transferred from the general fund to the enterprise fund.
a government buys equipment for its police department at a cost of $54,000. which of the
following is not true? correct answers depreciation in connection with this equipment will be
reported in the fund-based financial statements
