30 Jan (CO E) Prepare journal entries

Question 1 5 pts

(CO B) The standards created by the FASB, GASB and FASAB focus all of their standards on what type of financial reporting?.

Internal

External

Both Internal and external

Neither internal nor external

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Question 2 5 pts

(CO A) The CAFR must include which sections?.

Letter of transmittal, managements discussion and analysis, and financial

Introductory, financial and statistical

Introductory, MD&A, and financial

Letter of transmittal, financial, and supplementary

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Question 3 5 pts

(CO A) The financial section of the CAFR contains:

The basic financial statements, including notes

Transmittal letter

Tables and charts of demographic and economic data

Description of the organization

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Question 4 5 pts

(CO C) Fiduciary funds include all of the following except:

Investment trust

Custodial

Enterprise

Private-purpose trust

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Question 5 5 pts

(CO C) What is a deferred inflow of resources?

An acquisition of net assets by the government that is applicable to a future reporting period

A sale of net assets by the government that is applicable to a future reporting period

An acquisition of long-term debt that is applicable to current and future reporting periods

A sale of bonds that is applicable to current and future reporting periods

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Question 6 5 pts

(CO D) All of the following are categories of program revenues reported on the statement of activities except:

Capital grants and contributions

Operating grants and contributions

Proprietary grants and contributions

Charges for services

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Question 7 5 pts

(CO E) Which is NOT reported on the General Fund balance sheet?

Tax anticipation notes payable

Vouchers payable

Due from federal government

Equipment

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Question 8 5 pts

(CO E) The Livealittle township levied $1,600,000 in property taxes. Approximately 1% will be uncollectible. The journal entry to record the levy will include:

A debit to cash for $1,584,000

A credit to Revenues for $1,584,000

A debit to allowance for Uncollectible Current Taxes for $16,000

A debit to Estimated Revenues for $1,600,000

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Question 9 5 pts

(CO E) Capital assets used by governmental funds should be reported in:

The appropriate governmental funds

The property, plant, and equipment fund

Departmental memorandum records

The governmental activities column of the government-wide statements

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Question 10 5 pts

(CO E) Which of the following is true?

Debt margin is reported in the governmental activities column of the government-wide statements.

Debt limit represents the total amount of indebtedness of specified kinds that is allowed by law to be outstanding at any one time.

Overlapping debt is a calculation of the difference between the amount of debt limit calculated as prescribed by law and the next amount of outstanding indebtedness subject to limitation

All of the above are true

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Question 11 30 pts

(CO C) How does the use of encumbrance procedures improve budgetary control over expenditures?

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Question 12 30 pts

(CO D) Kane City sold bonds in the amount of $25,000,000 to finance the construction of a public wellness center. The bonds are serial bonds and were sold at par on January 1, the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $22,000,000 was signed and the contractor commenced work. By year-end the contractor had been paid in full for all billings to date amounting to $12,000,000.

Prepare, in general journal form, all journal entries that should have been made during the fiscal year ended December 31 to record the preceding information in the capital projects fund. (No closing entry is required).

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Question 13 40 pts

(CO E) Prepare journal entries for the following related transactions in the fund and activity journals affected: (If no entry is required for a transaction/event, select “No Journal Entry Required” in the first account field.)

(1) A capital projects fund issued $5,000,000, 4 percent bonds for $5,050,000 to finance improvements of a park. Premiums received are to be used to service the debt issue.

(2) The Parks and Recreation Special Revenue Fund transferred $250,000 for use in construction.

(3) A construction contract was awarded in the amount of $5,200,000.

(4) A bill was received from the contractor for $2,600,000.

(5) The contractor’s bill is paid, and 5% retainage is withheld.