1 which of the following can be affected by gaapalegal

Assignment Help Financial Accounting

Reference no: EM13355677

1. Which of the following can be affected by GAAP?

a.Legal ability to issue bonds.

b.Ability to balance the budget.

c.Amount reported as employee pension plan contributions.

d.Claims and judgments settled.

2. Which of the following is common to both governments and not-for-profit entities but distinguishes these entities from for-profit entities?

a.The budget is a legal, financial document.

b.Revenues are usually indicative of demand for goods or services.

c.There is direct matching of revenues and expenses.

d.There are no defined ownership interests.

3. Which of the following is an objective of financial reporting by governmental entities as established by GASB?

a.Financial reporting should assist users in assessing the management skills of top management.

b.Financial reporting should assist users in determining if current-period revenues were sufficient to pay for corrent-period services.

c.Financial reporting should assist users in evaluating the cash management operations of the governmental entity for the year.

d.Financial reporting should assist users in assessing whether the government provided appropriate services to its constituents in the current year.

4. Which of the following funds is a fiduciary fund?

a.Permanent fund.

b.Agency fund.

c.Capital project fund.

d.Debt service fund.

5. Which of the following accounts would you least expect to see in a debt service fund?

a.Principal payments.

b.Interest charges.

c.Interest earned.

d.Outstanding balance of the debt being serviced.

6. Which of the following statements is NOT required in the financial reports of a not-for-profit entity?

a.Statement of Position.

b.Statement of Restricted Funds.

c.Statement of Activities.

d.Statement of Cash Flows.

7. A review of Park City's books shows the following information:

1.$2,500 of outstanding vouchers payable

2.$3,000 of outstanding purchase order amounts

Which of these amounts would you expect to see in the general fund's encumbrances account?

a.$2,500

b.$3,000

c.$5,500

d.$500

8. The City of Lakeview adopts its budget on a basis of accounting that permits outstanding purchase commitments to be charged against the budget in the year that the goods are ordered instead of in the year they are received. During the year the City ordered and received $4,000 of supplies (of which $3,000 had been paid and $1,000 was unpaid) and had $500 of outstanding purchase commitments for supplies at year-end. In the Statement of Budget to Actual, the expenditures for supplies would be:

a.$3,000.

b.$3,500.

c.$4,000.

d.$4,500.

9. A county general fund budget includes budgeted revenues of $600 and budgeted expenditures of $595. Actual revenues for the year were $610. To close the Estimated Revenues account at the end of the year

a.Debit Estimated Revenues $10

b.Credit Estimated Revenue $10

c.Debit Estimated Revenues $600

d.Credit Estimated Revenues $600

10. During 2007, a state has the following cash collections related to state income taxes

Payroll withholdings and estimated payments related to 2007 income $ 360
4/15/07 Balance of 2006 (net of $10 refunds) income taxes $ 40
1/15/08 payroll withholdings and estimated payments related to 2007 income $ 30
2/15/08 payroll withholdings and estimated payments related to 2007 income $ 35
3/15/08 payroll withholdings and estimated payments related to 2008 income $ 25
4/15/08 Balance of 2007 (net of $5 refunds) income taxes $ 45
Assuming that the state defines available as the maximum period allowable for property taxes, what is the amount of revenue that will be recognized in the 2007 governmental fund financial statements related to state income taxes?

a.$400.

b.$405.

c.$430.

d.$465.

Reference no: EM13355677

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