Reference no: EM13872542
(Multiple Choice)
1. In government wide financial statements, for which activities is depreciation reported? a. Only for governmental activities
b. Only for business type activities
c. For both governmental and business type activities d. For neither governmental nor business type activities
2. In government wide financial statements, for which activities is the economic resources measurement focus and accrual basis of accounting used?
a. Only for governmental activities
b. Only for business type activities
c. For both governmental and business type activities
d. For neither governmental nor business type activities
3. In which set of financial statements are fiduciary type funds reported?
a. Only in the fund financial statements
b. Only in the government wide financial statements
c. In both fund and government wide financial statements
d. In neither fund nor government wide financial statements
4. If the General Fund makes a transfer to the Debt Service Fund, how should the transfer be reported in the financial statements?
a. The transfers in and out should be reported in both the fund operating statement and the government wide operating statement.
b. The transfers in and out should be reported in neither the fund operating statement nor the government wide operating statement.
c. The transfers in and out should be reported in the fund operating statement but not in the government wide operating statement.
d. The transfers in and out should be reported in the government wide operating statement but not in the fund operating statement.
5. A primary government has two component units, called CA and CB. CA meets the criteria for blending with other governmental funds CB meets the criteria for discrete reporting. How should CA and CB be reported in the primary government government wide financial statements?
a. Report neither CA nor CB in those statements.
b. Report both CA and CB in a separate column headed Component Units.
c. Report CA in the column headed Governmental Activities, and report CB in a separate column headed Component Units.
d. Do not report CA in those statements, but report CB in a separate column headed Component Units.
6. A city issues $ 500,000 of 10 year general obligation bonds on April 1, 2013. It is required to redeem debt principal of $ 50,000 on April 1 of each year, starting April 1, 2014, with interest of 4 percent per annum paid on the unpaid principal. How much interest expenditure or expense should the city recognize in its operating statements for the calendar year 2013?
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(Multiple Choice) 1. In government wide financial statements, for which:
7. A village issues $ 3,000,000 of general obligation bonds to build a new firehouse. How should the debt be reported?
a. As a liability in the government wide statement of net position
b. As a liability in the fund balance sheet
c. As proceeds of debt in the government wide statement of activities
d. As a liability in both the fund balance sheet and the government wide statement of net position
8. A village levies property taxes in the amount of $ 4,290,000 for the fiscal year ended June 30, 2013. It collects $ 4,200,000 during the year. Regarding the $ 90,000 of delinquent receivables, it expects to collect $ 60,000 in July and August of 2013 and another $ 20,000 after August 2013 but before March 2014. It expects to write off $ 10,000 as uncollectible. How much should the village recognize as property tax revenue in its government wide statement of activities for the fiscal year ended June 30, 2013?
a. $ 4,290,000
b. $ 4,280,000
c. $ 4,270,000
d. $ 4,260,000
e. $4,200,000