UOP ACCT 567 Week 8 Final Exam .pdf
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UOP ACCT 567 Week 8 Final Exam
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1. (TCO A) On what should the government-wide financial statements report? (Points
Net position and results of the financial operations of the government as a whole.
The cost of government services
2. (TCO B) According to GASB standards, when should transfers be recognized?
(Points : 5)
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)
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)
Cash collected on property taxes receivable
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.
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
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
11. (TCO I) Which of the following items would not affect the amounts reported in the
Revenues and Gains section of the statement of activities for a private college or
university? (Points : 5)
Student tuition and fees
Net assets released from restriction
Tuition and fees discounts and allowances
12. (TCO I) The primary source of revenues for most hospitals are (Points : 5)
capitation fees from health maintenance organizations.
exchange transactions, such as fees for services.
nonexchange transactions, such as contributions.
1. (TCOs D, E, F, and G) Please list the name of the fund(s) in which each of the
following transactions or events would be recorded
2. (TCO F) The garbage collection of the city of Rockwell could be accounted for
through the General Fund, a Special Revenue Fund, or an Enterprise Fund. Please
identify the circumstances in which each of these fund types might be appropriate.
(Points : 40)
3. (TCO I) During the fiscal year of June 2012, Jefferson General Hospital, a not-forprofit healthcare organization, had the following revenue-related transactions. (The
amounts are summarized for the entire year.)
4. (TCO E) Enter the template provided in the answer space and record the following
transactions in the Capital Projects Fund in the general journal for the following
5. (TCO F) The following Statement of Cash Receipts and Disbursements was
prepared by the bookkeeper of the City of Glass City Museum of Science. The
museum is a component unit of the City of Glass City and must be included in the
city’s financial statements. It began operations on January 1, 2012 with no liabilities
or commitments and only two assets.
(1) $6,000 in cash and (2) Land that was acquired for $11,000.
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