Accounting

Which of the following is not a cash flow classification used in a Proprietary F

Which of the following is not a cash flow classification used in a Proprietary F

Which of the following is not a cash flow classification used in a Proprietary Fund statement of cash flows?
A.   Cash flows from operating activities.
B.   Cash flows from financing activities.
C.   Cash flows from investing activities.

goji.go   293   1 Reply

f_zah1

Cash received from a transfer from the General Fund to subsidize operations of a

Cash received from a transfer from the General Fund to subsidize operations of a

Cash received from a transfer from the General Fund to subsidize operations of an Enterprise Fund is reported in which section of a statement of cash flows?
A.   Cash flows from operating activities.
B.   Cash flows from noncapital financing ac

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f_zah1

A Proprietary Fund statement of cash flows reports cash flows from operating act

A Proprietary Fund statement of cash flows reports cash flows from operating act

A Proprietary Fund statement of cash flows reports cash flows from operating activities
A.   Using the direct method.
B.   Using the indirect method.
C.   Equal to net income plus depreciation and plus/minus changes in appropriate current as

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f_zah1

Where should a cash grant received to support the operations of an Enterprise Fu

Where should a cash grant received to support the operations of an Enterprise Fu

Where should a cash grant received to support the operations of an Enterprise Fund be reported on that fund’s statement of revenues, expenses, and changes in fund net position?
A.   Operating revenues.
B.   Nonoperating revenues.
C.   Reduct

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f_zah1

A government borrowed $20 million by issuing general obligation bonds to finance

A government borrowed $20 million by issuing general obligation bonds to finance

A government borrowed $20 million by issuing general obligation bonds to finance construction of a new airport terminal for its Airport Enterprise Fund. The bonds were issued at par, and the government intends to service the bonds from Enterprise Fun

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f_zah1

Which of the following would not be reported as a component of net position of a

Which of the following would not be reported as a component of net position of a

Which of the following would not be reported as a component of net position of an Enterprise Fund?
A.   Unrestricted net position.
B.   Restricted net position.
C.   Net Investment in capital assets.
D.   Permanently restricted net posit

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f_zah1

A long-term liability for compensated absences would typically be included in wh

A long-term liability for compensated absences would typically be included in wh

A long-term liability for compensated absences would typically be included in which component of net position of an Enterprise Fund?
A.   Unrestricted net position.
B.   Restricted net position.
C.   Net investment in capital assets.
D

goji.go   364   1 Reply

f_zah1

Which of the following equity classifications would not apply to an Enterprise F

Which of the following equity classifications would not apply to an Enterprise F

Which of the following equity classifications would not apply to an Enterprise Fund?
A.   Retained earnings.
B.   Net investment in capital assets.
C.   Unrestricted net position.
D.   Restricted net position.

goji.go   252   1 Reply

f_zah1

An Internal Service Fund is considered to be A.A governmental fund. B.A propr

An Internal Service Fund is considered to be A.A governmental fund. B.A propr

An Internal Service Fund is considered to be
A.   A governmental fund.
B.   A proprietary fund.
C.   A fiduciary fund.
D.   Either a governmental fund or a proprietary fund, depending on the nature of the activity accounted for within th

goji.go   243   1 Reply

f_zah1

The use of an Internal Service Fund is mandated by generally accepted accounting

The use of an Internal Service Fund is mandated by generally accepted accounting

The use of an Internal Service Fund is mandated by generally accepted accounting principles for which of the following activities?
A.   Risk financing activities.
B.   Government motor pool.
C.   Centralized warehouse.
D.   GAAP does not

goji.go   283   1 Reply

f_zah1

A government plans to create an Internal Service Fund to account for its new cen

A government plans to create an Internal Service Fund to account for its new cen

A government plans to create an Internal Service Fund to account for its new central warehouse. The General Fund loans the Internal Service Fund $100,000, which is going to pay back the loan interest-free in five years. The entry in the Internal Serv

goji.go   346   1 Reply

f_zah1

The Central Warehouse Internal Service Fund purchased $15,000 of inventory on ac

The Central Warehouse Internal Service Fund purchased $15,000 of inventory on ac

The Central Warehouse Internal Service Fund purchased $15,000 of inventory on account, which was unpaid as of the month end. Which of the following statements regarding the accounting for the transaction is false?
A.   Expenses in the Internal Ser

goji.go   307   1 Reply

f_zah1

Caraway County has a Self-Insurance Internal Service Fund. If the fund purchases

Caraway County has a Self-Insurance Internal Service Fund. If the fund purchases

Caraway County has a Self-Insurance Internal Service Fund. If the fund purchases $100,000 of investments during the month, the
A.   Fund's total assets will increase by $100,000.
B.   Fund's total assets will decrease by $100,000.

goji.go   466   1 Reply

f_zah1

An Internal Service Fund had investments with an original cost of $100,000. As o

An Internal Service Fund had investments with an original cost of $100,000. As o

An Internal Service Fund had investments with an original cost of $100,000. As of the end of the fiscal year, the fair market value on these investments was $85,000. The Internal Service Fund would
A.   Report expenses of $15,000.
B.   Report a

goji.go   293   1 Reply

f_zah1

The General Fund paid $4,000 to the Internal Service Fund for services rendered.

The General Fund paid $4,000 to the Internal Service Fund for services rendered.

The General Fund paid $4,000 to the Internal Service Fund for services rendered. Which of the following statements accurately reflects the reporting effects of the transaction?
A.   The Internal Service Fund will report revenues of $4,000.
B.

goji.go   379   1 Reply

f_zah1

Which of the following would most likely be accounted for in an Internal Service

Which of the following would most likely be accounted for in an Internal Service

Which of the following would most likely be accounted for in an Internal Service Fund?
A.   A government's water and sewer department if it provides water and sewer services to government departments as well as to residents and businesses in

goji.go   215   1 Reply

f_zah1

A municipality's Central Garage Internal Service Fund had total billings for $8,

A municipality's Central Garage Internal Service Fund had total billings for $8,

A municipality's Central Garage Internal Service Fund had total billings for $8,000 for the month. Of the 40 vehicles serviced, 20 were police vehicles, 10 were water department vehicles, and 10 were wastewater department vehicles. What would th

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f_zah1

The General Fund contributes $40,000 to an Internal Service Fund to subsidize th

The General Fund contributes $40,000 to an Internal Service Fund to subsidize th

The General Fund contributes $40,000 to an Internal Service Fund to subsidize the purchase of a capital asset. The contribution is not considered to be an interfund loan. The Internal Service Fund will report this contribution as a
A.   Transfer i

goji.go   352   1 Reply

f_zah1

Inventory in an Internal Service Fund would most likely be reflected in which of

Inventory in an Internal Service Fund would most likely be reflected in which of

Inventory in an Internal Service Fund would most likely be reflected in which of the following equity classifications?
A.   Nonspendable net position.
B.   Net investment in capital assets.
C.   Restricted net position.
D.   Unrestricted

goji.go   248   1 Reply

f_zah1

Interest revenue earned by an Internal Service Fund will be reported on the stat

Interest revenue earned by an Internal Service Fund will be reported on the stat

Interest revenue earned by an Internal Service Fund will be reported on the statement of revenues, expenses, and changes in net position as
A.   Operating revenue.
B.   Non-operating revenue.
C.   An other financing source.
D.   A capital

goji.go   321   1 Reply

f_zah1

Which of the following statements accurately describes why the statement of reve

Which of the following statements accurately describes why the statement of reve

Which of the following statements accurately describes why the statement of revenues, expenses and changes in net position for an Internal Service Fund differs slightly from one for an Enterprise Fund?
A.   Internal Service Funds do not report ope

goji.go   363   1 Reply

f_zah1

Internal Service Funds report a statement of net position and a General Fund rep

Internal Service Funds report a statement of net position and a General Fund rep

Internal Service Funds report a statement of net position and a General Fund reports a balance sheet. Which of the following would potentially appear on both the statement of net position and the balance sheet?   
A.   Inventory.
B.   Capi

goji.go   259   1 Reply

f_zah1

Internal Service Funds may report each of the following equity classifications e

Internal Service Funds may report each of the following equity classifications e

Internal Service Funds may report each of the following equity classifications except
A.   Net investment in capital assets.
B.   Restricted net position.
C.   Nonspendable fund balance.
D.   Unrestricted net position.

goji.go   264   1 Reply

f_zah1

Cash paid to purchase capital assets is reported as a cash outflow in which sect

Cash paid to purchase capital assets is reported as a cash outflow in which sect

Cash paid to purchase capital assets is reported as a cash outflow in which section of an Internal Service Fund statement of cash flows?
A.   Cash flows from operating activities.
B.   Cash flows from noncapital financing activities.
C.   Ca

goji.go   396   1 Reply

f_zah1

The General Fund transfers cash to provide working capital for a new Internal Se

The General Fund transfers cash to provide working capital for a new Internal Se

The General Fund transfers cash to provide working capital for a new Internal Service Fund. The Internal Service Fund would report this transaction in the statement of cash flows as
A.   Cash flows from operating activities.
B.   Cash flows fro

goji.go   237   1 Reply

f_zah1

The General Fund transfers cash to provide working capital for a new Internal Se

The General Fund transfers cash to provide working capital for a new Internal Se

The General Fund transfers cash to provide working capital for a new Internal Service Fund. The Internal Service Fund would report this transaction in the operating statement as
A.   Revenues.
B.   Other financing sources.
C.   Nonoperating

goji.go   234   1 Reply

f_zah1

The required statements for an Internal Service Fund include a Statement of A.

The required statements for an Internal Service Fund include a Statement of A.

The required statements for an Internal Service Fund include a Statement of
A.   Activities.
B.   Revenues, Expenditures, and Changes in Fund Balance.
C.   Revenues, Expenditures, and Changes in Net Position.
D.   Revenues, Expenses, and

goji.go   182   1 Reply

f_zah1

If a Self-Insurance Internal Service Fund pays claims of $5,000 during the month

If a Self-Insurance Internal Service Fund pays claims of $5,000 during the month

If a Self-Insurance Internal Service Fund pays claims of $5,000 during the month, the fund will report
A.   Expenses of $5,000.
B.   Transfers out of $5,000.
C.   Nonoperating expenses of $5,000.
D.   A decrease in prepaid assets of $5,00

goji.go   484   1 Reply

f_zah1

If a government has more than one Internal Service Fund, they are reported in th

If a government has more than one Internal Service Fund, they are reported in th

If a government has more than one Internal Service Fund, they are reported in the basic financial statements
A.   In separate columns for each fund.
B.   In separate columns for each major Internal Service Fund.
C.   As a single column by f

goji.go   269   1 Reply

f_zah1

An Internal Service Fund would report which of the following items on its balanc

An Internal Service Fund would report which of the following items on its balanc

An Internal Service Fund would report which of the following items on its balance sheet
A.   Restricted fund balance.
B.   Unrestricted net position.
C.   Assigned fund balance.
D.   Capital contributions.

goji.go   267   1 Reply

f_zah1

A self-insurance Internal Service Fund may not include which of the following in

A self-insurance Internal Service Fund may not include which of the following in

A self-insurance Internal Service Fund may not include which of the following in its charges to other funds?
A.   A reasonable provision for profit over a period of time.
B.   Charges based on actuarial or other acceptable estimates of costs.

goji.go   203   1 Reply

f_zah1

Governments that centralize their risk financing activities should not account f

Governments that centralize their risk financing activities should not account f

Governments that centralize their risk financing activities should not account for this activity in which type of fund?
A.   General Fund.
B.   Internal Service Fund.
C.   Enterprise Fund.
D.   Special Revenue Fund.

goji.go   296   1 Reply

f_zah1

A self-insurance activity that is accounted for in an Internal Service Fund pays

A self-insurance activity that is accounted for in an Internal Service Fund pays

A self-insurance activity that is accounted for in an Internal Service Fund pays $365,000 in claims during the year. Because the Internal Service Fund is a proprietary fund, the claims will be reported on the statement of revenues, expenses, and chan

goji.go   302   1 Reply

f_zah1

In an Internal Service Fund, the expectation is that A.Each year's revenues sho

In an Internal Service Fund, the expectation is that A.Each year's revenues sho

In an Internal Service Fund, the expectation is that
A.   Each year's revenues should equal each year's expenses because the revenues are simply an allocation of that year's expenses.
B.   Each year's revenues should equal e

goji.go   180   1 Reply

f_zah1

An other postemployment benefit plan where assets have been placed in trust woul

An other postemployment benefit plan where assets have been placed in trust woul

An other postemployment benefit plan where assets have been placed in trust would be reported as
A.   A Permanent Fund.
B.   An Agency Fund.
C.   Part of the General Fund.
D.   As a Pension and Other Employee Benefit Trust Fund.

goji.go   222   1 Reply

f_zah1

Which types of funds are classified as fiduciary funds?

Which types of funds are classified as fiduciary funds?

Which types of funds are classified as fiduciary funds?
A.   Pension trust, private-purpose trust, and Investment Trust Funds.
B.   Pension trust, permanent trust, and Agency Funds.
C.   Pension trust, private-purpose trust, investment trust

goji.go   266   1 Reply

f_zah1

The accounting parameters established by GASB Statement No. 25 do not apply to a

The accounting parameters established by GASB Statement No. 25 do not apply to a

The accounting parameters established by GASB Statement No. 25 do not apply to amounts reported in which of the following?
A.   Schedule of funding progress.
B.   Statement of changes in plan net position.
C.   Statement of plan net position

goji.go   187   1 Reply

f_zah1

Which of the following activities would most likely be accounted for in an Agenc

Which of the following activities would most likely be accounted for in an Agenc

Which of the following activities would most likely be accounted for in an Agency Fund that would be reported in the external financial statements?
A.   Tax collections by a county on behalf of local municipalities.
B.   Interfund loan payments

goji.go   349   1 Reply

f_zah1

Generally accepted accounting principles require the use of an Investment Trust

Generally accepted accounting principles require the use of an Investment Trust

Generally accepted accounting principles require the use of an Investment Trust Fund
A.   For governments that have any investment activity.
B.   For governments that sponsor external investment pools.
C.   For governments that are investing

goji.go   286   1 Reply

f_zah1

A county provides health insurance coverage for retirees up until they reach the

A county provides health insurance coverage for retirees up until they reach the

A county provides health insurance coverage for retirees up until they reach the age of 65. This type of plan is known as
A.   A simple pension plan.
B.   A deferred compensation plan.
C.   An other postemployment benefit plan.
D.   A per

goji.go   156   1 Reply

f_zah1