Accounting

The principal of a Private-Purpose Trust Fund A.Must be nonspendable in nature.

The principal of a Private-Purpose Trust Fund A.Must be nonspendable in nature.

The principal of a Private-Purpose Trust Fund
A.   Must be nonspendable in nature.
B.   Must be spendable in nature.
C.   Must never fall below a pre-determined threshold that is determined by generally accepted accounting principles.
D

goji.go   336   1 Reply

f_zah1

A Pension Trust Fund that is provided by a government solely for the benefit of

A Pension Trust Fund that is provided by a government solely for the benefit of

A Pension Trust Fund that is provided by a government solely for the benefit of its employees is known as a
A.   Single-employer plan.
B.   Cost-sharing plan.
C.   Defined contribution plan.
D.   Defined benefit plan.

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f_zah1

An Agency Fund is used to account for debt service on special assessment bonds A

An Agency Fund is used to account for debt service on special assessment bonds A

An Agency Fund is used to account for debt service on special assessment bonds
A.   That are not backed by the full faith and credit of the governmental unit.
B.   That are not backed by the full faith and credit of the governmental unit unless

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f_zah1

Pass-through grants are reported in an Agency Fund of the primary recipient A.I

Pass-through grants are reported in an Agency Fund of the primary recipient A.I

Pass-through grants are reported in an Agency Fund of the primary recipient
A.   In all cases.
B.   Unless the primary recipient holds the resources longer than one year prior before paying the subrecipients.
C.   Only if the primary recipie

goji.go   321   1 Reply

f_zah1

A government receives a donation of $300,000 to establish an endowment fund whos

A government receives a donation of $300,000 to establish an endowment fund whos

A government receives a donation of $300,000 to establish an endowment fund whose income is to be used to support scholarships for local high school students. The school district is not part of the government. The government should report this activi

goji.go   391   1 Reply

f_zah1

A Pension Trust Fund will be reported in the government-wide financial statement

A Pension Trust Fund will be reported in the government-wide financial statement

A Pension Trust Fund will be reported in the government-wide financial statements within
A.   The governmental activities column.
B.   The business-type activities column.
C.   The discrete component unit presentations.
D.   The Pension T

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f_zah1

The General Fund's share of its contribution to a Pension Trust Fund on behalf o

The General Fund's share of its contribution to a Pension Trust Fund on behalf o

The General Fund's share of its contribution to a Pension Trust Fund on behalf of the its employees would be reported by the General Fund as
A.   A transfer out.
B.   An other financing source.
C.   An expenditure.
D.   An other fina

goji.go   351   1 Reply

f_zah1

A county uses an agency fund to collect property taxes for both itself and on be

A county uses an agency fund to collect property taxes for both itself and on be

A county uses an agency fund to collect property taxes for both itself and on behalf of the three municipalities within its borders. If the county collected $7,000 of municipal taxes during the month, what would be reported in the agency fund?
A

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f_zah1

The General Fund transfers $75,000 of employer pension contributions to the Pens

The General Fund transfers $75,000 of employer pension contributions to the Pens

The General Fund transfers $75,000 of employer pension contributions to the Pension Trust Fund. The Pension Trust Fund should
A.   Report revenues of $75,000.
B.   Report transfers of $75,000.
C.   Report expenses of $75,000.
D.   Report

goji.go   246   1 Reply

f_zah1

The General Fund transfers $25,000 withheld from employee's gross pay during the

The General Fund transfers $25,000 withheld from employee's gross pay during the

The General Fund transfers $25,000 withheld from employee's gross pay during the last quarter to the Pension Trust Fund. Which of the following statements regarding this transaction is true?
A.   The General Fund will reduce a liability and t

goji.go   487   1 Reply

f_zah1

Which of the following accounts would typically be reported in an agency fund? A

Which of the following accounts would typically be reported in an agency fund? A

Which of the following accounts would typically be reported in an agency fund?
A.   Due to Other Governments.
B.   Taxes Receivable.
C.   Restricted Net Position.
D.   Due from the General Fund.

goji.go   195   1 Reply

f_zah1

Which of the following statements are required for a Tax Agency Fund?

Which of the following statements are required for a Tax Agency Fund?

Which of the following statements are required for a Tax Agency Fund?
A.   Statement of revenues, expenditures and changes in net position
B.   Statement of revenues, expenses, and changes in net position
C.   Statement of cash flows
D.

goji.go   182   1 Reply

f_zah1

At year end, a county tax agency fund's only asset was $500,000 in cash. The cas

At year end, a county tax agency fund's only asset was $500,000 in cash. The cas

At year end, a county tax agency fund's only asset was $500,000 in cash. The cash was collected on behalf of the following entities:
   County–$300,000
   School district–$150,000
   Fire district–$50,000
In the county basic financ

goji.go   259   1 Reply

f_zah1

In a Tax Agency Fund, revenues must be recognized A.When measurable and availab

In a Tax Agency Fund, revenues must be recognized A.When measurable and availab

In a Tax Agency Fund, revenues must be recognized
A.   When measurable and available.
B.   On the cash basis.
C.   At net realizable value of the taxes receivable.
D.   Revenues are not reported for Agency Funds.

goji.go   223   1 Reply

f_zah1

The local school board received a donation of $1,000,000 to establish a scholars

The local school board received a donation of $1,000,000 to establish a scholars

The local school board received a donation of $1,000,000 to establish a scholarship fund for graduating students. The scholarship is accounted for in a Private-Purpose Trust Fund. The fund would report
A.   Additions of $1,000,000.
B.   Revenue

goji.go   518   1 Reply

f_zah1

A Private-Purpose Trust Fund has investments totaling $1,500,000. As of the end

A Private-Purpose Trust Fund has investments totaling $1,500,000. As of the end

A Private-Purpose Trust Fund has investments totaling $1,500,000. As of the end of the fiscal year, the fair market value of these investments increased by $125,000 from the previous year. The Private-Purpose Trust Fund would
A.   Report revenues

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f_zah1

If an Enterprise Fund transfers employer contributions to the Pension Trust Fund

If an Enterprise Fund transfers employer contributions to the Pension Trust Fund

If an Enterprise Fund transfers employer contributions to the Pension Trust Fund, which of the following best describes the effect of the transaction on each fund?
A.   The Enterprise Fund will report expenses and the Pension Trust Fund will repor

goji.go   574   1 Reply

f_zah1

A local citizen donated land to the city's Private-Purpose Trust Fund. The land

A local citizen donated land to the city's Private-Purpose Trust Fund. The land

A local citizen donated land to the city's Private-Purpose Trust Fund. The land has a fair market value of $50,000 but the donor's basis was $45,000. The trust fund will report
A.   Additions of $50,000.
B.   Additions of $45,000.

goji.go   439   1 Reply

f_zah1

The municipalities for whom the county collects property taxes paid $5,000 in ad

The municipalities for whom the county collects property taxes paid $5,000 in ad

The municipalities for whom the county collects property taxes paid $5,000 in administrative fees to county to cover collection costs. The county will report
A.   Revenues of $5,000 in the General Fund.
B.   Revenues of $5,000 in the Agency Fun

goji.go   276   1 Reply

f_zah1

Additions reported in the statement of changes in plan net position of a pension

Additions reported in the statement of changes in plan net position of a pension

Additions reported in the statement of changes in plan net position of a pension plan commonly include all of the following except
A.   Actuarial gains from revision of actuarial assumptions.
B.   Employer contributions.
C.   Net appreciatio

goji.go   291   1 Reply

f_zah1

Which of the following is not reported in the schedule of funding progress for a

Which of the following is not reported in the schedule of funding progress for a

Which of the following is not reported in the schedule of funding progress for a defined benefit pension plan?
A.   Actuarial value of assets.
B.   Actuarial accrued liability for future benefits.
C.   Covered payroll.
D.   Percentage of

goji.go   225   1 Reply

f_zah1

Which of the following are reported for a private-purpose trust fund?

Which of the following are reported for a private-purpose trust fund?

Which of the following are reported for a private-purpose trust fund?
A.   Expenditures
B.   Expenses
C.   Deductions
D.   Decreases to nonspendable fund balance.

goji.go   278   1 Reply

f_zah1

A government receives a donation of $300,000 to establish a Private-Purpose Trus

A government receives a donation of $300,000 to establish a Private-Purpose Trus

A government receives a donation of $300,000 to establish a Private-Purpose Trust Fund. The donation should be reported as
A.   Revenues.
B.   Other financing sources.
C.   Additions.
D.   Special items.

goji.go   311   1 Reply

f_zah1

A government establishes an Investment Trust Fund. During the year, it receives

A government establishes an Investment Trust Fund. During the year, it receives

A government establishes an Investment Trust Fund. During the year, it receives $500,000 from other separate legal entities to invest. The Investment Trust Fund should report this activity in the statement of changes in net position as
A.   Reven

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f_zah1

Which financial statements are required for a private purpose trust fund?

Which financial statements are required for a private purpose trust fund?

Which financial statements are required for a private purpose trust fund?
A.   Statement of net position and statement of revenues, expenses and changes in net position.
B.   Statement of net position, statement of revenues, expenses, and chang

goji.go   257   1 Reply

f_zah1

Equity in a fiduciary fund is referred to as A.Net position. B.Fund balance. C

Equity in a fiduciary fund is referred to as A.Net position. B.Fund balance. C

Equity in a fiduciary fund is referred to as
A.   Net position.
B.   Fund balance.
C.   Retained earnings.
D.   Contributed Capital.

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f_zah1

When preparing external financial statements that are in accordance with general

When preparing external financial statements that are in accordance with general

When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include
A.   Basic financial statements, management's discussion and analysis, and other requ

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f_zah1

The minimum requirements for general purpose external financial reporting does n

The minimum requirements for general purpose external financial reporting does n

The minimum requirements for general purpose external financial reporting does not include
A.   Fund financial statements.
B.   A transmittal letter.
C.   Management's discussion and analysis.
D.   Required supplementary information.

goji.go   228   1 Reply

f_zah1

Governmental activities in the government-wide financial statements would potent

Governmental activities in the government-wide financial statements would potent

Governmental activities in the government-wide financial statements would potentially report the following equity classifications except
A.   Restricted net position.
B.   Restricted fund balance.
C.   Unrestricted net position.
D.   Net

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f_zah1

The fund financial statements included in the basic financial statements include

The fund financial statements included in the basic financial statements include

The fund financial statements included in the basic financial statements include separate balance sheets (or statements of net position) for all of the following except
A.   Fiduciary funds.
B.   Governmental funds.
C.   Proprietary funds.

goji.go   328   1 Reply

f_zah1

A budgetary comparison schedule is required for A.The General Fund and all majo

A budgetary comparison schedule is required for A.The General Fund and all majo

A budgetary comparison schedule is required for
A.   The General Fund and all major governmental funds with legally adopted annual budgets.
B.   The General Fund and all major Special Revenue Funds with legally adopted annual budgets.
C.   T

goji.go   188   1 Reply

f_zah1

In the proprietary fund statements, a government should include a separate colum

In the proprietary fund statements, a government should include a separate colum

In the proprietary fund statements, a government should include a separate column for
A.   Each major Enterprise Fund only.
B.   Each major Enterprise Fund, nonmajor Enterprise Funds in the aggregate, and Enterprise Funds total only.
C.   Ea

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f_zah1

Which financial statement may be presented as required supplementary information

Which financial statement may be presented as required supplementary information

Which financial statement may be presented as required supplementary information?
A.   Government-wide statement of cash flows.
B.   General Fund and major Special Revenue Funds statement of revenues, expenditures, and changes in fund balances–

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f_zah1

In the fund financial statements, a government should include a separate column

In the fund financial statements, a government should include a separate column

In the fund financial statements, a government should include a separate column for all of the following except
A.   Each major Enterprise Fund.
B.   Each major Internal Service Fund.
C.   Each major Capital Projects Fund.
D.   Each majo

goji.go   332   1 Reply

f_zah1

Which governmental fund must always be reported in a separate column in the gove

Which governmental fund must always be reported in a separate column in the gove

Which governmental fund must always be reported in a separate column in the governmental fund financial statements?
A.   Capital Projects Fund.
B.   Debt Service Fund.
C.   General Fund.
D.   Special Revenue Fund.

goji.go   174   1 Reply

f_zah1

For general purpose external financial reporting, discretely presented component

For general purpose external financial reporting, discretely presented component

For general purpose external financial reporting, discretely presented component unit information
A.   Is not presented.
B.   Is included in the government-wide statements only.
C.   Is included in the fund financial statements only.
D.

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f_zah1

The government-wide statement of net position would report the following compone

The government-wide statement of net position would report the following compone

The government-wide statement of net position would report the following component of net position except
A.   Unrestricted net position.
B.   Restricted net position.
C.   Net investment in capital assets.
D.   Designated net position.

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f_zah1

In the government-wide statement of net position, interfund receivables and paya

In the government-wide statement of net position, interfund receivables and paya

In the government-wide statement of net position, interfund receivables and payables
A.   Should not be reported.
B.   Should only be reported for balances payable between governmental activities and business-type activities.
C.   Can be rep

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f_zah1

Which of the following may be reported in the government-wide statements and the

Which of the following may be reported in the government-wide statements and the

Which of the following may be reported in the government-wide statements and the fund financial statements?
A.   Nonfiduciary component units
B.   General government long-term debt
C.   General government capital assets
D.   Short-term de

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f_zah1

In the government-wide statements, business-type activities include A.Primarily

In the government-wide statements, business-type activities include A.Primarily

In the government-wide statements, business-type activities include
A.   Primarily only Enterprise Fund operations.
B.   Primarily only Internal Service Fund operations.
C.   Both a government's Enterprise Fund and all of its Internal S

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f_zah1