ACCT 567 Week 3 Test All Questions and Answers
- Question : (TCO A) Which of the following items are considered Required Supplementary Information (RSI)?
Student Answer: Management’s Discussion and Analysis
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Schedule of Risk Management Activities
All of the above
Chapters 1 and 2
- Question : (TCO B) In addition to the government-wide statements, governmental entities are required to prepare fund financial statements for which of the following category of funds?
Student Answer: Governmental type funds
Proprietary funds
Fiduciary funds
All of the above
Instructor Explanation: Chapter 2
- Question : (TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as
Student Answer: a credit to Surplus Revenues, $600,000.
a debit to Estimated Excess Revenues, $600,000.
a credit to Budgetary Fund Balance, $600,000.
a memorandum entry only.
Instructor Explanation: Chapter 3
- Question : (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?
Student Answer: Special Revenue Funds may be used when a government wishes to segregate income for specific purposes.
Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources.
Assigned resources can be accounted for in a Special Revenue Fund.
Once a Special Revenue Fund is established by the governmental entity, it will continue to be a Special Revenue Fund until all of the resources are exhausted.
Instructor Explanation: Chapter 4
- Question : (TCO B) Which of the following is true regarding the government-wide Statement of Net Assets?
Student Answer: The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term liabilities.
A reporting entity (primary government plus component units) total column is required.
The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.
The government-wide Statement of Net Assets includes all resources entrusted to the government, including governmental, proprietary, and fiduciary.
Instructor Explanation: Chapter 2
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