(TCO F) Which of the following is with respect to Internal Service Funds?<\/p>\n
Net assets (fund equity) are to be reported in
\ntwo categories: assigned and unassigned.
\n Internal service funds use accrual accounting
\nand the economic resource measurement focus.
\n Internal service funds account for long-term
\ndebt but not long-term fixed assets.
\n All of the above are false statements.<\/p>\n
Question 2. Question
\n:
\n(TCO F) Which of the following is false regarding
\nproprietary fund accounting?<\/p>\n
The economic resources measurement focus and
\naccrual accounting are used.
\n Capital assets are recorded in the accounts
\nand depreciated.
\n The Statement of Net Assets must be in a
\nclassified format, with current assets separated from noncurrent assets and
\ncurrent liabilities separated from noncurrent liabilities.
\n In the Statement of Net Assets, the net assets
\nare reported as either reserved or unreserved.
\n Instructor Explanation: Chapter 7
\n Points Received: 5 of 5
\n Comments: <\/p>\n
Question 3. Question
\n:
\n(TCO G) Which of the following is a true statement regarding
\nfiduciary funds?<\/p>\n
Investment trust funds account for the
\ninternal portion of an investment pool, when a government is trustee for that
\npool.
\n Private-purpose trust funds account for
\nresources that are administered by a government for the benefit of others, such
\nas a fund that is held to distribute resources to local not-for-profit
\ncharities.
\n Both of the above
\n Neither of the above<\/p>\n
Instructor Explanation: Chapter 8
\n Points Received: 5 of 5
\n Comments: <\/p>\n
Question 4. Question
\n:
\n(TCO H) Public sector audits differ from those of commercial
\nbusinesses in which of the following instances?<\/p>\n
The auditor reports to outside agencies, as well
\nas management of the organization.
\n The auditor does not utilize statistical
\nsampling.
\n The auditor is not required to be independent.
\n All of the above<\/p>\n
5
\n Comments: <\/p>\n
Question 5. Question
\n:
\n(TCO J) Government-wide financial statements present the
\ngovernment\u00e2\u0080\u0099s financial position using which of the following?<\/p>\n
Current financial resources measurement focus
\nand the cash basis of accounting.
\n Current financial resources measurement focus
\nand the modified accrual basis of accounting.
\n Economic resources measurement focus and the
\naccrual basis of accounting.
\n Total financial resources measurement focus
\nand the accrual basis of accounting.
\n Instructor Explanation: Chapter 9
\n Points Received: 5 of 5
\n Comments: <\/p>\n
Question 6. Question
\n:
\n(TCO H) Depreciation expense in a not-for-profit
\norganization should be treated as follows.<\/p>\n
Depreciation expense is allocated to program
\nbut not support functions.
\n Depreciation expense is assigned to or
\nallocated to the functions to which it relates.
\n Depreciation expense is disclosed in the notes
\nto the financial statements.
\n Depreciation expense is reported under the
\nmanagement and general function.<\/p>\n
Question 7. Question
\n:
\n(TCO H) Please explain the purpose of the Single Audit. Have
\nthe deficiencies in previous practice been ed in regards to the Single Audit
\nAct?<\/p>\n
Question 8. Question
\n:
\n(TCO F) Internal Service Fund, Statement of Cash Flows.
\nPrepare a statement of cash flows for the internal service fund for the city of
\nPearman from the following information:<\/p>\n
Cash on hand at the beginning of the year $160
\nInterest on investments
\n201
\nWages and salaries paid
\n(2,950)
\nPurchases of supplies
\n (1,210)
\nCollections (for services) from other funds 5,790
\nInterest paid on long-term debt
\n(185)
\nRepayment of loans from other funds
\n(680)
\nPurchase of capital assets
\n(870)
\nProceeds of revenue bonds
\n870
\nPurchase of investments
\n(430)
\nProceeds from sale of capital assets
\n28
\nProceeds from sale of investments
\n49
\nLoans from other funds
\n520<\/p>\n","protected":false},"excerpt":{"rendered":"
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