ACC 380 Quiz Q5

Which of the following statements is true? O a. The principal of permanent funds are classified as Nonspendable Fund Balance O b. The fund balance of permanent funds should be classified as Nonspendatie, Spendatie, and Cammited Net Poston O. Any governmental fund may have an Unassigned Fund Balance. O d. Fund balances of debt service funds are classified as Restricted and Unrestricted

Which of the following neither increases nor decreases fund balance of the General Fund during the current period? a. Deferred revenues. b. Revenues. c. Expenditures. d. Other financing sour ources.

Which of the following neither increases nor decreases fund balance of the General Fund during the current period? a. Revenues. b. Other financing sources. c. Deferred revenues. d. Expenditures.

The financial statements of an Enterprise  fund are prepared using the Full Accrual         Modified Accrual         Economic Resources               Current Financial Resources     Basis                      Basis                        Measurement Focus                   Measurement Focus                                                                                                                                               A.) No                          Yes                                         Yes                                         No B.) Yes                         No                                          No                                          Yes C.) No                          Yes                                         No                                          Yes D.) Yes                         No                                          Yes                                         No

After closing entries, a special revenue fund's Fund Balance account represents the net amount of resources available for future appropriation. O true false

If an internal service fund is intended to operate on a cost-reimbursement basis, then user charges should a. cover the full costs, both direct and indirect, of operating the fund. b. cover the full costs of operating the fund and provide for future expansion and replacement of capital assets. c. cover at a minimum the direct costs of operating the fund. d. do all of the above.

This problem has two parts, part a and part b. Answer each part separately using the same information. Do not mix answers to a and b; they are answered separately. Problem a:  Using the list of transactions below, provide all necessary journal entries for the Fund statements. You also need to identify which funds are involved in the transaction, such as the Capital projects fund, Debt service fund Special revenue fund, or Permanent fund.  Problem b:  Using the same list of transactions, provide all necessary journal entries for the Governmental Activities section in the Government-wide statements. Write “no entry” if no entry is needed.   Dunellen City, covered in this problem, issues a $10,000,000 bond at face value. The cash is to be used for the construction of a fire station. Previously undesignated cash of $100,000 from the General Fund is set aside to begin paying the bonds issued in item (1). A state cash grant of $300,000 is received that must be spent in the future for…

no handwritten

70. After realization of investment balance of sinking fund adjustment account is transferred to A. O Profit and loss a/c B.Debenture a/c c.Sinking fund a/c D.Cash a/c

For each of the following accounts indicate in which fund type it could be found. Select your answer from the following responses:   A.    Governmental funds only. B.    Proprietary funds only.       Bond Proceeds   Long Term liability for Compensated Absences   Deferred Inflows/Outflows of Resources   Taxes Receivable   Estimated Revenues     Operating Revenues

Supplies recorded in the General Fund under the consumption method will initially include a Multiple Choice Debit to Inventory of Supplies. Credit to Fund Balance—Restricted—Inventory of Supplies. Debit to Expenditures. Debit to Fund Balance—Restricted—Inventory of Supplies.

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Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.

Which of the following statements best describes the accounting for inventories in the General Fund? Select one: A. Inventories on hand at the end of the accounting period are not reflected on the balance sheet. B. Inventories used during the period are reflected as an expense in the statement of revenues, expenditures, and changes in fund balances. C. There is generally no recognition in the fund accounts of any remaining balance of inventories at the end of the accounting period. D. None of the above