Chapter 16 Lecture Questions

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Jan 9, 2024

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Chapter 16 Lecture Questions Lecture 1: 1. Who are the primary users for whom Government Accounting rules were designed? a. Citizens, taxpayers, and elected officials. 2. What is the name of the body authorized to issue state and local government accounting standards? a. GASB- Government Accounting Standards Board 3. Under should revenues be recognized under modified accrual (i.e., fund) accounting? a. Yes, when they are measurable and ready to use 4. When should expenses be recognized under modified accrual (i.e., fund) accounting? a. When they reduce current financial resources 5. How many days after the fiscal year end can property taxes be collected and still be counted as revenue in the current fiscal year? a. No more than 60 days 6. Which set of government financial statements use full accrual accounting similar to U.S. GAAP in the private sector? a. Government wide financial statements 7. What are the three major types of fund categories under fund accounting? a. Governmental funds b. Proprietary Funds c. Fiduciary Funds 8. Do proprietary funds use full accrual accounting or modified accrual accounting? a. Full accrual accounting 9. Are fiduciary funds included in government-wide financial statements? a. No Lecture 2: 1. Government-wide financial statements break out all activities into which two categories? a. Statement of Net Position b. Statement of Activities 2. What are basic government-wide financial statements? a. The financial statement and statement of net assets
3. What are the two fund financial statements that are similar to the government-wide financial statements you listed above? a. Balance sheet b. Statement of revenues, expenditures, and changes in fund balance 4. How are criteria for being considered a separately-reported major fund on the statement of revenues, expenditures, and changes in fund balances? a. Total assets, liabilities, revenues, or expenditures/expenses of that individual fund >= 10% of corresponding total and >= 5% of the corresponding total for all governmental and enterprise funds combined. Lecture 3: 1. The journal entry to record a budget debits estimated revenues, credits “Appropriations” for estimated expenses, and credits the budgeted surplus into an accounted called ___Budgetary Fund Balance_____. 2. What is an encumbrance? a. Is used to make sure funds are not overspent. Lecture 4: These slides walk you through practice problems regarding journal entries for governmental funds. Pay close attention! Lecture 5: 1. What are the two methods for recording the acquisition of supplies and prepaid items in governmental fund accounting? a. Purchase Method b. Consumption Method 2. What are the four categories of nonexchange revenues? a. Derived tax revenues b. Imposed non-exchange revenues c. Government-mandated nonexchange transaction d. Voluntary nonexchange transaction 3. What’s the difference between intra-activity transfers vs. inter-activity transfers? a. Intra-activity transfers – occur within major categories b. Inter-activity transfers – occur between government and business activities
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4 Which of the following bodies has been established to recommend accounting and financial reporting standards for the federal government? Multiple Choice Financial Accounting Standards Board (FASB). Governmental Accounting Standards Board (GASB). Federal Accounting Foundation (FAF). Federal Accounting Standards Advisory Board (FASAB).
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