ACC 380 Quiz 1 Q9

How are enterprise funds reported in the fund financial statements?   Separate columns are presented for each type of enterprise fund.   All enterprise funds combined into a single column.   None of these.   Major enterprise funds are each reported in a separate column; nonmajor enterprise funds are aggregated into a single column.

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

Which of the following properly portrays the components of net position for proprietary funds?   Multiple Choice Contributed capital, Net investment in capital assets, Reserved, Unreserved. Net investment in capital assets, Restricted, Unrestricted. Designated, Undesignated, Restricted, Unrestricted. Net investment in capital assets, Reserved, Unreserved.

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 funds are classified as proprietary funds? Group of answer choices a.) Agency and special revenue funds. b.) Agency and pension trust funds. c.) Enterprise and internal service funds.

11) A fund A) has its own accounting equation. B) has consolidated financial statements for all funds. C) must follow GAAS. D) always uses modified accrual accounting

Which of the following statements is correct concerning a governmental entity’s combined statement of cash flows?a. Cash flows from capital financing activities are reported separately from cash flows from non-capital-related financing activities.b. The statement format is the same as that of a business enterprise’s statement of cash flows.c. Cash flows from operating activities may be reported using the indirect method.d. The statement format includes columns for the general, governmental, and proprietary fund types.

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…

Indicate whether the item in each column is reported in the financial statements of the fund types listed below by clicking the corresponding boxes. If an item does not apply, leave the corresponding box blank. You may check more than one box for each item. Statement Capital assets Long - term liabilities Encumbrances 1. General fund 2. Special revenue funds 3. Capital projects funds 4. Debt service funds 5. Permanent funds 6. Enterprise funds 7. Internal service funds 8. Pension (and other employee benefit) trust funds 9. Investment trust funds 10. Private-purpose trust funds 11. Custodial funds

8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discrete

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 is an example of an interactivity transaction?a. Money is transferred from the general fund to the debt service fund.b. Money is transferred from the capital projects fund to the general fund.c. Money is transferred from the special revenue fund to the debt service fund.d. Money is transferred from the general fund to the enterprise fund.

Which of the following may properly be reported as a component of net position in the proprietary fund statement of net position?   Multiple Choice Restricted net position. Retained earnings. Contributed capital. Designated equity.

Which of the following organizations/entities does a mutual fund appoint to collect money received fromthe fund's purchasers and from portfolio income, as well as to arrange for cash distributions? a) A fundcustodian. b) A fund distributer c) A fund principal. d) A fund manager