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  • ACC 548 Final Exam 90 MCQs Covered

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    ACC 548 Final Exam 90 MCQs Covered. Get an A++. ACC 548 Final Exam 90 MCQs Covered. Get an A++. ACC 548 Final Exam Answers 1. Under GASB rules for the financial reporting entity A. component units are included if the primary government is financially accountable for their operations B. counties are component units of the state government C. blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements D. component units must be reported in columns (discrete presentation) separate from the funds of a primary government 2. According to GASB Statement No. 44, all of the following is a recommendation category for the CAFR’s statistical section EXCEPT A. financial trends information B. debt capacity information C. comparative information D. operating information 3. Which of the following choices regarding the government-wide Statement of Net Assets is true? A. The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities. B. 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 categories. C. The government-wide Statement of Net Assets includes all resources entrusted to the government; including governmental, proprietary, and fiduciary. D. A reporting entity—primary government plus component units—total column is required. 4. Which of the following choices regarding the government-wide Statement of Activities is true? A. The government-wide Statement of Activities may reflect expenses either by function—general government, public safety, and so forth—or by object or natural classification—salaries, supplies, and so forth. B. The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities. C. The government-wide Statement of Activities reflects all taxes as general revenues. Which of the following choices regarding the government-wide Statement of Activities is true? A. The Statement of Activities includes depreciation expense. B. Transfers between governmental and business type activities are eliminated and do not appear on the government-wide Statement of Activities. C. In the government-wide Statement of Activities, special items are those items that are both unusual, infrequent, and are not under the control of management. D. Taxes levied for specific functions may be reported as program revenue. Which of the following choices regarding the proprietary fund financial statements is true? A. The Statement of Net Assets (Balance Sheet) reflects equity as contributed equity and retained earnings. B. Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements. C. Statements include the Statement of Net Assets (Balance Sheet); Statement of Revenues, Expenses and Changes in Fund Net Assets: and Statement of Cash Flows. D. The Statement of Cash Flows may be prepared using either the direct or indirect methods. Which of the following choices regarding the fiduciary fund financial statements is true? A. Fiduciary fund financial statements include the Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets. B. Fiduciary fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. C. Fiduciary fund financial statements reflect equity as reserved and unreserved. D. Agency funds are reported only on the Statement of Changes in Fiduciary Net Assets. All of the following is likely to be recorded in a special revenue fund EXCEPT A. phone fees restricted to supporting

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    ACC 548 Final Exam 90 MCQs Covered. Get an A++. ACC 548 Final Exam 90 MCQs Covered. Get an A++. ACC 548 Final Exam Answers 1. Under GASB rules for the financial reporting entity A. component units are included if the primary government is financially accountable for their operations B. counties are component units of the state government C. blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements D. component units must be reported in columns (discrete presentation) separate from the funds of a primary government 2. According to GASB Statement No. 44, all of the following is a recommendation category for the CAFR’s statistical section EXCEPT A. financial trends information B. debt capacity information C. comparative information D. operating information 3. Which of the following choices regarding the government-wide Statement of Net Assets is true? A. The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities. B. 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 categories. C. The government-wide Statement of Net Assets includes all resources entrusted to the government; including governmental, proprietary, and fiduciary. D. A reporting entity—primary government plus component units—total column is required. 4. Which of the following choices regarding the government-wide Statement of Activities is true? A. The government-wide Statement of Activities may reflect expenses either by function—general government, public safety, and so forth—or by object or natural classification—salaries, supplies, and so forth. B. The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities. C. The government-wide Statement of Activities reflects all taxes as general revenues. Which of the following choices regarding the government-wide Statement of Activities is true? A. The Statement of Activities includes depreciation expense. B. Transfers between governmental and business type activities are eliminated and do not appear on the government-wide Statement of Activities. C. In the government-wide Statement of Activities, special items are those items that are both unusual, infrequent, and are not under the control of management. D. Taxes levied for specific functions may be reported as program revenue. Which of the following choices regarding the proprietary fund financial statements is true? A. The Statement of Net Assets (Balance Sheet) reflects equity as contributed equity and retained earnings. B. Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements. C. Statements include the Statement of Net Assets (Balance Sheet); Statement of Revenues, Expenses and Changes in Fund Net Assets: and Statement of Cash Flows. D. The Statement of Cash Flows may be prepared using either the direct or indirect methods. Which of the following choices regarding the fiduciary fund financial statements is true? A. Fiduciary fund financial statements include the Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets. B. Fiduciary fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. C. Fiduciary fund financial statements reflect equity as reserved and unreserved. D. Agency funds are reported only on the Statement of Changes in Fiduciary Net Assets. All of the following is likely to be recorded in a special revenue fund EXCEPT A. phone fees restricted to supporting

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    6 views13 pages

    ACC 548 Final Exam 90 MCQs Covered

    Uploaded by

    teacher.theacestud
    ACC 548 Final Exam 90 MCQs Covered. Get an A++. ACC 548 Final Exam 90 MCQs Covered. Get an A++. ACC 548 Final Exam Answers 1. Under GASB rules for the financial reporting entity A. component units are included if the primary government is financially accountable for their operations B. counties are component units of the state government C. blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements D. component units must be reported in columns (discrete presentation) separate from the funds of a primary government 2. According to GASB Statement No. 44, all of the following is a recommendation category for the CAFR’s statistical section EXCEPT A. financial trends information B. debt capacity information C. comparative information D. operating information 3. Which of the following choices regarding the government-wide Statement of Net Assets is true? A. The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities. B. 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 categories. C. The government-wide Statement of Net Assets includes all resources entrusted to the government; including governmental, proprietary, and fiduciary. D. A reporting entity—primary government plus component units—total column is required. 4. Which of the following choices regarding the government-wide Statement of Activities is true? A. The government-wide Statement of Activities may reflect expenses either by function—general government, public safety, and so forth—or by object or natural classification—salaries, supplies, and so forth. B. The government-wide Statement of Activities is prepared using the modified accrual basis of accounting for governmental activities and using the accrual basis of accounting for business-type activities. C. The government-wide Statement of Activities reflects all taxes as general revenues. Which of the following choices regarding the government-wide Statement of Activities is true? A. The Statement of Activities includes depreciation expense. B. Transfers between governmental and business type activities are eliminated and do not appear on the government-wide Statement of Activities. C. In the government-wide Statement of Activities, special items are those items that are both unusual, infrequent, and are not under the control of management. D. Taxes levied for specific functions may be reported as program revenue. Which of the following choices regarding the proprietary fund financial statements is true? A. The Statement of Net Assets (Balance Sheet) reflects equity as contributed equity and retained earnings. B. Normally, a reconciliation is required between the proprietary fund financial statements and the business-type activities column in the government-wide financial statements. C. Statements include the Statement of Net Assets (Balance Sheet); Statement of Revenues, Expenses and Changes in Fund Net Assets: and Statement of Cash Flows. D. The Statement of Cash Flows may be prepared using either the direct or indirect methods. Which of the following choices regarding the fiduciary fund financial statements is true? A. Fiduciary fund financial statements include the Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets. B. Fiduciary fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. C. Fiduciary fund financial statements reflect equity as reserved and unreserved. D. Agency funds are reported only on the Statement of Changes in Fiduciary Net Assets. All of the following is likely to be recorded in a special revenue fund EXCEPT A. phone fees restricted to supporting

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