ACCT567 Quiz Week 3

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ACCT567 Quiz Week 3
(TCO A) Which of the following items are considered Requir…

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ACCT567 Quiz Week 3

ACCT567 Quiz Week 3

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(TCO A) Which of the following items are considered Required Supplementary Information (RSI)?

(TCO B) In addition to the government-wide statements, governmental entities are required to prepare fund financial statements for which of the following category of funds?

(TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as

(TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?

(TCO B) Which of the following is true regarding the government-wide Statement of Net Assets?

(TCO D) GASB standards _____ that each governmental reporting entity display _____ General Fund in its general-purpose financial statements.

(TCOs A and B) Please list and describe the three major sections of the Comprehensive Annual Financial Report and provide a brief description of what is included in each of the section.

(TCO D) The City of Minyard adopted the following budget for fiscal year 2012:

Anticipated Revenues:
Property Taxes                                                                            $4,480,000
….

(TCO D) The City of Martinville had the following pre-closing account balances in its General Fund as of June 30, 2012. Debits and credits are not separated; each account had its “normal” balance. Among the expenditures that are recorded this year is an amount that has been expended on supplies ordered at the end of the previous year. Assume that the encumbrances do not lapse and that the city failed to make the proper journal entry or entries necessary to re-establish the encumbrance in the current year.

Pre-closing Trial Balance of the City of Martinville as of June 30, 2012:

Cash                                                                                            $80,000
Estimated Revenues                                                             6,300,000
Revenues                                                                                6,380,000
Appropriations                                                                      5,890,000
….

Additional Questions/Answers:

The following information was available for the General Fund for the City of Newman for the Year Ended June 30, 2012.
a. Revenues for the year: Property Taxes of $6,240,000, fines and penalties of $484,000, sales taxes of $453,000, intergovernmental revenue of $272,000, and charges for services of $64,000.
b. Expenditures from current appropriations included: General Government of $3,320,000, Public Safety of $1,923,000, Public Works of $821,000, Health and Welfare of $294,000, and Miscellaneous Appropriations of $42,000.
c. A transfer was made from the General Fund to the Debt Service Fund of $700,000. A transfer of $510,000 was made to the General Fund from the Enterprise Fund.
d. A sale of city-owned land was made to a private enterprise which is considered infrequent but not unusual was under city management control. The proceeds amounted to $330,000 and the land had a basis of $200,000 which was reported in the government-wide Statement of Net Assets the year before.
e. Beginning balances included Fund Balance in the amount of $290,000 and Reserve for Encumbrances in the amount of $20,000.
Required: Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Newman for the Year Ended June 30, 2012.

The following information was available for the General Fund for the City of Axton for the year ended June 30, 2012.

  1. Revenues for the year: Property Taxes of $7,500,000, fines and penalties of $543,000, intergovernmental revenue of $382,000, and miscellaneous revenues of $118,000.
  2. Expenditures from current appropriations included: General Government of $4,975,000, Public Safety of $1,849,000, Public Works of $754,000, Parks and Recreation of $234,000, and Miscellaneous Appropriations of $22,000.
  3. A transfer was made from the General Fund to the Debt Service Fund of $600,000. A transfer of $430,000 was made to the General Fund from the Enterprise Fund.
  4. A sale of a city-owned building was made to a private enterprise which is considered infrequent but not unusual was under city management control. The proceeds amounted to $520,000 and the land had a basis of $300,000 which was reported in the government-wide Statement of Net Assets the year before.
  5. Beginning balances included Fund Balance in the amount of $320,000 and Reserve for Encumbrances in the amount of $35,000. Required: Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Axton for the Year Ended December 31, 2012. (Points : 10)

ACCT 567 Quiz Week 3

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