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Exam 16: Accounting for State and Local Governments, Part I

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Question 21

Multiple Choice

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Fiduciary funds are

A) Funds used to account for the activities of a government that are carried out primarily to provide services to citizens.
B) Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations.
C) Funds used to account for monies held by the government in a trustee or agency capacity.
D) Funds used to account for all financial resources except those required to be accounted for in another fund.
E) Funds used to account for resources that are restricted or committed for a specific purpose other than debt payments or capital projects.

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Question 22

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Annual budgets must be recorded within:

A) The general fund and special revenue funds.
B) Capital projects funds and debt service funds.
C) Enterprise funds and internal service funds.
D) The general fund and pension trust Fund.
E) Agency funds and the general fund.

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Question 23

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A new truck was ordered for the sanitation department at a cost of $137,250 on September 3, 2021.Required:(A) Prepare the required journal entry in the general fund for the governmental fund financial statements.(B) Prepare the required journal entry for the government-wide financial statements.

Which of the following statements is true about Fund Balance classifications for the governmental funds?

In governmental accounting, what term is used for a decrease in financial resources?

What are the two sets of financial statements mandated by GASB for state and local governments? For each set, what are the names of the individual statements that must be produced?

Property taxes of $1,800,000 are levied for Labrador County. All except 6% of the taxes are expected to be collected within 60 days of year-end.Required:Prepare the required journal entry and identify the fund in which it is recorded.

When a city holds pension monies for city employees, the monies should be recorded in

How do intra-activity and interactivity transactions differ in government-wide financial reporting? How is each type reported?

Which organization is responsible for establishing accounting principles for governmental entities? By whom was this organization established?

The reporting of the fund balance of governmental funds will result in a maximum of how many categories?

For what is a special revenue fund used to account?

What is meant by "Fund Balance―Nonspendable" and for what reasons is this classification needed?

Revenue from property taxes should be recorded in the General Fund

The board of commissioners of the city of Scranton adopted a general fund budget for the year ending June 30, 2021, which indicated tax levy revenues of $1,500,000, bond proceeds of $650,000, appropriations for government operations of $1,360,000, and operating transfers out of $425,000.Required:If this budget was formally integrated into the accounting records used to produce the governmental fund financial statements, what was the required journal entry at the beginning of the year?

What assets would be included in the accounting records of a city's general fund?

On June 14, 2021, Carbondale City agreed to transfer cash of $74,000 from the general fund to provide permanent financing for a municipal swimming pool that will be viewed as an enterprise fund. The cash was transferred on June 30, 2021.Required:(A) Prepare all the required journal entries and identify the fund in which each entry was recorded for the fund financial statements.(B) Prepare all the required journal entries and identify the type of activity for the government-wide financial statements.

A $6,000,000 bond is issued by Kensington City to build a new hospital and the proceeds of the bond are received directly by the fund that will be disbursing the monies for the hospital construction.Required:Prepare the journal entry to record the bond issue and identify the fund in which the entry is recorded.

Which of the following is not one of the categories for reporting fund balances of governmental funds?

On January 1, 2021, Kenneth City purchased office supplies for $50,000. During the year, $42,000 of these supplies were used.Required:Record the journal entries for these transactions using the consumption method. (Disregard the encumbrance entries.)