ACC 577 ACC577 Week 10 Quiz (STRAYER)

ACC 577 ACC577 Week 10 Quiz (STRAYER)

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ACC 577 Week 10 Quiz

  1. Which of the following is a required financial statement for an investment trust fund?
  2. Taxes collected and held by Franklin County for a separate school district would be accounted for in which fund?
  3. How much money from these transactions should Arnett record in Special Revenue funds?
  4. What is the basic criterion used to determine the reporting entity for a governmental unit?
  5. What amount of contribution revenue should the university report in its statement of activities?
  6. On January 2, City of Walton issued $500,000, 10-year, 7% general obligation bonds. Interest is payable annually, beginning January 2 of the following year.
  7. What amount of bond interest is Walton required to report in the statement of revenue, expenditures, and changes in fund balance of its governmental funds at the close of this fiscal year, September 30?
  8. What amount would the hospital report as net patient service revenue in its statement of operations for the current year ended December 31?
  9. The encumbrance account of a governmental unit is debited when
  10. When a purchase order is approved, the following entry is made:
  11. What amount of the foregoing revenues should be accounted for in Ariba's governmental-type funds?
  12. These bonds are expected to be paid from enterprise funds, and secured by Todd's full faith, credit, and taxing power as further assurance that the obligations will be paid. 
  13. Todd's 2005 expenditures from the general fund include payments for structural alterations to a firehouse and furniture for the mayor's office. 
  14. In Todd's general fund balance sheet presentation at December 31, 2005, which of the following expenditures should be classified as fixed assets?
  15. On March 2, 2004, Finch City issued 10-year general obligation bonds at face amount, with interest payable March 1 and September 1. 
  16. The proceeds were to be used to finance the construction of a civic center over the period April 1, 2004, to March 31, 2005.
  17. During the fiscal year ended June 30, 2004, no resources had been provided to the debt service fund for the payment of principal and interest.
    On June 30, 2004, Finch's debt service fund should include interest payable on the general obligation bonds for
  18. A company used the percentage-of-completion method of accounting for a four-year construction contract.
    Which of the following items would be used to calculate the income recognized in the second year?
  19. Under the completed contract method, what amount should Mitchell recognize as gross profit for 2005?  
  20. Which of the following would be reported as program revenues on a local government's government-wide statement of activities?
  21. In its fund-based financial statements, how much should the County recognize in conjunction with this endowment?
  22. A state or local government should not have multiple funds in which of the following fund categories?
  23. The governmental fund measurement focus is on the determination of
  24. What amount of change in temporarily restricted net assets should the organization report?
  25. What amount of change in temporarily restricted net assets should the organization report?
  26. What amount should Lema include under public support in 2005 for net contributions?

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