1. A governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances reported…

QUALITYWRITERS.ORG is the ideal place for homework help. If you are looking for affordable, custom-written, high-quality and non-plagiarized papers, your student life just became easier with us. Click the button below to place your order.


Order a Similar Paper Order a Different Paper

1. A governmental funds Statement of Revenues, Expenditures and Changes in Fund Balances reported expenditures of $30 million, including capital outlay expenditures of $2 million. Capital assets for that government cost $70 million, including land of $10 million. Depreciable assets are amortized over 20 years, on average. The reconciliation from governmental changes in fund balances to governmental activities changes in net assets would reflect a(an):
Decrease of $1 million
Increase of $l million
Decrease of $3 million
Increase of $2 million
2. Which of the following are the net asset classes required by the FASB for not-for-profit organizations?
Reserved and Unreserved
Invested in Capital Assets, Net of Related Debt, Restricted and Unrestricted
Permanently Restricted, Temporarily Restricted, Unrestricted
None of the above
3. If a donor selects a scholarship recipient and then donates cash to a ballet school to fund that scholarship, the ballet school would:
Record a liability, as it is acting as an agent for the donation
Record the donated cash as a contribution
Not record the donation at all, but disclose it in the footnotes
Record the scholarship awarded as a reduction of revenue
4. Special purpose local governments engaged only in fiduciary-type activities are required to prepare all of the following financial reports except:
Statement of Fiduciary Net Assets
Statement of Cash Flows
Statement of Changes in Fiduciary Net Assets
MD&A
5. Which of the following statements is true of a Special-purpose government?
Special-purpose governments that are engaged in more than one governmental-type activities can combine the fund and government-wide financial statements.
Special-purpose governments engaged in only one governmental-type activity only have to prepare fund-basis financial statements.
GASB Statement 35 indicates that public higher education institutions may choose to report as business-type activities.
GASB Statement 39 applies only to public educational institutions.
6. Assume a government is a special-purpose government engaged in only one governmental activity. Which financial statements would be required?
Government-wide statements only
Governmental fund statements only
Statements combining the governmental funds and government-wide statements
Either government-wide or governmental funds statements, issued separately
7. Care Foundation is a voluntary health and welfare organization funded by contributions from the general public. In its Statement of Activities, depreciation expense should:
Not be included
Be included as an element of support
Be included as an element of changes in fund balances
Be included as an element of expense
8. Which of the following would not be considered a special-purpose government for financial reporting purposes?
A public school system
An art museum
A public hospital
A county board of supervisors
9. Which of the following situations would probably not result in an asset impairment?
A city warehouse is damaged by fire
Recently purchased city-owned voting booths are rendered obsolete by a federal law requiring a new technology

Ridership on city buses declines
Construction on a municipal sports complex stops when the city’s major league baseball team moves to another city
10. In its Statement of Net Assets, a government reported: Assets of $90 million, including $30 million in capital assets (net) and liabilities of $50 million, including long-term debt of $15 million, all related to capital asset acquisition.
The government also reported $5 million of net assets were restricted for payment of debt service. The government’s unrestricted net assets would be reported as:
$10 million
$20 million
$25 million
$30 million

"Is this question part of your assignment? We can help"

ORDER NOW
Writerbay.net

Got stuck with a writing task? We can help! Use our paper writing service to score better grades and meet your deadlines.

Get 15% discount for your first order


Order a Similar Paper Order a Different Paper
Writerbay.net