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Net position and results of the financial operations of the government as a whole.
Budgetary Compliance
The cost of government services
Fiscal accountability
When earned.
When collected in cash.
When authorized by the budget ordinance.
In the period the interfund receivable and payable arise.
Required by GAAP for the general fund and major special revenue funds for which
an annual budget has been legally adopted.
Required by GAAP for all government fund types.
Required by GAAP for internal management reports only, they are not permitted for
external financial reporting.
It is optional under GASB standards for all funds.
5. (TCO E) During the year, a wealthy local businessman donated a building to city
of Perris. The original cost of the building was $340,000. Accumulated depreciation
at the date of the gift amounted to $220,000. The appraised fair market value of the
donation at the date of the gift was $525,000 of which $35,000 was the value of the
land on which the building was situated. At what amount should the city record this
donated property in the governmental activities accounts at the government-wide
level? (Points : 5)
$220,000.
$120,000.
$340,000.
$525,000.
8. (TCO J) Which of the following items are typically reported differently between the
governmental fund statements and the governmental activities column of the
government-wide statements? (Points : 5)
Inventories
Cash collected on property taxes receivable
Capital outlays
Accounts Payable and other accrued expenses
9. (TCO H) A condition whereby the design or operation of a control does not allow
management or employees in the normal course of performing their assigned
functions, to prevent or detect and correct misstatements on a timely basis is called
a(an) (Points : 5)
It would disclose the amount of the conditional pledge in the notes to the financial
statements.
It would debit Pledges Receivable and credit Deferred Contributions.
It would debit Pledges Receivable and credit ContributionsTemporarily Restricted.
It would not recognize the conditional pledge until pledge conditions are
substantially met.
11. (TCO I) Which of the following items would not affect the amounts reported in
the Revenues and Gains section of the statement of activities for a private college
or university? (Points : 5)
12. (TCO I) The primary source of revenues for most hospitals are (Points : 5)
investment income.
capitation fees from health maintenance organizations.
exchange transactions, such as fees for services.
nonexchange transactions, such as contributions.
1. (TCOs D, E, F, and G) Please list the name of the fund(s) in which each of the
following transactions or events would be recorded
2. (TCO F) The garbage collection of the city of Rockwell could be accounted for
through the General Fund, a Special Revenue Fund, or an Enterprise Fund. Please
identify the circumstances in which each of these fund types might be appropriate.
(Points : 40)
3. (TCO I) During the fiscal year of June 2012, Jefferson General Hospital, a not-forprofit healthcare organization, had the following revenue-related transactions. (The
amounts are summarized for the entire year.)
4. (TCO E) Enter the template provided in the answer space and record the following
transactions in the Capital Projects Fund in the general journal for the following
transactions.
museum is a component unit of the City of Glass City and must be included in the
citys financial statements. It began operations on January 1, 2012 with no liabilities
or commitments and only two assets.
(1) $6,000 in cash and (2) Land that was acquired for $11,000.