Property and Standard Fund

 Asset and General Pay for Essay

Alabama State University

College of Business Government

ACT 532 Advanced Pay for Accounting

Test III

November 20, 2012

1) Government authorities must record nonspendable fund balance within a governmental fund's balance sheet for A) Products on hand.

B) Prepaid assets.

C) Land.

D) All of the previously mentioned.

E) Products A and B just.

Answer:

2) The following benefits are samples of other postemployment benefits (OPEB) except for A) Health care insurance.

B) Pension benefits.

C) Vision insurance.

D) Life insurance.

E) All of the above are common types of OPEB.

Response:

3) Assume that the Community of Hannah uses the purchases technique of inventory accounting. At the end from the year the inventory levels have increased. What entrance would be built to reflect the inventory increase? A) DEBIT Inventory of Supplies, CREDIT RATING Fund Equilibrium

B) CHARGE Expenditures, CREDIT RATING Inventory of Supplies

C) DEBIT Products on hand of Supplies, CREDIT Various other Financing Options D) DEBIT Expenditures, CREDIT Other Loans Sources

E) DEBIT Products on hand of Items, CREDIT Expenses

Answer:

4) Which from the following can be not a normal governmental pay for liability (and thus not an expenditure that is certainly recognized if the liability is usually incurred)? A) Accounts payable

B) Financial debt service

C) Salaries payable

D) Discount vouchers payable

E) All of the previously mentioned are standard governmental account liabilities. Answer:

5) Which of the pursuing governmental fund expenditures may not be considered a current operating expenses? A) Capital outlay

B) Rent

C) Office products

D) Wages and salary

E) Worker benefits

F) All of the over expenditures would be classified while current operating expenditures in a governmental account. Answer:

6) Expenditures within a governmental account are acknowledged when because of except for A) Interest in general long term debt.

B) General long lasting debt main retirement.

C) Capital outlay.

D) Lease.

E) Products A and B simply.

F) Products C and D simply.

Answer:

7) Assume that Onyx County's twelve-monthly required contribution for their OPEB plan was determined to become $35, 000. The region, however , decided to only fund $10, 1000 of that amount for the latest year. The overall Fund, which can be the only account with personnel, would recognize expenditures in the modern year of A) 35 dollars, 000.

B) $25, 000.

C) $10,50, 000.

D) $45, 500.

E) $0.

F) None of the over.

Answer:

8) A city's annual necessary contribution to get the OPEB plan wanted to their Basic Fund personnel is $14, 000. Metropolis does not decide to make the total annual required contribution but instead will still pay postretirement benefits as they come thanks. The current year's benefit payments total $2, 500. The overall Fund might recognize a great expenditure of A) $0.

B) $2, 500.

C) $14, 000.

D) $16, 500.

E) non-e with the above.

Response:

9) The General Fund borrowed $10, 000 on a six-month note, with 5. 0% interest, upon April 1 . As of the June 35 fiscal 12 months end, the General Fund will report accrued interest payable in the amount of A) $0.

B) $125.

C) $250.

D) $500.

Response:

10) A city government acquired a new fireplace truck in Year 1 for $270, 000. The location incurred yet another $30, 000 in vehicles and tuned costs to ready it for proper use. It has nearly useful existence of twenty years, though it can be being financed over a 12-15 year period. The amount of depreciation that will be reported each year in the General Pay for will be A) $0.

B) $13, 500.

C) $15, 000.

D) $18, 1000.

E) 20 dollars, 000.

Answer:

11) The village of Bear Creek uses General Fund resources to pay out debt services payments due to the sole excellent general obligation bonds, that have been issued to finance the new Village Hall. Which with the following statements is false? A) GAAP requires the village to use a Debt Service Fund to account for the payment of principal and interest around the long-term debt. B) GAAP permits yet does not need the village to use a Debt Service Pay for to account for the repayment of main and curiosity on the long lasting debt. C) The General Fund would...


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