The following information is available for the preparation of
the government-wide financial statements for the City...
The following information is available for the preparation of
the government-wide financial statements for the City of Southern
Springs as of April 30, 2020:
Cash and cash equivalents, governmental activities
$
610,000
Cash and cash equivalents, business-type activities
1,283,000
Receivables, governmental activities
726,000
Receivables, business-type activities
2,138,000
Inventories, business-type activities
842,000
Capital assets, net, governmental activities
21,852,000
Capital assets, net, business-type activities
11,493,000
Accounts payable, governmental activities
1,044,000
Accounts payable, business-type activities
904,000
General obligation bonds, governmental activities
12,610,000
Revenue...
The following information is available for the preparation of
the government-wide financial statements for the City...
The following information is available for the preparation of
the government-wide financial statements for the City of Northern
Pines for the year ended June 30, 2017:
Expenses:
General government
$
9,740,000
Public safety
23,094,000
Public works
12,239,000
Health and sanitation
6,235,000
Culture and recreation
4,215,000
Interest on long-term debt, governmental type
1,025,000
Water and sewer system
11,596,000
Parking system
421,000
Revenues:
Charges for services, general government
1,115,000
Charges for services, public safety
1,216,000
Operating grant, public safety
701,000
Charges for...
Which of the following is a required note disclosure regarding
interfund transfers?
Select one:
A. Interfund...
Which of the following is a required note disclosure regarding
interfund transfers?
Select one:
A. Interfund transfers do not need to be described provided the
balances due on the transfers are made within two years.
B. Interfund transfers do not need to be described provided the
total amount of the transfers is clearly reported on the face of
the operating statement.
C. Each interfund transfer, regardless of size, is required to
be described
D. A general description of the principal...
In responsibility accounting,
Multiple Choice
All of the above statements regarding responsibility accounting
are true.
decentralized...
In responsibility accounting,
Multiple Choice
All of the above statements regarding responsibility accounting
are true.
decentralized organizations use responsibility accounting to
link lower-level managers’ decision-making authority to the goals
and objectives of the organization.
an investment center is a segment with control over investment
funds but not costs or revenues.
all segments have control over costs and revenues
Corporate social responsibility
Multiple Choice
includes voluntary actions that satisfy expectations of
stakeholder groups.
is a concept whereby organizations monitor the needs...
Characteristics of Proprietary Funds. (LO7-1)
For each of the phrases below, indicate whether the statement is...
Characteristics of Proprietary Funds. (LO7-1)
For each of the phrases below, indicate whether the statement is
consistent with an Enterprise Fund (“EF”), an Internal Service Fund
(“ISF”), both (“B”), or neither (“N”).
_____1. Uses accrual accounting.
_____2. Uses modified accrual accounting.
_____3. Generally reported within the Business-type activities
column of the government-wide statement of net position.
_____4. Generally reported within the Governmental Activities
column of the government-wide statement of net position.
_____5. Required by the GASB to prepare a statement...
Impact of Government Events
Indicate how each of the following transactions impacts
the fund balance of...
Impact of Government Events
Indicate how each of the following transactions impacts
the fund balance of the general fund for fund-based financial
statements, and what the impact is on the net asses balance for the
governmental finds for government-wide financial
statements.
Fund A transfers $20,000 to Fund B. For each of the following,
indicate whether the statement is true or false and, if false,
explain why.
a.If Fund A is the general fund and Fund B is an
enterprise fund,...