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ACC 410 ACC/410 ACC410 MIDTERM In descending order, the hierarchy of GAAP applicable to a church-owned college may be: In which of the following activities is a not-for-profit entity least likely to engage? The primary standard-setting body for accounting and financial reporting by a state-supported college or university is: Which of the following is NOT a probable use a donor would make of the external financial statements of a not-for-profit entity? To fulfill the printing needs of its various departments and agencies, the City has established a Central Print Shop which bills the various departments and agencies of the city for printing services rendered. The Central Print Shop should be accounted for in which of the following funds. Which of the following assets would NOT be found in the fund balance sheet of the General Fund of the City of Harrison? The state collects a gasoline tax that must be used to support highway construction and maintenance. The gasoline tax should be accounted for in which of the following funds? A city receives a donation from a citizen who specifies that the principal must be invested and the earnings must be used to support operations of a city-owned recreational facility. The principal of this gift should be accounted for in which of the following funds? Which of the following is NOT considered Required Supplementary Information (RSI)? Which of the following would NOT be found in the Statement of Net Assets of Teton City? The aim of the government-wide statement of activities is to show Per Statement No. 34, the GASB requires that governments present their budget versus actual comparisons on a __________ and include a schedule that reconciles the actual amounts per the budgetary comparison with the GAAP amounts per the financial statements. Under the modified accrual basis of accounting used by a governmental entity, investment revenues for the current period should include A City levies a 2% sales tax. Sales tax must be remitted by the merchants to the City by the 20th day of the month following the month in which the sale occurred. Cash received by the City related to sales tax is as follows: Amount received 1/20/00, applicable to December 1998 sales $ 50 Amount received 2/20/00, applicable to January 2000 sales $ 15 Amount received during 2000 related to February-November 2000 sales $200 Amount received 1/20/01 for December 2000 sales $ 55 Amount received 2/20/01 for January 2001 $ 20 Assuming the City uses the same period to define “available” as the maximum period allowable for property taxes, what amount should it recognize in the government-wide financial statement as sales tax revenue for the fiscal year ended 12/31/00. Under GAAP, income tax revenues should be recognized in the fund financial statements in the accounting period Payments made to a state pension plan by the state government on behalf of a local government should Several years ago, Grant County was sued by a former County employee for wrongful discharge. Although it was to be contested by the County, at the time of the lawsuit the attorneys felt that that the County was likely to lose and the estimated amount of the ultimate judgment would be $100,000. This year, the case was finally settled with a judgment against the County of $150,000, which was paid. Assuming that the county maintains its books and records in a manner to facilitate the preparation of its fund financial statements, the entry in the current year should be The City of Upper Falls accounts for its inventory using the purchases method. During the year the City bought $400,000 of supplies, for which it owed $100,000 at year-end. The City will pay for the supplies from available expendable financial resources. The appropriate entry is As used in governmental accounting, expenditures are decreases in Sugar City uses the purchases method to


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