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ACC 548 Final Exam

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ACC 548 Final Exam . What is the effect on the General Funds’ unreserved fund balance when capital assets are purchased during a year from General Fund revenues? There is no effect, since one asset (cash) is replaced by another (capital asset) Unreserved fund balance is increased None of the above, capital assets must be purchased through a capital projects fund Unreserved fund balance is decreased 2. When payrolls and other liabilities are incurred and must be paid before substantial amounts of cash will be collected, what type of short-term note is desirable and secured by a government’s power to tax? Tax Budget Note Payable Tax Relief Note Payable Tax Anticipation Note Payable Tax Encumbrances Note Payable 3. The City of Lonesome Pines levied property taxes for the fiscal year ended June 30, 2009 in the amount of $8,000,000. It is estimated that 2% will not be collected. During the year ended June 30, 2009, $7,200,000 in property taxes were collected. It is estimated that $400,000 will be collected during the next 60 days, $240,000 will be collected after 60 days and $160,000 will not be collected. What is the maximum amount Lonesome Pines can recognize as property tax revenue for the fiscal year ended June 30, 2009 in its Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances, assuming there were no unpaid property taxes at the end of the previous year? $7,600,000 $7,200,000 $8,000,000 $7,840,000 4. To compute the net debt per capita, a user of financial statements would need to look at (in the CAFR): The debt in the governmental funds Balance Sheet, the amount available in the government-wide Statement of Net Assets and the population from the statistical section The debt and the amount available to pay that debt in the governmental funds Balance Sheet and the population from the statistical section The debt in the government-wide Statement of Net Assets, the amount available to pay that debt in the governmental funds Balance Sheet and the population from the statistical section All three items from the government-wide Statement of Net Assets 5. Governmental units use which fund type to account for services provided to the general public on a user-charge basis? Permanent fund General fund Enterprise fund Internal service fund 6. According to NACUBO guidelines, what is the correct treatment for recognizing summer school revenues and expenses when a college’s fiscal year ends on June 30? Recognize the entire amount of revenues and expenses in the year in which the term began Apportion the revenues and expenses to the two fiscal years, following accrual accounting practices similar to those employed by commercial enterprises Recognize expenses in the year in which they were billed and the expenses in the year in which they were incurred Recognize the entire amount of revenues and expenses in the year in which the term is predominantly conducted 7. Under GASB rules for the financial reporting entity: component units are included if the primary government is financially accountable for their operations component units must be reported in columns (discrete presentation) separate from the funds of a primary government blended and discretely presented component units are to be reported in government-wide financial statements but not in fund financial statements bounties are component units of the state government 8. 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 that were restricted for payment of debt service. The government’s unrestricted net assets would be reported as: $20 million $30 million $25 million $10 million 9. A gover

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