Practice Final
9 Pages

Practice Final

Course Number: ACTG 23123, Spring 2010

College/University: CSU San Bernardino

Word Count: 2076

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Select the BEST answer to each question from those given. Each Problem is worth 4 points. 1. What is the objective of financial reporting by state and local governments? A) The same as the objectives of financial reporting by business enterprises. B) To report on the legal requirements imposed on the government by its elected officials. C) To assist governments to discharge their duty to be publicly accountable in...

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the Select BEST answer to each question from those given. Each Problem is worth 4 points. 1. What is the objective of financial reporting by state and local governments? A) The same as the objectives of financial reporting by business enterprises. B) To report on the legal requirements imposed on the government by its elected officials. C) To assist governments to discharge their duty to be publicly accountable in a democratic society. D. To fulfill the government's statutory duty to report on cash received and cash disbursed. C 2. Which of the following circumstances would indicate that a potential component unit (PCU) should be included as part of the governmental financial reporting entity? A) The primary government does not approve the operating budget of the potential component unit. B) Officials of the primary government appoint a majority of the members of the governing board of the PCU. C) The PCU has sufficient operational and financial dependence that the primary government can impose its will on the PCU. D. Both B and C occurring together indicate that the PCU should be included in the reporting entity. D 3. Which of the following would not be included within the financial section of the comprehensive annual financial report (CAFR)? A) Management's discussion and analysis (MD&A). B) Management's letter of transmittal. C) Independent auditor's report. D. Required supplementary information (RSI). B 4. Which of the following would increase the balance in net assetsinvested in capital assets, net of related debt? A) Acquisition of a building to be used by the police department. B) Issuance of long-term debt to be used to acquire equipment for the police department. C) A gift of land to the city restricted by the donor to be used as a park. D) None of the above. Page 1 of 9 A 5. The term that is defined as determining whether current-year revenues are sufficient to pay for the services provided that year and whether future taxpayers will be required to assume burdens for services previously provided is A) Financial position. B) Financial condition. C) Interperiod equity. D) None of these terms. C 6. Which of the following ratios would be most helpful in assessing the liquidity of a governmental entity? A) Net tax-supported long-term debt/population. B) Own source revenues/total revenues. C) Debt service expenditures/total expenditures. D) Unreserved fund balance/operating revenues. D 7. A recognizable signal of fiscal stress is A) Total revenues from own sources increasing as a percent of total revenues for all sources. B) Increasing population. C) Declining property values. D) An increasing ratio of total revenues to total expenditures. C 8. A measure of the adequacy of the amount of the government's total unrestricted net assets or deficit at the measurement date is A) Unrestricted net assets/total revenues. B) Business-type activities revenues/business-type activities expenses. C) Total net assets (governmental activities and business-type activities) less total net assets at the beginning of the year. D) Total revenues/total expenses. A 9. Which of the following federal officials is a "principal" of the Joint Financial Management Improvement Program who considers and approves or disapproves accounting and reporting standards recommended by the Federal Accounting Standards Advisory Board? A) Chair of the Federal Accounting Standards Advisory Board. B) Secretary of the Interior. C) Comptroller General. D. All of the above. C 10. Which of the following statements most accurately describes the dual-track accounting system used in federal agency accounting? A) Recording internal budgetary transactions along with financial transactions with external parties. B) Use of double-entry accounting. C) Maintaining self-balancing sets of proprietary and budgetary accounts and recording the effects of transactions on both available budgetary resources and proprietary accounts, the latter measured on the accrual basis to better promote agency management. D) Keeping separate books, one on a tax basis and the other on a GAAP basis. C 11. Which of the following accounts used in state and local government accounting is most like the federal budgetary account "Undelivered Orders"? A) Encumbrance. B) Expenditure. C) Appropriation. D) Reserve for Encumbrance. A 12. Which of the following persons has some responsibility for establishing and maintaining a sound financial structure for the federal government? A) Chief Financial Officer of the Congressional Budget Office. B) Chair of the Governmental Accounting Standards Board. C) Secretary of the Treasury. D) Chair of the Federal Accounting Standards Advisory Board. C 13. All of the following are characteristics of not-for-profit organizations (NPOs) that distinguish them from business organizations except A) Contributions by resource providers who do not expect a return on investment. B) Ability to impose taxes on citizens. C) Operating purposes other than to earn a profit. D) Absence of ownership interests. Page 3 of 9 B 14. Which of the following statements is true regarding fund accounting for not-for-profit organizations (NPOs)? A) It may provide a good mechanism for facilitating reporting to donors for restricted grants. B) It may be used by NPOs for external purposes, but not internal purposes. C) It is not allowed. D) SFAS Nos. 116 and 117 method of reporting three classes of net assets (unrestricted, temporarily restricted, and permanently restricted) replaces fund accounting for both internal and external reporting purposes. A 15. An example of an increase in net assets for a not-for-profit organization that would be labeled revenue rather than support is A) An unconditional promise to give. B) Investment income. C) A restricted gift. D) All of the above. B 16. Which of the following would be considered "support" rather than "revenue" of an NPO? A) Gain on disposal of capital assets. B) Contributions received from a fund-raising campaign. C) Rent earned from rental of surplus office space. D) Investment earnings. B 17. Which of the following is a not a true statement about tax-exempt organizations? A) They must be organized to serve the charitable needs of the public at large. B) They must first become a not-for-profit corporation or charitable trust. C) They are permitted to do some political lobbying if guidelines are met. D) Their unrelated business income is taxed at corporate income tax rates. A 18. Which of the following not-for-profit organizations is most likely to be tax-exempt under IRC Sec. 501(c)(3)? A) Beta Kappa Alpha Sorority. B) Peaceful Dreams Cemetery Association. Regional C) Association of Tree Trimmers. D) Survivors of Breast Cancer Club. D 19. A tax-exempt organization that receives its support primarily from a large number of individuals or corporations and a relatively small amount from investment income is called a A) Public charity. B) Private foundation. C) Public foundation. D) Voluntary health and welfare organization. A 20. A good measure of whether the NPO is spending too much on overhead, such as general and administrative expenses, is A) Percentage of unrestricted net assets to operating expenses. B) Current ratio. C) Total revenues divided by total expenses. D) Percentage of total expenses spent on the program function as opposed to supporting the programs. D 21. The GASB has identified which of the following as the "cornerstone" of all financial reporting in government? A) Understandability. B) Representational faithfulness. C) Accountability. D) Inter-period equity. C 22. The three sections recommended by GASB for inclusion in the Comprehensive Annual Financial Report (CAFR) are: A) Introductory, financial, and statistical. B) Letter of transmittal, MD&A, and financial. C) Introductory, MD&A, and financial. D) Letter of transmittal, financial, and supplementary. A Page 5 of 9 23. Which of the following groups normally would not be considered a primary user of a state or local government's general-purpose external financial statements? A) Citizens. B) Managers. C) Investors and creditors. D) None of the above; that is, all these groups are considered primary users. B 24. Members of the Governmental Accounting Standards Board are appointed by the: A) Financial Accounting Standards Board. B) Governmental Accounting Standards Board. C) American Institute of Certified Public Accountants. D) Financial Accounting Foundation. D 25. The modified accrual basis of accounting applicable to governmental fund types requires that revenues be recognized when A) Earned. B) Authorized by the budget ordinance. C) Measurable and available. D) Collected in cash. C 26. An example of a "fiduciary" fund is a (an) A) Special revenue fund. B) Investment trust fund. C) Debt service fund. D) Enterprise fund. B 27. When the budget of a government is recorded and Appropriations exceeds Estimated Revenues, the Fund Balance account is A) Credited at the beginning of the year and debited at the end of the year. B) Credited at the beginning of the year and no entry is made at the end of the year. C) Debited at the beginning of the year and no entry is made at the end of the year. D) Debited at the beginning of the year and credited at the end of the year. D 28. Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund occurs first? A) Disbursement. B) Appropriation. C) Encumbrance. D) Expenditure. B 29. An interfund transfer should be reported in a governmental fund operating statement as a (an) A) Revenue or expenditure. B) Due from or due to other funds. C) Change in fund balance. D. Other financing source or use. D 30. Fund balance of the General Fund will be increased by the closing entry when A) Appropriations are more than expenditures and vouchers payable. B) Appropriations are more than expenditures and encumbrances. C) Appropriations are less than expenditures and encumbrances. D) Appropriations are less than estimated revenues. B 31. A wealthy local merchant donated a building to the city of Kailua during the year. The original cost of the building was $300,000. Accumulated depreciation at the date of the gift amounted to $250,000. Fair market value at the date of the gift was appraised at $600,000, of which $40,000 was appraised as value of the land on which the building was situated. At what amount should Rosewood record this donated property in the governmental activities accounts at the government-wide level? A) $50,000. B) $250,000. C) $600,000. D) $ 0. C 32. Equipment acquired under capital leases and used by activities accounted for in governmental funds should be recorded in the governmental activities accounts at the inception of the lease at A) Fair value. B) Present value of minimum lease payments. C) Lower of fair value or present value of minimum lease payments. Page 7 of 9 D) None of the above; leased assets should not be recorded in the accounts. C 33. For which of the following assets can the modified approach be elected in lieu of depreciation? A) Buildings and equipment. B) All general capital assets. C) All capital assets. D) Eligible infrastructure assets. D 34. Which of the following resource inflows would be recorded as a revenue of a debt service fund? A) Property taxes levied by the debt service fund for debt service purposes. B) Receipt of the premium on a new bond issue. C) Taxes collected by the General Fund and transferred to the debt service fund. D) Transfer of the residual equity of a capital project from a capital projects fund to the debt service fund. A 35. In which of the following funds is it appropriate to record depreciation of capital assets? A) Enterprise fund. B) Permanent fund. C) General fund. D) Capital projects fund. A 36. The comprehensive annual financial report (CAFR) of a government should contain a statement of revenues, expenses, and changes in net assets for A) Both proprietary and governmental funds. B) Proprietary but not governmental funds. C) Governmental but not proprietary funds. D) Neither governmental nor proprietary funds. B 37. An internal service fund normally uses which of the following budgetary accounts? A) Estimated Revenues. B) Appropriations. C) Encumbrances. D) None of the above. D 38. Which of the following is a valid reason for establishing a tax agency fund and charging a collection fee to other governments? A) To help eliminate a General Fund deficit. B) To increase the total amount of taxes levied. C) To avoid overlapping taxes. D) To realize administrative efficiencies from centralizing tax billing and collection activities. D 39. A difference between agency funds and governmental funds is A) Agency funds are not included on any fund financial statements. B) Agency funds use a different basis of accounting. C) Agency funds do not report fund balances; only assets and liabilities. D) B and C. D 40. The financial position of the Policemen's Pension Fund administered by a city should be reported in the city's basic financial statements as a column in the A) Statement of fiduciary net assets. B) Statement of assets, liabilities, and fund balances. C) Balance sheetgovernmental funds. D) None of the above; the assets belong to the policemen, not to the city. A Page 9 of 9

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CSU San Bernardino - ACCT - 4254
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Practice Test IITrue/False Indicate whether the statement is true or false. _ _ 1. A taxpayer who claims the standard deduction can also deduct expenses that are classified as deductions for AGI. 2. A taxpayer in the 25% tax bracket may receive a differe
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CSU San Bernardino - ACCT - 4254
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CSU San Bernardino - ACCT - 4254
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CSU San Bernardino - ACCT - 4254
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CSU San Bernardino - ACCT - 4254
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CSU San Bernardino - ACCT - 4254
CHAPTER 9 DEDUCTIONS: EMPLOYEE AND SELF-EMPLOYED-RELATED EXPENSES SOLUTIONS TO PROBLEM MATERIALSQuestion/ Problem 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22Topic Schedule C of Form 1040 and Form 2106: when Employee versus independent contr
CSU San Bernardino - ACCT - 4254
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CSU San Bernardino - ACCT - 4254
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CSU San Bernardino - ACCT - 4254
CHAPTER 14 PROPERTY TRANSACTIONS: CAPITAL GAINS AND LOSSES, 1231, AND RECAPTURE PROVISIONS SOLUTIONS TO PROBLEM MATERIALSQuestion/ Problem 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23Topic Definition of capital assets Definition of capita
CSU San Bernardino - ACCT - 4254
ACCOUNTING 305 EXAM II REVIEWQUESTIONSTrue/False Indicate whether the statement is true or false. _ _ 1. A gift made by an employer to the employee can be excluded from the employees gross income. 2. Ed died while employed by Violet Company. His wife col