Chap005
45 Pages

Chap005

Course Number: ACC 439, Fall 2011

College/University: University of...

Word Count: 10302

Rating:

Document Preview

Chapter 5 Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent True/False Questions 1. Unexpended intergovernmental grants and taxes dedicated to capital improvements in a capital projects fund are likely to be classified as Assigned Fund Balance Answer: False 2. Unexpended intergovernmental grants and taxes dedicated to capital improvements in a capital projects fund are...

Unformatted Document Excerpt
Coursehero >> Michigan >> University of Michigan-Dearborn >> ACC 439

Course Hero has millions of student submitted documents similar to the one
below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Chapter 5 Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent True/False Questions 1. Unexpended intergovernmental grants and taxes dedicated to capital improvements in a capital projects fund are likely to be classified as Assigned Fund Balance Answer: False 2. Unexpended intergovernmental grants and taxes dedicated to capital improvements in a capital projects fund are likely to be classified as Restricted Fund Balance Answer: True 3. The residual classification for funds other than the General Fund is Assigned. Answer: True 4. Fund balances of debt service funds are classified among the categories identified in GASB Statement 54 as Restricted and Unrestricted. Answer: False 5. If a bond sinking fund is required by creditors or law, the unexpended resources would be classified as Restricted. Answer: True 6. The principal of permanent funds are classified as Nonspendable Fund Balance. Answer: True 7. The fund balance of permanent funds should be classified as Nonspendable, Spendable and Committed. Answer: False 8. Only the General Fund has a positive Unassigned Fund Balance Answer: True 1 Chapter 5 Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent 9. Net assets represented by supplies and prepaid expenses are classified in governmental funds as Nonspendable Fund balance. Answer: True 10. Capital Projects, debt service and permanent funds do not typically record budgets. Answer: True 11. Debt service and permanent funds do not typically record encumbrances. Answer: True 12. Governmental funds recognize encumbrances and expenditures, not expenses. Answer: True 13. Debt service funds may accrue interest and report principle payments due if the payments are due within 30 days after year end. Answer: True 14. Unmatured principal installments and accrued interest which is due shortly after year end are required to be reported as liabilities in the debt service fund at year end. Answer: False 15. All of the governmental funds use the modified accrual basis of accounting Answer: True 16. A special assessment tax is a tax levy that is assessed against only those taxpayers who are deemed to benefit from the service or project paid for by the proceeds of the special assessment levy. Answer: True 17. Special assessments are levied to finance long-term construction projects that benefit the general population. Answer: False 18. Fund balances of debt service funds are classified as assigned or unassigned according to 2 Chapter 5 Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent the categories identified in GASB Statement 54. Answer: False 19. Unexpended resources transferred to the debt service fund from the General Fund would typically be classified as Restricted Fund Balance.

Find millions of documents on Course Hero - Study Guides, Lecture Notes, Reference Materials, Practice Exams and more. Course Hero has millions of course specific materials providing students with the best way to expand their education.

Below is a small sample set of documents:

University of Michigan-Dearborn - ACC - 439
Chapter 6 Proprietary FundsTrue/False Questions1.Proprietary funds are used to account for activities similar to those engaged in profitseeking businesses.Answer: True2. Financial statements for proprietary funds are similar in many respects to those
University of Michigan-Dearborn - ACC - 439
Chapter 7 Fiduciary (Trust) FundsTrue/False Questions1.Fiduciary Funds are used to account for assets held by a government acting as a trustee oragent for entities external to the governmental unit: Including individuals, organizations,and other gove
University of Michigan-Dearborn - ACC - 439
Chapter 8 Government-Wide Statements, Fixed Assets, Long-Term DebtTrue/False Questions1. Enterprise funds are reported in the business-type activities column of the government-widestatements.Answer: True2. When preparing the government-wide statement
University of Michigan-Dearborn - ACC - 439
Chapter 9 Accounting for Special-Purpose Entities, Including PublicColleges and UniversitiesTrue/False Questions1. According to GASB Statement No. 34, General-purpose governments are thought to bethose that offer more than one type of basic government
University of Michigan-Dearborn - ACC - 439
Chapter 10 Accounting for Private Not-for-Profit OrganizationsTrue/False Questions1. If a private not-for-profit fails to comply with donor restriction on contributions received,the organization must accrue and disclose a contingent liability following
University of Michigan-Dearborn - ACC - 439
Chapter 11 College and University Accounting Private InstitutionsTrue/False Questions1. Private colleges and universities are subject to the standards issued by the FASBAnswer: True2.Public colleges and universities are subject to the standards issue
University of Michigan-Dearborn - ACC - 439
Chapter 12 Accounting for Hospitals and Other Health Care ProvidersTrue/False Questions1. If a health care organization is owned or controlled by a government, it is typicallyconsidered a special-purpose entity engaged only in businesstype activities a
University of Michigan-Dearborn - ACC - 439
Chapter 13 Auditing, Tax Exempt Organizations, and EvaluatingPerformanceTrue/False Questions1.Net Asset classification for a tax-exempt organization are consistent with GASBstandardsAnswer: False2. The Taxpayer Bill of Rights requires tax-exempt or
University of Michigan-Dearborn - ACC - 439
Chapter 14 Financial Reporting by the Federal GovernmentTrue / False Questions1. Accounting standards for the federal government and its agencies are established by theGovernmental Accounting Standards Board.Answer: False2. Accounting standards for t
University of Michigan-Dearborn - ACC - 355
CHAPTER 1: THE ACCOUNTANTS ROLE IN THE ORGANIZATION TRUE/FALSE 1. Management accounting information focuses on external reporting. Answer: False Difficulty: 1 Objective: Management accounting information focuses on internal reporting. 2. 1A good cost acc
University of Michigan-Dearborn - ACC - 355
CHAPTER 2: AN INTRODUCTION TO COST TERMS AND PURPOSES TRUE/FALSE 1. Products, services, departments, and customers may be cost objects. Answer: 2. True Difficulty: 1 Objective: 1Costs are accounted for in two basic stages: assignment followed by accumula
University of Michigan-Dearborn - ACC - 355
CHAPTER 3 COST-VOLUME-PROFIT ANALYSISTRUE/FALSE 1. To perform cost-volume-profit analysis, a company must be able to separate costs into fixed and variable components. Answer: True Difficulty: 1 Terms to Learn: cost-volume-profit (CVP) analysis 2. Object
University of Michigan-Dearborn - ACC - 355
CHAPTER 4 JOB COSTINGTRUE/FALSE 1. Direct costs are allocated to the cost object using a cost-allocation method. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: cost-allocation base Indirect costs are allocated to the cost object using a cost-al
University of Michigan-Dearborn - ACC - 355
CHAPTER 5 ACTIVITY-BASED COSTING AND ACTIVITYBASED MANAGEMENTTRUE/FALSE 1. A top-selling product might actually result in losses for the company. Answer: True Difficulty: Terms to Learn: product undercosting 2. 2 Objective: 1Companies that undercost pro
University of Michigan-Dearborn - ACC - 355
CHAPTER 6: MASTER BUDGET AND RESPONSIBILITY ACCOUNTING TRUE/FALSE 1. Few businesses plan to fail, but many of those that flop have failed to plan. Answer: 2. True Difficulty: 1 Objective: 1The master budget reflects the impact of operating decisions, but
University of Michigan-Dearborn - ACC - 355
CHAPTER 7: FLEXIBLE BUDGETS, VARIANCES, AND MANAGEMENT CONTROL: I TRUE/FALSE 1. The master budget is one type of flexible budget. Answer: 2. False Difficulty: 1 Objective: 1The master budget is a static budget.A flexible budget is calculated at the star
University of Michigan-Dearborn - ACC - 355
CHAPTER 8: FLEXIBLE BUDGETS, VARIANCES, AND MANAGEMENT CONTROL: II TRUE/FALSE 1. Overhead costs are a major part of costs for most companies more than 50% of all costs for some companies. Answer: 2. True Difficulty: 1 Objective: 1At the start of the budg
University of Michigan-Dearborn - ACC - 355
CHAPTER 9: INVENTORY COSTING AND CAPACITY ANALYSIS TRUE/FALSE 1. Absorption costing absorbs only variable manufacturing costs. Answer: False Difficulty: 1 Objective: 1 Absorption costing absorbs all manufacturing costs, both fixed and variable. 2. Variabl
University of Michigan-Dearborn - ACC - 355
CHAPTER 10: DETERMINING HOW COSTS BEHAVE TRUE/FALSE 1. One assumption frequently made in cost behavior estimation is that changes in total costs can be explained by changes in the level of a single activity. Answer: 2. True Difficulty: 1 Objective: 1All
University of Michigan-Dearborn - ACC - 355
CHAPTER 11: DECISION MAKING AND RELEVANT INFORMATION TRUE/FALSE 1. A decision model is a formal method for making a choice, frequently involving both quantitative and qualitative analyses. Answer: 2. True Difficulty: 1 Objective: 1Feedback from previous
University of Michigan-Dearborn - ACC - 355
CHAPTER 12: PRICING DECISIONS AND COST MANAGEMENT TRUE/FALSE 1. Companies must always examine pricing decisions through the eyes of their customers. Answer: 2. True Difficulty: 2 Objective: 1Relevant costs for pricing decisions include manufacturing cost
University of Michigan-Dearborn - ACC - 355
CHAPTER 13: STRATEGY, BALANCED SCORECARD, AND STRATEGY PROFITABILITY ANALYSIS TRUE/FALSE 1. Strategy describes how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its overall objectives. Answer: 2. True
University of Michigan-Dearborn - ACC - 355
CHAPTER 14: COST ALLOCATION, CUSTOMER-PROFITABILITY ANALYSIS, AND SALES-VARIANCE ANALYSIS TRUE/FALSE 1. Indirect costs are costs that cannot be traced to cost objects in an economically feasible way. Answer: 2. True Difficulty: 1 Objective: 1To motivate
University of Michigan-Dearborn - ACC - 355
CHAPTER 16: COST ALLOCATION: JOINT PRODUCTS AND BYPRODUCTS TRUE/FALSE 1. Joint costs are incurred beyond the splitoff point and are assignable to individual products. Answer: False Difficulty: 2 Joint costs are incurred prior to the splitoff. 2. Separable
University of Michigan-Dearborn - ACC - 355
CHAPTER 17: PROCESS COSTING SYSTEMS TRUE/FALSE 1. Examples of industries that would use process costing include the pharmaceutical and semiconductor industry. Answer: 2. True Difficulty: 1 Objective: 1The principal difference between process costing and
University of Michigan-Dearborn - ACC - 355
CHAPTER 18: SPOILAGE, REWORKED UNITS, AND SCRAP TRUE/FALSE 1. Reducing defects helps to reduce costs, but does not make the business more competitive. Answer: False Difficulty: 2 Reducing defects does make the business more competitive. 2. Objective: 1Re
University of Michigan-Dearborn - ACC - 355
CHAPTER 20 Inventory Management, Just-in-Time, and Simplified Costing MethodsTRUE/FALSE 1. Retailers generally have a high percentage of net income to revenues. Answer: False Difficulty: 2 Terms to Learn: inventory management Retailers have a low percent
University of Michigan-Dearborn - ACC - 355
CHAPTER 21: CAPITAL BUDGETING AND COST ANALYSIS TRUE/FALSE 1. Capital budgeting focuses on projects over their entire lives in order to consider all the cash flows or cash savings from investing in a single project. Answer: 2. True Difficulty: 2 Objective
University of Michigan-Dearborn - ACC - 355
CHAPTER 22: MANAGEMENT CONTROL SYSTEMS, TRANSFER PRICING, AND MULTINATIONAL CONSIDERATIONS TRUE/FALSE 1. The goal of a management control system is to improve the collective decisions in an organization in an economically feasible way. Answer: 2. True Dif
University of Michigan-Dearborn - ACC - 355
CHAPTER 23: PERFORMANCE MEASUREMENT, COMPENSATION, AND MULTINATIONAL CONSIDERATIONS TRUE/FALSE 1. Many common performance measures, such as customer satisfaction, rely on internal financial accounting information. Answer: False Difficulty: 1 Objective: 1
University of Michigan-Dearborn - PHIL - 233
ch1Student: _1.Determine whether the following passage is (or contains) an argument.Will a beverage begin to cool more quickly in the freezer or in the regular part of the refrigerator? Well,of course it'll cool faster in the freezer! There are lots
University of Michigan-Dearborn - PHIL - 233
ch2Student: _1.Identify the following passage as containing an argument, two arguments, or no argument; if it containsan argument, identify the conclusion(s); and, if it contains two arguments, indicate which argument is theprincipal argument.Bamboo
University of Michigan-Dearborn - PHIL - 233
ch4Student: _1.Assess the following as probably true, as probably false, as requiring further documentation beforejudgment, or as a claim that cannot properly be evaluated. Consider both the nature of the claim and thesource. "In the early 1800s, bea
University of Michigan-Dearborn - PHIL - 233
ch5Student: _1.Isolate and discuss the rhetorical devices that appear in the following passage:Not everyone thinks that [former] Senator Jesse Helms is the least admired American public figure(as some opinion polls show). Even now, one or two souther
University of Michigan-Dearborn - PHIL - 233
ch6Student: _1.Identify any fallacies in the following passage either by naming them or, where they seem not to conformto any of the patterns described in the text, by giving a brief explanation of why the fallacious reasoningis irrelevant to the poi
University of Michigan-Dearborn - PHIL - 233
ch7Student: _1.Identify any fallacies in the following passage either by naming them or, where they seem not to conformto any of the patterns described in the text, by giving a brief explanation of why the fallacious reasoningis irrelevant to the poi
University of Michigan-Dearborn - PHIL - 233
ch8Student: _1.Translate the following into a standard-form categorical claim: Not every product that's organic isactually a chemical-free product.2.Translate the following into a standard-form categorical claim: The only organic products are chemic
University of Michigan-Dearborn - PHIL - 233
ch9Student: _1.Using the letters provided below, symbolize this claim: "If we plant from seed, we'll have to plantannuals."A = We plant annuals.S = We plant from seed.2.Using the letters provided below, symbolize this claim: "We can plant perennia
University of Michigan-Dearborn - PHIL - 233
ch10Student: _1.Make this inductive (statistical) syllogism into a relatively strong argument by supplying an appropriatepremise or conclusion: Greg must be into all that New Age stuff since he wears his hair in a ponytail.2.Make this inductive (sta
University of Michigan-Dearborn - PHIL - 233
ch11Student: _1.Is the following a physical causal explanation or behavioral causal explanation? "My printer won't workbecause it's not properly hooked up to my computer."A. physicalB. behavioral2.Is the following a physical causal explanation or
University of Michigan-Dearborn - PHIL - 233
ch12Student: _1.State whether the following item expresses moral value or nonmoral value; or no value at all.Morgan is old enough to have known what would happen if he didn't pay the fine on time.2.State whether the following item expresses moral va
Maryland - BSCI - 105
Clicker Question!The energy available to a cell todo work is called:1. Kinetic energy2. Potential energy3. Free energy4. Total energyClicker Question!The energy available to a cell todo work is called:1. Kinetic energy2. Potential energy3. Fre
Maryland - BSCI - 105
Chemical energy carried byelectrons is harvested through aseries of _ reactions.1. Phosphorylation-Dephosphorylation2. Reduction-Oxidation3. Catabolic-Anabolic4. Antagonistic-CooperativeBSCI105ples of Biology IPrinciFALL 2011BSCI105ples of Biolo
Maryland - BSCI - 105
When plants capture light, thatenergy is used to make:1. Glucose2. ATP and NADPH3. NADH and ATP4. SucroseBSCI105 of Biology IPrinciplesFALL 2011BSCI105 of Biology IPrinciplesFALL 2011Clicker Question!PhotosynthesisChapter 101BSCI105 of Bio
Maryland - BSCI - 105
The incorporation of carbon intoan organic compound is called:1.2.3.4.PhotophosphorylationFixationPhotorespirationReductionBSCI105ples of Biology IPrinciFALL 2011BSCI105ples of Biology IPrinciFALL 2011Clicker Question!PhotosynthesisChapt
Maryland - PHIL - 140
SaundersSOME ADVICE IN WRITING YOUR PHILOSOPHY PAPER1) Write as if your audience is intelligent but uninformed. Keep in mind that thepurpose of your paper is to show me what you know and to demonstrate yourability to think through difficult and thorny
American River - HEED - 11142
HEED 300November 9, 2011Personal Wellness Project1. My pre-change and post-change weeks for this Wellness Project were very different fromeach other. During the pre-change week it took a lot for me to start drinking milkbecause I guess I wasnt use to
University of Guelph - BIOC - 2580
INTRODUCTORY BIOCHEMISTRY FINAL EXAMFALL 2005 SEMESTERPAGE - 9ANSWERS TO FALL 2005 FINAL EXAMSECTION AMULTIPLE CHOICE QUESTIONSDetailed Solutions to Multiple Choice Questions1.(C) C ysteine w ith !SH thiol side chain was shown as a typical reducin
University of Guelph - BIOC - 2580
INTRODUCTORY BIOCHEMISTRY FINAL EXAMFALL 2006 SEMESTERPAGE - 13ANSWERS TO FALL 2006 FINAL EXAMSECTION AMULTIPLE CHOICE QUESTIONSDetailed Solutions to Multiple Choice Questions1.(B) O rnithine is produced by the action of the enzyme arginase on ami
University of Guelph - BIOC - 2580
INTRODUCTORY BIOCHEMISTRY FINAL EXAMFALL 2007 SEMESTERPAGE - 9ANSWERS TO FALL 2007 FINAL EXAMSECTION ATrue/False Questions1.True. Enzymes are biochemical catalysts to speed up the biochemical reactions bylowering the activation energy (Ea).2.Fal
University of Guelph - MBG - 2000
Midterm I Version 1 (Blue)1. What is the probability that III-11 is heterozygous for the GSDII allele?Answer is e) greater than 80%III-11 is 100% heterozygous2. What is the probability that their first child will be affected with Glycogen Storage Dise
University of Guelph - MBG - 2000
Midterm II Version 1 (Blue) Answer Key1. If the genes L and R are very tightly linked, which of the following results represent the offspring of adihybrid test-cross? Assume the alleles are in the trans configuration in the dihybrid.Answer is d) 100 wi
University of Guelph - MBG - 2000
MBG 2000Introductory GeneticsMock Midterm ExamFall 2010It is most beneficial to you to write this mock midterm UNDER EXAMCONDITIONS. This means: Complete the midterm in an hour and 15 minutes. Work on your own. Keep your notes, textbook, and workb
University of Guelph - FRHD - 2100
Gender IssuesChapter 5A thought I was taught early on what appropriategender behaviour was. I remember thinkinghow unfair it was to do weekly cleaning choreswhile all my brother had to do was take outthe garbage. When I asked my mom why, shesaid,
University of Guelph - FRHD - 2100
Sexual Techniques and Behaviour PatternsChapter 8Sexual TechniquesBody is responsive to manyforms of sexual satisfactionBecause you can does notmean you have toOur sexual behaviour isdetermined by:Cultural expectationsPersonal valuesIndividual
University of Guelph - FRHD - 2100
Sexual Orientation,Chapter 9 Many individuals have different views aboutsexual orientation Is it a choice? Is it genetics? Religious concerns and views Cultural concerns and views This information is intended to familiar youwith concepts, definit
University of Guelph - FRHD - 2100
Chapter 11 and 14Contraception and AbortionSexually Transmitted InfectionsHistory of Contraception History of contraception goes back to ancientGreeks and Egyptians 1800s; several groups interested in controllingfertility to reduced poverty 1873;
University of Guelph - FRHD - 2100
Chapter 15Sexual VariationsParaphiliasDIFFERENT SEXUAL VARIATIONSVarieties of Sexual Expression Paraphilia Clinical term used todescribe types of sexualexpressions that areseen as unusual andpotentially problematic. A person who engagesin para
University of Guelph - FRHD - 2100
Chapter 16 - Sexual CoercionSexual Images and Selling SexThe following information includes the key elements of the chapter. The textbookwill provide you with further details about each area. Consider these notes as aguide for reviewing the chapterCu
University of Guelph - FRHD - 2100
Commercial Sex/Sex and MediaInitial questions to consider?Subliminal messagesSubliminalHave you ever bought a product because the advertising sold you?HaveWas sex used to sell it?WasWhat made you want to buy the product?WhatSex and Mass MediaTh
University of Guelph - MCB - 2210
Name:_Student ID#:_BIOL2210: Introductory Cell BiologySample Midterm ExaminationTotal marks: 65Total time: 75 minutes1. PRINT your name and student number in the spaces provided at the top left corner of thispage AND on the Test Scoring Answer Shee