{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

ACC 219 Quiz 3 - ACC 219 Quiz 3 Student 1 Which of the...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC 219 Quiz 3 Student: ___________________________________________________________________________ 1. Which of the following activities would be most appropriately recorded by an agency fund? A. Deposits held for customers of a city-owned electric utility. B. Assets held for special assessment bondholders when the city is secondarily liable for the bonds. C. Assets held for employees' federal and state withholding taxes. D. Assets held for investment, the earnings from which are used for maintenance of the City Cemetery. 2. Which of the following accounts is least likely to be used by a tax agency fund? 3. An agency fund accounts for assets held by a government for the long-term in the capacity of a trustee for an individual, organization, other fund, or other government. True False 4. Public Employee Retirement Systems should utilize the modified accrual basis of accounting. True False 5. The single audit concept refers to 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
6. The scope paragraph of an independent auditor's report on a financial audit of a local government 7. An auditor would not render an opinion on a (an) A. Audit to determine whether the entity has adhered to specific compliance requirements applicable to a major program. B. Financial audit of financial statements. C. All of the above. D. Performance audit.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}