Fund Accounting Midterm Exam

Fund Accounting Midterm Exam - Fund Accounting Midterm Exam...

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Fund Accounting Midterm Exam Please submit answer sheet only in the assignment dropbox with Cover Sheet. No collaborating with anyone is allowed on the exams. Late midterm has an automatic 25 % point reduction. No midterms accepted after 1 day late . Multiple choice - 10 points each. Essay/Short Answer -33 1/3 each. Total 350 points. 1. Which of the following reconciliations is required in the basic financial statements of a state or local government? A. Total fund balances on the balance sheet—governmental funds to total governmental activities net assets on the government-wide statement of net assets. B. Total net assets on the statement of net assets—proprietary funds to total business-type activities net assets on the government-wide statement of net assets. C. Total net assets on the statement of fiduciary net assets to total fiduciary activities net assets on the government-wide statement of net assets. D. Total fund balances on the balance sheet—governmental funds to total changes in fund balances on the statement of revenues, expenditures, and changes in fund balances —governmental funds. 2. Enterprise funds are primarily distinguished from internal service funds by the: A. Type of customers they serve. B. Different basis of accounting they use. C. Different kinds of financial statements used to present their financial information. D. Different budgeting approaches used. 3 A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally A. Transferred to an operating fund or the General Fund. B. Reported as income of the trust. C. Used to maintain the principal of the trust. D. Transferred to a permanent fund. 4. A donor contributed $100,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the city municipal swimming pool. The $100,000 would most appropriately be recorded in a(an) A. Agency fund. B. Private-purpose trust fund. C. Endowment fund. D. Permanent fund
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5. In financial reporting for proprietary funds and at the government-wide level, the employer's pension expense for the period is equal to: A. The employer's contribution. B. Annual required contribution. C. Annual pension cost. D. The change in net pension obligation 6. A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least: A. Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined. B. Ten percent of the corresponding element(s) of total governmental funds and 10
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This note was uploaded on 05/15/2011 for the course ACT 5753 taught by Professor Taylor during the Spring '11 term at FIU.

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Fund Accounting Midterm Exam - Fund Accounting Midterm Exam...

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