ACCT 567 Midterm Exam 100% Correct Answers
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(TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting?
(TCOs A and B) Funds other than the General Fund are required to be considered to be a major fund when
(TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis?
(TCOs B and C) Governmental Fund Balance is required to be displayed in which of the categories?
(TCOs B and C) The proper journal entry to record an encumbrance would include which of the following?
(TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the following fund?
(TCO E) King City receives a trust donation for the purpose of maintaining flower in city parks, but the donor does not make a specification as to how the principal must be maintained. This type of trust should be appropriately accounted for which of the following fund?
(TCO E) Which fund type is the interest on Long Term Debt typically not accrued; however, it is recognized as an expenditure in the year in which interest is legally due?
(TCO E) Which of the following funds or activities general journals would it be inappropriate to record depreciation of capital assets?
(TCO D) Under GASB Statement No. 33, when would a special revenue fund be considered to have satisfied the eligibility requirement of a reimbursement type federal grant?
(TCO E) You are in a staff meeting with the city controller and one of your colleagues was quoted as follows: “Capital projects funds are established by a government to account for all plant or equipment acquired by construction.” Do you agree with this statement? Why or why not?
(TCOs A and B) What are fiduciary funds? Please identify and explain the two main types and what is the main difference...