ACCT 567 Week 3 Test All Questions and Answers
(TCO A) Which of the following items are considered Required Supplementary Information (RSI)?
Management’s Discussion and Analysis
Budgetary Comparison Schedule
Schedule of Risk Management Activities
All of the above
(TCO B) In addition to the government-wide statements, governmental entities are required to prepare fund financial statements for which of the following category of funds?
Governmental type funds
All of the above
(TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded as
a credit to Surplus Revenues, $600,000.
a debit to Estimated Excess Revenues, $600,000.
a credit to Budgetary Fund Balance, $600,000.
a memorandum entry only.
(TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?
Special Revenue Funds may be used when a government wishes to segregate income for specific purposes.
Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources.
Assigned resources can be accounted for in a Special Revenue Fund.
Once a Special Revenue Fund is established by the governmental entity, it will continue to be a Special Revenue Fund until all of the resources are exhausted.
(TCO B)Which of the following is true regarding the government-wide Statement of Net Assets?
The government-wide Statement of Net Assets must be prepared in a classified format; that is, both...