Homework Acct 567 Week 3 Test All Questions And Answers

Front 1

HOMEWORK ACCT 567 Week 3 Test All Questions and Answers

Back 1

1. Question : (TCO A) Which of the following items are considered Required Supplementary Information (RSI)?

Student Answer: Management’s Discussion and Analysis

Budgetary Comparison Schedule

Schedule of Risk Management Activities

All of the above

Chapters 1 and 2
2. Question : (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?

Student Answer: Governmental type funds

Proprietary funds

Fiduciary funds

All of the above

Instructor Explanation: Chapter 2

3. Question : (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

Student Answer: 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.

Instructor Explanation: Chapter 3

4. Question : (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?

Student Answer: 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.
Instructor Explanation: Chapter 4

5. Question : (TCO B) Which of the following is true regarding the government-wide Statement of Net Assets?

Student Answer: The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term liabilities.
A reporting entity (primary government plus component units) total column is required.
The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.
The government-wide Statement of Net Assets includes all resources entrusted to the government, including governmental, proprietary, and fiduciary.
Instructor Explanation: Chapter 2

Front 2

http://www.homeworkstudent.com/products/acct-567?pagesize=24

Back 2

http://www.homeworkstudent.com/products/acct-567?pagesize=24

Front 3

http://www.homeworkstudent.com/ is the web's largest tutorial store. Currently we are providing homework tutorials for universities like Ashford, DeVry, Grantham, Phoenix, Strayer. The tutorials are compiled by experts in various fields of study.

Back 3

http://www.homeworkstudent.com/ is the web's largest tutorial store. Currently we are providing homework tutorials for universities like Ashford, DeVry, Grantham, Phoenix, Strayer. The tutorials are compiled by experts in various fields of study.