ACCT 567 ACCT567 Week 3 Quiz Answers
- (TCO A) Which of the following funds does not belong under the fiduciary fund category?
(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?
(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
(TCO D) The journal entry to record the property tax levy for a municipality would include which of th
(TCO B) Which of the following is true regarding the government-wide Statement of Activities?
(TCO D) Which of the following is not true with respect to Special Revenue Funds?
(TCOs A and B) Please identify the accounting standard setting bodies for the U.S. commercial enterprises, private not-for-profit entities, public not-for-profit entities, state and local governments, and the federal government.
(TCO D) Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for the fiscal year 2012. Please use the modified accrual accounting approach in recording the transactions.
a. The legal budget for the provided for $6,530,000 of estimated revenues and $5,975,000 of appropriations.
b. Assume that are $340,000 of purchase orders outstanding at the end of last fiscal year and these purchase orders will be honored in the current year. Prepare the entries to re-establish the encumbrance.
c. Property taxes were levied in the amount of $4,650,000. It is estimated that 3.5 percent of the taxes will not be collected.
d. Purchase orders were issued for equipment and supplies in the amount of $2,760,000.
Supplies that were relating to all of the prior year purchase orders ($ 340,000) were received along with invoices amounting to $336,800.
Collections of current property taxes amounted to $4,190,000. The uncollected taxes were recorded
(TCO D) The following information was available for the General Fund for the City of Newman for the Year Ended June 30, 2012.
a. Revenues for the year: Property Taxes of $6,240,000, fines and penalties of $484,000, sales taxes of $453,000, intergovernmental revenue of $272,000, and charges for services of $64,000.
b. Expenditures from current appropriations included: General Government of $3,320,000, Public Safety of $1,923,000, Public Works of $821,000, Health and Welfare of $294,000, and Miscellaneous Appropriations of $42,000.
c. A transfer was made from the General Fund to the Debt Service Fund of $700,000. A transfer of $510,000 was made to the General Fund from the Enterprise Fund.
d. A sale of city-owned land was made to a private enterprise which is considered infrequent but not unusual was under city management control. The proceeds amounted to $330,000 and the land had a basis of $200,000 which was reported in the government-wide Statement of Net Assets the year before.
e. Beginning balances included Fund Balance in the amount of $290,000 and Reserve for Encumbrances in the amount of $20,000.
Required: Prepare a statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Newman for the Year Ended June 30, 2012.