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(TCOs A and B) The GASB has the authority to establish and financial reporting standards for which of the following groups?

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  1. (TCOs A and B) The GASB has the authority to establish and financial reporting standards for which of the following groups?
  2. (TCOs A and B) Governmental fund statements are prepared using which of the following?

  3. (TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis?

  4. (TCOs B and C) With regards to budgetary reporting by governmental entities, which of the following is not a true statement?

  5. (TCOs B and C) Which of the following is a true statement regarding modified accrual accounting?

  6. (TCOs B and C)) Capital assets that are used by an enterprise fund should be accounted for in the following fund?

  7. (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?

  8. (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?

  9. (TCO E) Debt Service funds are used to record which of the following?

  10. (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?

  11. (TCO E) The City of Holland issued bonds on August 1, 2012. The interest on its bonds is paid from City of Holland Debt Service Fund on February 1 and August 1. Should the interest payable be accrued at December 31, the end of the city’s fiscal year? Why? Would you have a different answer if the interest payment dates were July 15 and January 15? Please explain.

  12. (TCOs A and B) What are fiduciary funds? Please identify and explain the two main types and what is the main difference between the funds?

  13. (TCO D) The City of Norton received a gift of $3,500,000 from a group of local residents on April 1, 2012 and signed an agreement that the funds would be invested on a permanent basis and the income would be used to purchase artifacts for the city museum. The following transactions took place during the fiscal year ended Dec 31, 2012.
     
    a. The gift was recorded on the books on April 1.
    b. On April 1, 2012, the Calvin Co. bonds were purchased in the amount of $3,000,000, at par.   The bonds carry an annual interest rate of 5 percent, payable semiannually on October 1 and April 1. The city also purchased a certificate with a face value of $250,000 pays interest of 4 percent on semiannually on October 1 and April 1.
    c. On October 1, the semiannual interest was received on the bonds and certificate of deposit.
    d. From October 1 through December 1, payments were made totaling $85,000 to purchase artifacts for the city museum.
    e. On December 31, an accrual was made for interest for the bonds and the certificate of deposit.
    f.  After a review of the bond market on December 31, 2012, the bonds had a market value of $2,979,000, exclusive of accrued interest.
    g. The books were closed on December 31.

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