ACCT 567 Midterm Exam 100% Correct Answers

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 between the funds?

(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.

Required
a. Record the transactions on the books for Calvin Co. Museum Endowment Fund.
b. Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the Calvin Co. Museum Endowment Fund for the year ended December 31, 2012.
c. Prepare the Balance Sheet for the Calvin Co. Museum Endowment Fund for the year ended December 31, 2012.