ACCT 567 Week 3 Quiz (Multiple Choice & Explanatory)
(TCO A) Which of the following items are considered Required Supplementary Information (RSI)?
(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) Which of the following is a true statement regarding the use of a Special Revenue Fund?
(TCO B)Which of the following is true regarding the government-wide Statement of Net Assets?
(TCO D) GASB standards _____ that each governmental reporting entity display _____ General Fund in its general-purpose financial statements.
(TCOs A and B) Please list and describe the three major sections of the Comprehensive Annual Financial Report and provide a brief description of what is included in each of the section.
(TCO D)The City of Minyard adopted the following budget for fiscal year 2012:
(TCO D)The City of Martinville had the following pre-closing account balances in its General Fund as of June 30, 2012. Debits and credits are not separated; each account had its normal balance. Among the expenditures that are recorded this year is an amount that has been expended on supplies ordered at the end of the previous year. Assume that the encumbrances do not lapse and that the city failed to make the proper journal entry or entries necessary to re-establish the encumbrance in the current year.
