(TCO A) Which of the following distinguishes governmental entities from nongovernmental not-for-profit organizations?

(TCO B) Reporting fund financial information in separate columns for each major fund and aggregate information for non-major funds

(TCO C) Assume that estimated revenues exceed appropriations. When the budget for the General Fund is recorded, the journal entry will include which of the following?

(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 Management’s Discussion and Analysis (MD&A)?

 

(TCO D) A donor pledged $300,000 to the fund raising drive of a local government to assist its police officers in obtaining the latest technology. The pledge was made on July 17, 2011 but was conditioned on the government raising an additional $300,000 from other donors. By the fiscal year-end of June 30, 2012, the local government had raised only $6,000 from other donors. What entry would be made for the initial pledge by the local government during the year ended June 30, 2012?

 

(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) 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 as delinquent.

 

TCO D) The following information was available for the General Fund for the City of Axton for the year ended June 30, 2012.
a. Revenues for the year: Property Taxes of $7,500,000, fines and penalties of $543,000, intergovernmental revenue of $382,000, and miscellaneous revenues of $118,000.
b. Expenditures from current appropriations included: General Government of $4,975,000, Public Safety of $1,849,000, Public Works of $754,000, Parks and Recreation of $234,000, and Miscellaneous Appropriations of $22,000.
c. A transfer was made from the General Fund to the Debt Service Fund of $600,000. A transfer of $430,000 was made to the General Fund from the Enterprise Fund.
d. A sale of a city-owned building was made to a private enterprise which is considered infrequent but not unusual was under city management control. The proceeds amounted to $520,000 and the land had a basis of $300,000 which was reported in the government-wide Statement of Net Assets the year before.
e. Beginning balances included Fund Balance in the amount of $320,000 and Reserve for Encumbrances in the amount of $35,000.
Required: Prepare a Statement of Revenues, Expenditures, and Changes in Fund Balance for the General Fund for the City of Axton for the Year Ended December 31, 2012.

 

 

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    Week 3 Quiz

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