Although this is consider a custodial fund, it should be reported in a separate external investment pool fund column under the custodial funds classification. When utility customers are billed during the year, the enterprise fund journal entry will include: When a new utility customer submits a deposit, the enterprise fund journal entry will include: The central city golf course, an enterprise fund, purchased a new stove for use in the course's snack shop. Chapter 4: Governmental Accounting — Measurement Focus and Basis of Accounting. B) An investment trust fund. NOTE: The custodial funds are required to be used by business-type activities and enterprise funds, if the assets, upon receipt, are normally expected to be held for more than three months. Which of the following activities would most appropriately be recorded by a custodial fund? In financial reporting for proprietary funds and at the government-wide level, the employer's pension expense for the period is equal to: The change in the net pension liability adjusted for various factors including amortization of amounts related to changes in pension assumptions and differences between projected and actual earnings. Agency funds are used to report resources held by the agency in a purely custodial capacity (assets held for others that cannot be used to support the agency’s own programs). The government is not to be involved in administrative decision-making concerning the fund assets. Assets that are used to assist in the preservation of a private residence. 0 Governmental funds that are accounted for on the current financial resources measurement focus and modified accrual basis of accounting. How should each trust fund type be reported in the Fiduciary Fund? A custodial fund should be used to account for special assessment billing and collection, and related debt service of special assessment debt, if the government has no responsibility for the debt. Which of the following activities would most appropriately be recorded by a trust fund? measurement focus . Each trust fund type must be reported in its own column on the fiduciary fund financial statements. What are the two types of fiduciary funds. 3029 0 obj <>stream Which of the following activities would most appropriately be recorded by an agency fund? Which of the following is the appropriate measurement focus for custodial funds? Defined benefit pension plans are classified as either single-employer pension plans or multiple employer pension plans. Which of the following activities would be recorded by a trust fund? Which of the following would decrease the governmental activities balance in net position- net investment in capital assets? Which of the following is a difference between enterprise funds and internal service funds? When the investment pool earns interest on investments in bonds, pending allocation to participating funds, it would credit which of the following accounts? Which of these fiduciary fund types always has a zero net position? How are defined benefit pension plans classified? Fiduciary funds are not reported at the government-wide level. What types of risk is related to the financial ability and dependability of the issuer of debt securities? A) Economic resources. Which of the following statements concerning the reporting of expenses on the statement of activities is true? https://quizlet.com/394526385/nfp-exam-4-chapter-7-examples-flash-cards Depending on the characteristics of the fund, which of the following could be reported as a trust fund or a custodial fund? Each of the following are reported as fiduciary funds except: The GASB provides three criteria for determining if a fiduciary relationship exists. Fiduciary funds do not provide a statement of cash flows, only proprietary funds prepare statement of cash flows. When an investment pool is created, the assets of each fund entering the pool should be transferred to the pool at their fair value at the date of the transfer. An investment trust fund is used to report the net position available to the: A local civic group gave the county government $25,000 cash to be used to pay the utility bills of persons with income below the poverty level. Should the OPEB includes additional benefits other than pensions payment such as: Health care, Life insurance, Long-term care. B) Derivatives are reported at fair value on the financial statements. under GASB standards, where are nonmajor funds reported? 3018 0 obj <>/Filter/FlateDecode/ID[<083604743793CD46BE9F1B788AD963EE>]/Index[3000 30]/Info 2999 0 R/Length 89/Prev 892356/Root 3001 0 R/Size 3030/Type/XRef/W[1 2 1]>>stream Enterprise funds. Governmental funds include the general fund, special revenue funds, capital projects funds, debt service funds, and permanent funds. Each of the following are reported as fiduciary funds except: Which of the following statements regarding the financial reporting of agency funds is not true? Internal service funds should be used only if: c. reporting government provides services primarily to other departments of the same government. d. expenses are reported before program and general revenues. C) An custodial fund. Assets held for college scholarships to be awarded to the children of police officers. A city will serve as a conduit for federal grant money which is sent to the city by the state government and must be remitted to various not-for-profit organizations who will use the money. To record this transfer, a single journal entry was made by the debt service fund that included: Debit: Revenues--Change in Fair Value of Investments $100,000. contributions from sponsor company defined by formula; specified by an amount of rate of contribution that an employee or employer must contribute to the members' account in the pension plan. b. customers who primarily benefit from the fund's service. Which of the following is the appropriate basis of accounting for an agency fund? When should a custodial fund be used in regards to special assessment billings and collections? Government-wide financial statements present the government's financial position using the: b. economic resources measurement focus and the modified accrual basis of accounting. [�2�!��)����U1���!&d�Д$�6�t�����4V�����;���;E7��Ġ�Y̗�l����RTw��KA,b��`��h��`��`��!T8���q�{L5BVҋ��1u���V���B� -�! a state-sponsored 529 savings plans, structured such that parents make after-tax contributions to an investment fund managed by the state government. At the government-wide level, where are fiduciary funds reported? Which of the following items are typically reported differently between the governmental fund statements and the governmental activities column of the government-wide statements? a. acquisition of a building to be used by the police department. ��,*� �D��8(��8�10V��1�011>g����I�I�I�K���� �J�E�60m�b���� �I�M. endstream endobj startxref which of the following is the primary objective of financial reporting by state and local governments? � In pension accounting, the employer's net pension liability: Is measured as the total pension liability less the amount of fiduciary net position held for future pension payments. Where should infrastructure assets and long-term liabilities issued to finance infrastructure be reported? h�b```��,��B cb��L�Pqf��q9����90r�pOp�c�g;� ��"��!�x�V7��L B) Current financial resources. C) Cash and cash equivalents. Which of the statements concerning (pass-through) custodial funds is true? c. statement of net position and statement of activites. 3000 0 obj <> endobj The $200,000 gift should be accounted for in which of the following funds? When a cash and investment pool of a certain city was established, the debt service fund transferred investments to the pool having a cost of $3,000,000 but a current fair market value of $3,100,000. The city should account for the $25,000 contribution in: An Olympic medalist swimmer (who grew up in the city) contributed $750,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the swimming complex. d. fiduciary funds are not reported at the government-wide level. Which of the following properly portrays the components of net position for proprietary funds? Which of the following activities would most appropriately be recorded by a trust fund? Fiduciary funds use a basis of accounting similar to which of the following funds? a. general fund b. private-purpose trust fund c. agency fund d. permanent fund. Which of the following would increase the governmental activities balance in net position - net investment in capital assets? %PDF-1.5 %���� c. taxes collected by a county government on behalf of cities within a county. The ultimate allocation of the money is decided by the state government. Which of the following is one of the three sections of a comephrehensive annual financial report? Which of the following accounts is least likely to be used by a tax custodial fund? Billing and collection of special assessments and payment of debt principal and interest on special assessment debt (for which the city is not obligated in any manner) should be recorded in a(an): What would the journal entry be If special assessment receivables are recorded in the accounts of a custodial fund upon receipt of assessments from property owners. �0�Y ��@b#�;����H4����w� �6 A) Taxes collected by a county government on behalf of cities within the county. Which of the following is the appropriate measurement focus for custodial funds? To record this transfer, a single journal entry was made by the debt service fund that included: When a cash and investment pool of a certain city was established, the debt service fund transferred investments to the pool having a cost of $3,000,000 but a current fair market value of $2,900,000. Economic resources. B) Custodial funds use the temporary accounts Additions and Deductions. Which of the following statements is true? b. in aggregate amounts in a single column in the fund financial statements. d. enterprise funds and internal service funds are both accrual. Traditionally, the majority of governmental financial information has been maintained and reported in fund financial statements on the modified accrual basis of accounting (or the accrual basis for business-type activities). When a supplies internal service fund records a billing to the General Fund, the journal entry in the internal service fund will include: Which of the following illustrates the appropriate basis of accounting for enterprise and internal service funds? What basis of accounting should custodial and trust funds utilize? the debit for the entry to record the purchase should be to: How should financial information for internal service funds be reported in the government-wide financial statements? a. an increase in accumulated depreciation. Fiduciary funds use a basis of accounting similar to which of the following funds? Each of the following are reported as fiduciary funds except: A) A permanent fund. The $750,000 would most appropriately be recorded in a(an): A statement of cash flows should be prepared for which of the following fiduciary fund types? What are the two statements prepared for Fiduciary Funds?

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