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ACCT 567 Week 3 Test All Questions and Answers

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1. Question : (TCO A) Which of the following items are considered Required Supplementary Information (RSI)?

Student Answer: Management’s Discussion and Analysis

Budgetary Comparison Schedule

Schedule of Risk Management Activities

All of the above

Chapters 1 and 2
2. Question : (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?

Student Answer: Governmental type funds

Proprietary funds

Fiduciary funds

All of the above

Instructor Explanation: Chapter 2

3. Question : (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

Student Answer: a credit to Surplus Revenues, $600,000.

a debit to Estimated Excess Revenues, $600,000.

a credit to Budgetary Fund Balance, $600,000.

a memorandum entry only.

Instructor Explanation: Chapter 3

4. Question : (TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?

Student Answer: Special Revenue Funds may be used when a government wishes to segregate income for specific purposes.
Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources.
Assigned resources can be accounted for in a Special Revenue Fund.
Once a Special Revenue Fund is established by the governmental entity, it will continue to be a Special Revenue Fund until all of the resources are exhausted.
Instructor Explanation: Chapter 4

5. Question : (TCO B) Which of the following is true regarding the government-wide Statement of Net Assets?

Student Answer: The government-wide Statement of Net Assets must be prepared in a classified format; that is, both assets and liabilities must be separated between current and long-term liabilities.
A reporting entity (primary government plus component units) total column is required.
The government-wide Statement of Net Assets reflects capital assets, net of accumulated depreciation, for both governmental and business-type activities.
The government-wide Statement of Net Assets includes all resources entrusted to the government, including governmental, proprietary, and fiduciary.
Instructor Explanation: Chapter 2

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