Ch 18 - Advanced Financial Accounting

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Transaction: Term bond proceeds of $100,000 were received by the capital projects fund. What is the recording?

Credit other financial sources in the capital projects fund.

Transaction: Equipment costing $50,000 was acquired by the water utility, an enterprise fund. What is the recording?

Debit equipment in the enterprise fund.

Transaction: Land with a FV of $500,000 was donated to the city to be used as a municipal park. What is the recording?

Reported only on the government-wide financial statements.

Central stores, an internal service fund, received a transfer in of $750,000 from the general fund. What is the recording?

Debit expenditures in the capital projects fund.

Transaction: General obligation serial bonds of $250,000 matured and were paid by the debt service fund. What is the recording?

Credit revenue in the enterprise fund.

Transaction: Expenditures of $5,000,000 were incurred by the capital projects fund to construct a new city hall annex. The project was started and completed within the fiscal year. What is the recording?

Debit expenditures in the general fund.

Transaction: The water utility, and enterprise fund, billed the mayor's office $200 for water usage. What is the recording?

Credit due to other governmental units in the agency fund.

Transaction: The mayor's office received the billing in item 7. What is the recording?

Debit general operating expenses in the enterprise fund.

T/F - The accrual basis of accounting is used int he government-wide financial statements.

True.

T/F - A component unit of a primary government is a unit that is related to the primary government but is not financially accountable to the primary government.

False, A component unit is financially accountable to the primary government.

T/F - Permanent governmental funds account for resources that have a principal that must be maintained and whose earnings are available for any government program that benefits all citizens.

True.

The government unit's infrastructure and other fixed assets are reported on the government-wide statement of net assets.

True.

The internal service fund is a proprietary fund and is not, therefor, shown in the Governmental Activities column of the government-wide statement of net assets.

False, the internal service fund is blended into the governmental activities columns of the government-wide financial statements of net assets and statements of activities.

In the reconciliation schedule for the statement of net assets, to reconcile from the net assets reported in the governmental funds to the net assets of governmental activities, capital assets used in governmental activities would be added.

True

In the government-wide statement of activities, depreciation of fixed assets would equal the amount of the expenditures for assets made in the governmental funds.

False, Depreciation may be computed by any method, but depreciation of fixed assets is not equal to the expenditures for fixed assets made in government funds.

The Management's Discussion and Analysis is a recommended but voluntary disclosure in the government-wide financial statements.

False, Management's discussion and analysis is a required and supplementary information disclosure in the new government reporting model.

The government-wide statement of net assets includes the fiduciary funds of the government unit.

False, Fiduciary funds are not part of the government-wide statement of net assets. It would be separately reported in the fiduciary funds section of the fund based financial statements.

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