Term
| Which of the following should be included in tax revenues for the current year? |
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Definition
| None of these are included in current year revenues. |
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Term
| A government has a fiscal year end of June 30, 20X6. Tax bills for each fiscal year are prepared and mailed in June prior to the beginning of the fiscal year for which they apply. Tax revenue for June 30, 20X6, would include |
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Definition
| only taxes levied in June 20X5 which came available in either June 20X5 or between July 1, 20X5, and June 30, 20X6, as well as any taxes associated with the June 20X5 levy collected within 60 days following June 30, 20X6. |
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Term
| Which of the following should be included in tax revenues for the current year? |
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Definition
| - None of these are included in current year revenues |
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Term
| Property taxes are an example of which category of nonexchange transactions? |
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Definition
|
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Term
| State reimbursement to schools for a portion of any special education costs incurred is an example of which category of transactions? |
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Definition
| - Voluntary nonexchange transactions |
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Term
| Which of the following statements regarding tax revenue recognitions in the General Fund is false? |
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Definition
| - Tax revenues are general recorded as gross amounts of the levy, regardless of expected collections |
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Term
| If an expenditure was inadvertently charged to the General Fund instead of the Special Revenue Fund, what correction of this error later in the same fiscal year is a charge to the General Fund? |
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Definition
| - Expenditures would be decreased |
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Term
| When a tax lien is formalized, a government must record an allowance for uncollectable tax liens |
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Definition
| - only if the expected salable value of the property against which the lien was established is less than the total amount of the receivable against that property |
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Term
| Which of the following governmental fund revenue sources are typically recorded as revenues? |
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Definition
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Term
| The county received $75,000 from the annual sale of surplus general government property. The general fund should report the proceeds as |
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Definition
| - Other financing sources |
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Term
| The county received a $1,500,000 restricted grant from the state government to be used to improve its public safety department’s communication system. The county has met all the eligilibitly requirements of the grant. In the current year, the General Fund should record this grant as |
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Definition
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Term
| The county received a $1,500,000 restricted grant from the state government to be used to improve its public safety department’s communication system. The county will not meet all eligibility requirements until next fiscal year, when the county plans to begin incurring expenditures for this purpose. In the current year, the General Fund should record this grant as |
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Definition
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Term
| A government allows discounts on taxes if payments are made within two months of the levy date. How does the government account for the discount as they are being taken? |
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Definition
| - Allowance for discounts is DEBITED for the amount of the discounts taken |
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Term
| A count anticipated that $6,500 of discounts would be taken on their initial tax levy. Which of the following statements is TRUE if discounts were less than anticipated? |
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Definition
| - Revenues would be increased |
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Term
| The Ruby Falls Independent School District receives significant payments in lieu of taxes from the federal government to reimburse the district for lost revenues because of a military base, which is not subject to property tax, is within the district’s boundaries. These payments should be reported as |
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Definition
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Term
| The availability criterion of governmental fund revenue recognition applies to governmental fund |
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Definition
|
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Term
| GASB Statement No. 31 requires the following investments to be recorded at fair value EXCEPT |
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Definition
| - nonparticipating interest-earning investment contracts |
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Term
| A government levies property taxes and awards discounts for timely payment. How should estimated discounts to be taken be accounted for and reported? |
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Definition
| - Deducted from the amount of taxes levied to determine property tax revenues |
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Term
| Inactive bank accounts that revert to the state after a period of time should be |
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Definition
| - recognized as revenue-net of any amounts to be expected to be claimed by heirs |
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Term
| Pass-through grants are accounted for |
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Definition
| - as revenues and expenditures or expenses in the appropriate fund of the pass- through entity (primary recipient) |
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Term
| Under the modified accrual basis, revenues are considered available to finance current expenditures if |
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Definition
| - Both items legally available to finance current period expenditures and collected in the current period or soon enough thereafter to be used to pay liabilities of the current period |
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Term
| Under the modified accrual basis, revenues are considered susceptible to accrual if |
|
Definition
| - to finance current period expenditures and objectively measurable |
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Term
| The town of Lily Branch anticipated discount opportunities of up to $3,000 would be taken by their taxpayers. Which of the following statements accurately reflects accounting for the anticipated discounts when the taxes are levied? |
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Definition
| -Revenues are recorded at the time of levy net of anticipated discounts. Taxes receivable are recorded at the full levy amount |
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Term
| If an expenditure was inadvertently charged to the General Fund instead of the appropriate Special Revenue Fund, which effect would the correction of this error later in the same fiscal year have on the General Fund? |
|
Definition
| - Expenditures would be decreased |
|
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Term
| Under the modified accrual basis, revenues are considered susceptible to accrual if |
|
Definition
| - both available to finance current period expenditures and objectively measureable |
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Term
| Which of the following statements regarding the accounting for investments in governmental funds is false? |
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Definition
| - Interest revenue should be recognized on a cash basis |
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Term
| When a governmental entity is decreasing the fair market value of an investment, the appropriate debit would be to |
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Definition
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Term
| Clark County was hired by Catlett City, the largest city in the county, to maintain some of its roads. Clark County billed Catlett City for its cost of maintaining the roads. The amount of the billing was $60,000. Clark County should report the $60,000 as |
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Definition
|
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Term
| All of the following are examples of intergovernmental revenues except |
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Definition
| - interest earned on investments in bonds issued by other governments |
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Term
| If a city receives notification of a grant award and the actual proceeds sixty days prior to the start of the grant period, the entry to record the grant in the Special Revenue Fund would be |
|
Definition
| - a debit to cash and credit to deferred revenue |
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Term
| The county received a $75,000 payment in lieu of taxes from the water Enterprise Fund. The Enterprise Fund receives no service from the county for this payment. The General Fund should report the payment in |
|
Definition
| - other financing sources – transfer |
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Term
| Sales taxes are an example of which category of nonexchange transactions |
|
Definition
|
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Term
| Which of the following statements regarding tax revenue recognition in the General Fund is false? |
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Definition
| - Tax revenues are generally recorded at gross amounts of the levy, regardless of expected collections |
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Term
| As payments are being made for debt service payments related to a capital lease, a General Fund will report |
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Definition
| - Expenditures for the full amount of the debt service fund |
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Term
| In the year a city enters into a capital lease to finance a new sanitation truck, the General Fund will report |
|
Definition
| - Both items an other financing source and a decrease in fund balance equal to the amount of any down payment required |
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Term
| The purchases method of accounting is permitted for |
|
Definition
| - both prepaid insurance and materials and supplies |
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Term
| The minimum acceptable expenditure classifications for governmental fund financial reporting purposes are |
|
Definition
|
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Term
| If a government uses a perpetual inventory system for its General Fund and there is an inventory overage at the end of the year, the inventory asset account should |
|
Definition
| - Be increased and the expenditure account decreased |
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Term
| Which of the following governmental fund expenditures would not be considered a current operating expenditure |
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Definition
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Term
| A court judgment was rendered against a county in which they were ordered to pay $500,000 in equal installments over a five year period to the plaintiff. The county’s General Fund will |
|
Definition
| - report expenditures of $100,000 in year 1 |
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Term
| Expenditures of a governmental fund should include |
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Definition
| - Interest paid during the year, any interest that matured but was not paid during the year and accrued interest on a short-term debt recorded as a fund liability |
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Term
| The village of Bear Creek uses General Fund resources to pay debt service payments for its sole outstanding general obligation bond which were issued to finance the new Village Hall. Which of the following statements if false? |
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Definition
| - Both items GAAP requires the village to use a debt service fund to account for the payment of principal and interest on the the long term debt and the General Fund would record an expenditure for only the interest portion of the debt service payment are false |
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Term
| Assignment of budgeted expenditure authority to differing time periods within a year-such as months or quarters-is a budgetary control mechanism referred to as |
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Definition
|
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Term
| In which of the following situations is a government required to report a fund balance reserve in its balance sheet? |
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Definition
| When the government uses the purchases method to account for inventories |
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Term
| A General Fund transfers funds to a Debt Service Fund in late December. The Debt Service Fund will make the required debt service payment in early January. For the month of December, fund balance will |
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Definition
| Either item decrease for the General Fund and increase for the Debt Service Fund or decrease for the General Fund and remain the same for the Debt Service Fund, depending on the government's debt service expenditure accounting policy. |
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Term
| Expenditures in a governmental fund are recognized when due except for |
|
Definition
| items capital outlay and rent only. |
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Term
| If a governmental fund is using the consumption method of accounting for inventory and follows a perpetual inventory system, which of the following is true? |
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Definition
| Both items An asset account is DEBITED when inventory is purchased and An expenditure account is DEBITED inventory is consumed are true. |
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Term
| Interest expenditures of a governmental fund should include |
|
Definition
| interest paid during the year, any interest that matured but was not paid during the year and accrued interest on short-term debt recorded as a fund liability. |
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Term
| As payments are being made for debt service payments related to a capital lease, a General Fund will report |
|
Definition
| expenditures for the full amount of the debt service payment. |
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Term
| Which of the following is not a typical governmental fund liability (and thus not an expenditure that is recognized when the liability is incurred)? |
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Definition
|
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Term
| Assume a Capital Projects Fund of County A is holding investments as of the end of the fiscal year. Which of the following statements is true related to the interest earned on the investments? |
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Definition
| - County A would report accrued interest receivable and interest revenue in the Capital Projects Fund as of the end of the fiscal year |
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Term
| The General Fund is partially funding the construction of a new police station, 80% of the project is being financed; the General Fund’s share of the project is $1,000,000. The Capital Project Fund would report the General Fund’s share as |
|
Definition
| - a $1,000,000 other financing source |
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Term
| Which of the following capital-asset related transactions would most likely be accounted for through a Capital Projects Fund? |
|
Definition
| - Construction of a general government office building |
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Term
| Which of the following should NOT be reported as other financing sources (uses) in a Capital Projects Fund? |
|
Definition
| - Payment of constructions costs |
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Term
| Which of the following should NOT be reported as expenditures in a Capital Projects Fund? |
|
Definition
|
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Term
| The city’s Capital Project Fund has an excess of expenditures over revenues for the current year. Which of the following explanations for the excess is plausible? |
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Definition
- The city financed a significant portion of the project from property taxes transferred from the General Fund
- The city financed a substantial portion of the project in the previous year
- The city financed a significant portion of the project by issuing long term bonds during the year
- ****All of these are plausible explanations |
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Term
| The external financial statements of a governmental entity are required to report the following for its Capital Projects Funds except |
|
Definition
| - a statement of cash flows |
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Term
| Construction in progress would be reported as an asset in |
|
Definition
| - The General Capital Asset accounts |
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Term
| A governmental entity is funding a capital funding project with the issuance of general obligation bonds, as well as a federal grant. The grant would be reported on the operating statement as |
|
Definition
|
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Term
| If a governmental entity issued $3,000,000 in bonds, received a $500,000 federal capital grant, and transferred $750,000 to a Capital Projects Fund from the General Fund, the Capital Projects Fund financial statements would report other financing sources of |
|
Definition
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Term
| The city of Bamberg, which has fiscal year end of December 31, issued a nine month $1,000,000 bond anticipation note on July 1. The city is planning to renew or re-issue the bond anticipation notes for another six month period when they mature. What would the Capital Projects Fund liability for the note be on December 31? |
|
Definition
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|
Term
| A governmental entity issued general obligation bonds with a face value of $10,000,000 and at a premium that totaled $100,000 for a governmental capital project. The General Long Term Liability accounts would report total liabilities as of end of the year of issuance of |
|
Definition
| - $10,000,000 or $10,100,000? |
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Term
| Which of the following statements is true concerning accounting and financial reporting practices related to capital asset acquisitions? |
|
Definition
| - Both items Routine capital purchases such as vehicles and equipment often my be financed and accounted for in a General Fund or a Special Revenue Fund and Most capital lease transactions related to governmental funds are accounted for in either the General Fund or a Special Revenue Fund are true |
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Term
| A deficit unreserved fund balance was reported in a city Capital Projects Fund balance sheet. Which of the following explanations for the deficit is NOT plausible? |
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Definition
| - The city financed a substantial portion of the project in the previous year |
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Term
| Which of the following accounts would appear in a Capital Projects Fund? |
|
Definition
| - Contracts payable-retained percentage |
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Term
| Bond anticipation notes are |
|
Definition
| - sometimes treated as general long term liabilities even if they have a term of one year or less |
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Term
| A government issued short term bond anticipation notes for a capital project. The notes are to be repaid from bond proceeds if the voters approve the bonds. The bond anticipation notes |
|
Definition
| - Must be reported as debt of the Capital Projects Fund |
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Term
| Retirement of the principal of a bond anticipation notes that is recorded as a liability in Capital Projects Fund should be reported in the Capital Projects Fund statement of revenues, expenditures, and changes in fund balance as |
|
Definition
Other financing uses
- Special item
- Expenditures
- NONE OF THESE |
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Term
| If a governmental entity issued a six-month, $400,000 note payable at 6% interest three months prior to the fiscal year end to help finance a new fire station, Capital Projects Fund interest payable should be accrued as of the end of the fiscal year in the amount of |
|
Definition
|
|
Term
| County A was awarded a $900,000 expenditure- grant in year 1 for a capital project that is expected to take three years to complete. Projects expenditures are financed by weekly cash draws from a local bank. As of the end of Year 1 the country had incurred expenditures of approximately $50,000. The county should recognize Capital Projects Fund revenue at the end of Year 1 in the amount of |
|
Definition
|
|
Term
| Which of the following should NOT be reported as other financing sources in a Capital Projects Fund? |
|
Definition
| - Proceeds from special assessments levied against property owners to finance construction of a general government capital project |
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Term
| Which of the following statements is false? |
|
Definition
| - Debt service payments on capital-related debt are paid from a Capital Projects Fund |
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Term
| Which of the following should be reported as other financing sources (uses) in a Capital Projects Fund? |
|
Definition
- Transfers
- Discount on general obligation bonds issued to finance a general government capital projects
- Premium on general obligation bonds issued to finace a general government capital project
-All of these |
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|
Term
| If a government earns and collects interest on Capital Projects Fund investments in the same fiscal year, the fund financial statements should report |
|
Definition
|
|
Term
| A governmental entity issued bond anticipation notes during the year for a major capital project. The bond anticipation notes were refinanced with long-term general obligation bonds before the end of the fiscal year. In the Capital Projects Fund year-end financial statements the governmental entity should report |
|
Definition
| - Other financing sources |
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Term
| Assume that a government received a $5,000,000 expenditure-driven grant in Year 1 for a project that was expected to take three years to complete. Further assume that qualifying expenditures for the project, which actually took four years to complete were as follows; Year 1 - $1,000,000; Year 2- $2,500,000; Year 3 - $1,000,000; Year 4 - $400,000. The government should report grant revenues in Year 2 in the amount of |
|
Definition
|
|
Term
| A county government secured a six-month, $600,000 loan at 5% interest from a local lending institution to finance a project at a county-owned park. The loan transaction took place one month prior to the end of the fiscal year, at which time 50% of the new project was completed for $300,000. As of the end of the fiscal year, the county should report capital outlay expenditures in the amount of |
|
Definition
|
|
Term
| On October 1, the county issued a six-month, 6%, $200,000 bond anticipation note to provide temporary financing for a police station. The voters have approved the issuance of bonds to finance the project and the bonds are issued early in the following year. The county government was billed $150,000 during the year on its capital project and $125,000 was paid. The government should report Capital Projects Fund expenditures for the current year ending December 31 equal to |
|
Definition
|
|
Term
| A government issued bond anticipation notes to provide initial financing for a general government capital project. The bond anticipation note |
|
Definition
- Payable should be reported as a liability of the Capital Projects Fund except when the original term of the notes exceeds one year
-**** None of these |
|
|
Term
| Which of the following is true? |
|
Definition
- A government is required to record each major general government capital project in a separate Capital Projects Fund
- Acquisition or construction of general government capital assets must always be accounted for through a Capital Projects Fund
- A Capital Projects Fund is not required unless a project is financed by issuing bonds
- ****None of these |
|
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Term
| A Capital Project Fund received $300,00 transfer from the General Fund and $500,000 federal grant for a highway project. The grant is being paid in two phases: $200,000 for Year 1 expenditures and $300,000 when the project is complete (anticipated to be at the end of Year 2). Capital Project Fund revenues reported at the end of Year 1 should be |
|
Definition
|
|
Term
| Which of the following accounts would not appear in a Capital Projects Fund |
|
Definition
|
|
Term
| The town of Bakersville issued $700,000 of refunding bonds at 1% premium. Bond issuance costs were $10,000; $695,000 is to be used to retire the exisiting bonds. Other financing uses will be debited for |
|
Definition
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Term
| Which of the following transactions would NOT be reported as expenditures in a Debt Service Fund |
|
Definition
- Payments to escrow agents with resources from the General Fund
- Arbitrage rebate
- Issuance costs incurred in a refunding bond issuance
-****All of these would potentially be reported as expenditures in a Debt Service Fund |
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Term
| A government paid $6,000,000 into an irrevocable trust to be used to service $5,000,000 of outstanding general obligation bonds, but the transaction does not meet the defeasance in substance criteria. The payment included $3,000,000 of proceeds from a new bond issue that was issued to provide resources for the old bond. The other $3,000,000 had been accumulated over previous years from taxes and interest earnings in the Debt Service Fund. The government should report this transaction in its Debt Service Fund as |
|
Definition
| - No expenditures or other financing uses should be reported |
|
|
Term
| Which of the following would NOT be a potential financial resource for a Debt Service Fund |
|
Definition
- Sales Tax
- Property Tax
- Transfers from the General Fund
- Proceeds of refunding debt
- ****All of these represent potential financial resources for a Debt Service Fund |
|
|
Term
| If General Fund cash is transferred to a Debt Service Fund to provide resources to refund outstanding debt, the Debt Service Fund statement of revenues, expenditures, and changes in fund balance would report |
|
Definition
| - Both an other financing source when the cash is received and an expenditure when the cash is used to refund the outstanding debt |
|
|
Term
| A government is required to use a Debt Service Fund in which of the following cases? |
|
Definition
| - When financial resources are being accumulated for long-term general government principal and interest maturing in future years |
|
|
Term
| Which of the following types of transactions would NOT potentially be reported as expenditures in a Debt Service Fund? |
|
Definition
| - Discounts on refunding debt |
|
|
Term
| Principal and interest expenditures on general long-term debt should be recognized in the period |
|
Definition
| - that they are legally due and payable |
|
|
Term
| Revenues in a Debt Service Fund are recognized when |
|
Definition
| - they are measurable and available |
|
|
Term
| A Debt Service Fund retires bond principal during the year that is not related to a defeasance. The entry necessary to reflect the principal retirement would be |
|
Definition
| - DEBIT expenditures and CREDIT cash |
|
|
Term
| Which of the following statements regarding external financial reporting for a Debt Service Fund is false? |
|
Definition
| - A statement of cash flows is required |
|
|
Term
| Assume that the fair market value of investments in a Debt Service Fund decreased by $25,000 as of the end of the fiscal year. Which entry would be necessary to reflect this change? |
|
Definition
| - DEBIT interest revenue and CREDIT investments |
|
|
Term
| What measurement focus does a Debt Service Fund use? |
|
Definition
| - Current financial resources |
|
|
Term
| Debt Service Fund expenditures commonly include |
|
Definition
Principal retirement expenditures
- Fiscal agent fees
- Interest expenditures
- ****All of these |
|
|
Term
| In the fiscal year ended September 30, 20X9, debt service payments were made in January and July from the Debt Service Fund in the total amount of $25,000 ($10,000 principal, $15,000 interest). The sole financial resource for the debt service payments are the proceeds of a special debt service tax levy. The taxes are paid in increments of about $27,000 and are due in June of each year. For the fiscal year ended September 30, 20X9, assuming $24,000 of taxes had been collected for this fiscal year, the expenditures reported in the Debt Service Fund would be |
|
Definition
|
|
Term
| All of the following statements regarding a Debt Service Fund are true except |
|
Definition
| - A Debt Service Fund is rarely used to account for all of a governmental entity’s general obligation bond repayments |
|
|
Term
| In the year that a governmental entity enters into an advance refunding, which of the following note disclosures would NOT BE required? |
|
Definition
The amount of in-substance defeased debt that is still outstanding
- Present value of net debt service savings or cost of advanced refunding transaction
- the difference between the total of the remaining debt service requirements of the old defeased issue and the total debt service requirements of the new issue, adjusted for any additional cash received or paid
- ****Each of these note disclosures would be required |
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|
Term
| Assume that a county with a June 30 fiscal year end levied $900,000 in special assessments to finance debt service on a special assessment debt issuance. The levy date was January in Year 1. The levy is to be paid by the property owners over a 10-year period beginning in January of Year 2. The amount of revenue recognized by the county in the Debt Service Fund as of December 31 of Year 1 would be |
|
Definition
|
|
Term
| If cash from the General Fund is transferred to a Debt Service Fund, the entry in the Debt Service Fund would be |
|
Definition
| - DEBIT cash and CREDIT other financing sources |
|
|
Term
| A government has $1,000,000 of 6%, 10- year general obligation bonds outstanding. The bonds were issued on November 1, 20X7 to finance construction of general capital asset. Interest is payable semiannually on November 1 and May 1. The bonds also require an annual principal payment of $100,000 on May 1. What amount of debt service expenditures should the government report for the year ended December 31, 20X8? |
|
Definition
|
|
Term
| A Debt Service Fund received a $100,000 payment from the General Fund to finance upcoming debt service payments. During the year, Debt Service Fund payments of $50,000 interest and $60,000 principal were made as they become due. The Debt Service Fund statement of revenues, expenditures, and changes in fund balance should report |
|
Definition
| - An excess of expenditures over revenues of $110,000 |
|
|
Term
| A Debt Service Fund received an annual payment from the General Fund to finance upcoming debt service payments. The amount received from the General Fund should be reported in the Debt Service Fund statement of revenues, expenditures, and changes in fund balance as |
|
Definition
| - Other financing sources |
|
|
Term
| Debt Service Fund expenditures would include all of the following except |
|
Definition
| - Discounts on refunding bonds |
|
|
Term
| A Deft Service Fund should be used to account for debt service on special assessment indebtedness |
|
Definition
| - if the government is obligated in some manner for the debt |
|
|
Term
| A government defeased in substance $5,000,000 of outstanding general obligation bonds several years prior to their maturity. The government paid $6,000,000 into an irrevocable trust to accomplish the defeasance in substance. The payment included $3,000,000 of proceeds from new bonds issued that were to provide resources for the bond defeasance. The other $3,000,000 had been accumulated over previous years from taxes and interest earnings in the Debt Service Fund. The government should report the payment in its Debt Service Fund as |
|
Definition
| - Other financing uses of $3,000,000 and expenditures of $3,000,000 |
|
|
Term
| The town of Newport issued $1,500,000 of general obligation refunding bonds at a 2% premium. Bond issuance costs of $15,000 were incurred. The proceeds, net of the premium, are being used to refund the outstanding bonds. Debt Service Fund Expenditures will be debited for |
|
Definition
|
|
Term
| A government has $1,000,000 of 6%, 10- year general obligation bonds outstanding. The bonds were issued on August 15, 20X6 to finance construction of general capital asset. Interest if payable semiannually on February 15 and August 15. What is the maximum amount of interest expenditures that the government would be permitted to report on the bonds for 20X6? |
|
Definition
|
|
Term
| A city with a fiscal year end of December 31 has a Debt Service Fund. Debt service payments are made every six months - on January 15 and on July 15. If the financial resources for the debt service payment of $15,000 ($10,000 principal, $5,000 interest) due the following January 15 are transferred to the Debt Service Fund on December 30, what amount of expenditures must the Debt Service Fund recognize on December 31? |
|
Definition
|
|
Term
| A government has $3,000,000 of 6%, 10-year general obligation bonds outstanding. The bonds were issued on July 2, 20X7 to finance construction of a general capital asset. Interest is payable semiannually on January 1 and July 1. What is the maximum amount of interest expenditures that the government would be permitted to report on the bonds for 20X7? |
|
Definition
|
|
Term
| Equity in a Debt Service Fund is known as |
|
Definition
|
|
Term
| If a special tax is levied to finance debt service for a particular debt issue, the entry to record the levy in the Debt Service Fund would be |
|
Definition
| - DEBIT Taxes Receivable and CREDIT to Revenues |
|
|
Term
| Apex County advance refunded $3,000,000 of outstanding bonds. $2,500,000 was financed with refunding bond proceeds and the remaining $500,000 was transferred from the General Fund. The county incurred $35,000 of bond issuance costs. Which of the following statements about the reporting of these transactions in the Debt Service Fund is NOT true. The Debt Service Fund financial statements would report |
|
Definition
| - Net Other financing sources of $500,000 |
|
|
