An interfund transfer
a) Is the internal counterpart to an exchange or an exchange-like transaction
b) results in a receivable and a payable
c) Is reported in a proprietary fund's statements after nonoperating revenues and expenses
d) Is reported in a proprietary fund as an other financing source or use
Answer: C
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Governmental Accounting
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- A public school district should recognize revenue from property taxes levied for its debt service fund when
- In which situations are property taxes due to a governmental unit recorded as deferred revenue? I. Property taxes receivable are recognized in advance of the year for which they are levied II. Property taxes receivable are collected in advance of the year in which they are levied
- Which of the following funds of a governmental unit recognizes revenues in the accounting period in which they become available and measureable I. General Fund II. Enterprise fund
- Which of the following fund types used by a government most likely would have a fund balance designated as nonspendable because of an increase in an inventory of supplies?
- Liabilities of a defined benefit pension plan for benefits and refunds are reported in a state or local government's fiduciary fund financial statements using the I. Economic Resources Measurement focus II. Current financial resources measurement focus III. Accrual Basis IV. Modified accrual basis
- Proprietary fund financial statements are prepared using the I. Economic Resources Measurement focus II. Current financial resources measurement focus III. Accrual Basis IV. Modified accrual basis
- Government wide financial statements are prepared using the I. Economic Resources Measurement focus II. Current Financial Resources Measurements Focus III. Accrual Basis IV. Modified accrual basis
- Governmental expenditures for insurance extending over more than one accounting period
- When a snowplow purchased by a governmental unit is received, it should be recorded in the general fund as a(n)
- A major exception to the general rule of expenditure accrual for governmental funds of a state or local government relates to unmatured
- In which of the following fund types of a city government are revues and expenditures recognized on the same basis of accounting as the general fund?
- How should a city's general fund report the acquisition of a new police car in its governmental fund statement of revenues, expenditures, and changes in fund balances?
- Brandon County's general fund had the following transactions during the year Transfers to a debt service fund $100,000 Payment to a pension trust fun $500,000 Purchase of equipment $300,000 What amount should Brandon County report for the general fund as other financing uses in its governmental funds statement of revenues expenditures, and changes in fund balances?
- A statement of revenues, expenditures, and changes in fund balances must be reported for governmental funds. In that statements,
- A fund must be reported as major if
- The focus of certain fund financial statements is on major funds. Accordingly,
- Dale City is accumulating financial resources that are legally restricted to payments of general long-term debt principal and interest maturing in future years. At December 31 of the current year, $5,000,000 has been accumulated for principal payments, and $300,000 has been accumulated for interest payments, These restricted funds should be accounted for in the
- Wood City, which is legally obligated to maintain a debt service fund, issued the following general obligation bonds on July 1:
- Tott City's serial bonds are serviced through a debt service fund with cash provided by the general fund, In the financial statements of the governmental funds, how are cash receipts and cash payments reported?
- Which financial statement must be presented for governmental funds?
- If a city government is the primary reporting entity, which of the following is an acceptable method to present component unites in its combined financial statements?
- Which of the following statements are required to be presented for special purpose governments engaged only in business type activities (such as utilities)?
- How should state appropriations to a state university choosing to report as engaged only in business-type activities be reported in its statement of revenues, expenses and changes in net position
- Users of a government's financial statements should be able to distinguish between the primary government and its component units. Furthermore, an overview of the discretely presented component units should be provided. Accordingly,
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