Which of the following should be included in the introductory section of a local government's comprehensive annual financial report?
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1 .The city of Accountability Junction has applied GASB 34 reporting standards to its current year financials. Readers of the financial statements should expect to find the following financial reports relative to the city's performance in relation to the budget:
A Presentation of budget versus actual data on the cash basis in the Required Supplementary Information for all funds with a legally adopted budget. B A presentation of budget and actual data for all governmental fund types with variances of actual performance computed from both the original budget ...
2 .During the year, a city’s electric utility, which is operated as an enterprise fund, rendered billings for electricity supplied to the general fund. Which of the following accounts should be debited by the general fund?
A Expenditures. B Due to electric utility enterprise fund. C Appropriations. D Other financing uses-operating transfers out.
3 .Which of the following fund's data should be reported as part of local government's governmental activities column in its government-wide statements?
A Pension trust. B Private-purpose trust. C Debt service. D Agency.
4 .Which of the following are considered an optional presentation within a government's Required Supplementary Information?
A Variances of actual performance from budget. B Originally adopted budget. C Final amended budget. D Actual financial performance presented in a manner consistent with the budget.
5 .Jonn City entered into a capital lease for equipment during the year. How should the asset obtained through the lease be reported in Jonn City's government-wide statement of net position?
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7 .Altruistic University, a not-for-profit research university, conducts cancer research as part of its normal ongoing activities and regularly receives contributions to support these efforts. Experimental Pharmaceuticals Corporation, a large for profit corporation that markets drugs for cancer treatment, provides resources to Altruistic University to perform clinical trial research on an experimental drug to treat cancer. Resources are provided on the condition that Altruistic University comply with strict specifications governing the manner in which the research is conducted and the frequency and the character of outcome reports. Altruistic University should account for the resources provided by Experimental Pharmaceuticals as:
A A contribution that increases permanently restricted net assets. B A contribution that increases unrestricted net assets provided the restrictions are met in the current year and the university uniformly applies this method of recognition to all similar transactions. C A contribution that increase...
8 .The following expenditures were made by Green Services, a society for the protection of the environment:Printing of the annual reportUSD12,000Unsolicited merchandise sent to encourage contributions25,000Cost of an audit performed by a CPA firm3,000What amount should be classified as fund-raising costs in the society's activity statement?
A USD37,000 B USD28,000 C USD25,000 D USD0
9 .Terry, an auditor, is performing test work for a not-for-profit hospital. Listed below are components of the statement of activities:Revenue relating to charity careUSD100,000Bad debt expense70,000Net assets released from restrictions used for operations50,000Other revenue80,000Net patient service revenue (includes revenue related to charity care)500,000What amount would be reported as unrestricted revenues, gains, and other support on the statement of activities?
A USD460,000 B USD530,000 C USD630,000 D USD580,000
10 .The Turtle Society, a nongovernmental not-for-profit organization, receives numerous contributed hours from volunteers during its busy season. Chris, a clerk at the local tax collector's office, volunteered ten hours per week for 24 weeks transferring turtle food from the port to the turtle shelter. This task is typically handled in the normal course of business at no charge to the Society, but Chris' help has been accepted. His rate of pay at the tax office is USD10 per hour, and the prevailing wage rate for laborers is USD6.50 per hour. What amount of contribution revenue should Turtle Society record for this service?
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