Assets (such as property taxes receivable) associated with unavailable revenues (such as property taxes collected more than 60 days after year-end) should be recorded by crediting:
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1 .CPA-06580An entity sponsors a defined benefit pension plan that is underfunded by USD 800,000. A USD 500,000 increase in the fair value of plan assets would have which of the following effects on the financial statements of the entity?
A An increase in accumulated other comprehensive income of the entity for the full amount of the increase in the value of the assets. B A decrease in accumulated other comprehensive income of the entity for the full amount of the increase in the value of the assets. C A decrease in the liabilities o...
2 .CPA-00873Under U.S. GAAP, interest cost included in the net pension cost recognized for a period by an employer sponsoring a defined benefit pension plan represents the:
A Amortization of the discount on unrecognized prior service costs. B Increase in the fair value of plan assets due to the passage of time. C Shortage between the expected and actual returns on plan assets. D Increase in the projected benefit obligation due to the passage of time.
3 .CPA-00900The primary emphasis in accounting and reporting for governmental funds is on:
A Capital maintenance. B Source, use, and balance of current financial resources. C Income determination. D Transfers relating to proprietary activities.
4 .CPA-01070Lys City reports a compensated absences liability in its government-wide financial statements. The salary rate used to calculate the liability should normally be the rate in effect:
A When the compensated absences were earned or are to be paid, or at the balance sheet date, whichever results in the lowest amount. B When the unpaid compensated absences were earned. C When the compensated absences are to be paid. D At the balance sheet date.
5 .CPA-00932Vale City legally adopts a cash-basis budget. What basis should be used in Vale's budgetary comparisons?
A Cash. B Modified cash. C Modified accrual. D Accrual.
7 .CPA-01019Fixed assets donated to a governmental unit should be recorded:
A At the donor's carrying amount. B At estimated fair value when received. C As a memorandum entry only. D At the lower of donor's carrying amount or estimated fair value when received.
8 .CPA-01021Chase City uses an internal service fund for its central motor pool. The assets and liabilities account balances for this fund that are not eliminated normally should be reported in the government-wide statement of net position as:
A Fiduciary activities. B Note disclosures only. C Governmental activities. D Business-type activities.
9 .CPA-01237Altruistic 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 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. B An exchange transaction that increases unrestricted net assets. C A contribution that increases...
10 .CPA-01249A not-for-profit organization receives USD 150 from a donor. The donor receives two tickets to a theater show and an acknowledgment in the theater program. The tickets have a fair market value of USD 100. What amount is recorded as contribution revenue?
A USD 100 B USD 0 C USD 50 D USD 150
