Which of the following costs are expensable/amortizable organizational expenditures?
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1 .On January 2, Basketville City purchased equipment with a useful life of three years to be used by its water and sewer enterprise fund. Which of the following is the correct treatment for the asset?
A Capitalize; depreciation is optional. B Capitalize; depreciation is not permitted. C Capitalize; depreciation is required. D Record the purchase of the equipment as an expenditure.
2 .U Co. had cash purchases and payments on account during the current year totaling USD455,000. U's beginning and ending accounts payable balances for the year were USD64,000 and USD50,000, respectively. What amount represents U's accrual basis purchases for the year?
A USD519,000 B USD441,000 C USD505,000 D USD469,000
3 .Which of the following transactions is an expenditure of a governmental unit's general fund?
A Routine employer contributions from the general fund to a pension trust fund. B Operating subsidy transfer from the general fund to an enterprise fund. C Transfer from the general fund to a capital projects fund. D Contribution of enterprise fund capital by the general fund.
4 .Soma Corp. had USD600,000 in compensation expense for book purposes in Year 1. Included in this amount was a USD50,000 accrual for Year 1 nonshareholder bonuses. Soma paid the actual Year 1 bonus of USD60,000 on March 1, Year 2. In its Year 1 tax return, what amount should Soma deduct as compensation expense?
A USD540,000 B USD610,000 C USD550,000 D USD600,000
5 .The City of Orange routinely collects refundable deposits in its water and sewer fund. Once a customer discontinues services and final bills are satisfied, deposits are refunded to the customer. Occasionally deposits are abandoned. The city is obligated to hold these monies for a statutory period and either transmit them to the state for deposition or use them for purposes directed by the state. The city would most likely account for these abandoned funds in the:
A General fund. B Enterprise fund. C Private purpose fund. D Special revenue.
7 .Hunt Community Development Agency (HCDA), a financially independent authority, provides loans to commercial businesses operating in Hunt County. This year, HCDA made loans totaling USD500,000. How should HCDA classify the disbursements of loans on the cash flow statement?
A Investing activities. B Non-capital financing activities. C Capital and related financing activities. D Operating activities.
8 .Which of the following credits is a combination of several tax credits to provide uniform rules for the current and carryback-carryover years?
A Enhanced oil recovery credit. B Minimum tax credit. C General business credit. D Foreign tax credit.
9 .Citizens of the city of Reformville can expect to find the following items in their basic financial statements reported in accordance with GASB 34:
A Statement of Net Position and a Statement of Activities. B Statement of Net Position, Statement of Activities, and a Statement of Public Accountability. C Management's Discussion and Analysis, Required Supplementary Information, Government-wide Financial Statements, and Notes to the Financial Stat...
10 .In Year 2, Cable Corp., a calendar year C corporation, contributed USD80,000 to a qualified charitable organization. Cable's Year 2 taxable income before the deduction for charitable contributions was USD820,000 after a USD40,000 dividends-received deduction. Cable also had carryover contributions of USD10,000 from Year 1. In Year 2, what amount can Cable deduct as charitable contributions?
A USD82,000 B USD86,000 C USD80,000 D USD90,000
