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Exam 11: Accounting for State and Local Governments Part 1

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Question 1

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Prepare the journal entry and identify the fund to record Palmer City's purchase order of two trucks for $150,000 and identify the fund in which the entry is recorded.

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Question 2

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What is the primary difference between monies accounted for in the general fund and monies accounted for in the special revenue fund?

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Monies in the special revenue fund are r...

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Question 3

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Which group of financial statements is prepared using the "modified accrual accounting" approach?

Which of the following would be considered a derived tax revenue?

On July 12, 2021, Carbondale City ordered a new computer at an anticipated cost of $126,200. The computer was received on July 16, 2021 with an actual cost of $129,450. Payment was subsequently made on August 15, 2021.Required:(A)Prepare all the required journal entries and identify the type of fund in which each entry was recorded for the governmental fund financial statements.(B)Prepare all the required journal entries to be recorded for the government-wide financial statements.

The reporting of the fund balance of governmental funds will result in a maximum of how many categories?

Special Revenue funds are

Which of the following is not one of the categories for reporting fund balances of governmental funds?

A $960,000 bond was issued on October 1, 2021 to build a new road. The bonds carried a 7% interest rate and are due in 10 years.Required:(A.)Prepare the required journal entry in the capital projects fund on October 1 for the governmental fund financial statements.(B.)Prepare the required journal entry for the government-wide financial statements.

A county enacted a special tax levy and the money must be used to buy unused farmland for environmental preservation. What kind of fund should be used to record the revenues generated by the tax?

When a city collects admission fees from citizens who use the public swimming pool, the money should be recorded in

When a city received a private donation of $1,000,000 stipulating that the principal donation would be preserved but allowing the interest income to be spent on building a city park with access for disabled children, which fund should the money be recorded in?

How do intra-activity and interactivity transactions differ in government-wide financial reporting? How is each type reported?

A new truck was ordered for the sanitation department at a cost of $137,250 on September 3, 2021.Required:(A)Prepare the required journal entry in the general fund for the governmental fund financial statements.(B)Prepare the required journal entry for the government-wide financial statements.

When a city received a county grant designated for providing food and other assistance to the homeless, the money should have been recorded in

The school system had some brochures printed by a local printing service on September 22, 2021. The school system received an invoice showing an amount of $1,730 for the printing, but the bill is not due until October 15, 2021.Required:(A)Prepare the required journal entry in the general fund for the governmental fund financial statements.(B)Prepare the required journal entry for the government-wide financial statements.

Which of the following statements is true about Fund Balance classifications for the governmental funds?

Under modified accrual accounting, when are expenditures recorded?

Property taxes of $1,800,000 are levied for Labrador County. All except 6% of the taxes are expected to be collected within 60 days of year-end.Required:Prepare the required journal entry and identify the fund in which it is recorded.

What is the definition of the term fund?