ACCT 567 Midterm Exam Guide
TutorNo1TutorACCT 567 Midterm Exam Guide
(TCOs A and B) Fiduciary funds are to use which of the following measurement and basis of accounting?
(TCOs A and B) Funds other than the General Fund are required to be considered to be a major fund when
(TCOs A and B) Which of the following is most correct with regard to Management’s Discussion and Analysis?
(TCOs B and C) Governmental Fund Balance is required to be displayed in which of the categories?
(TCOs B and C) The proper journal entry to record an encumbrance would include which of the following?
(TCO E) Which fund type is the interest on Long Term Debt typically not accrued; however, it is recognized as an expenditure in the year in which interest is legally due?
(TCO E) Which of the following funds or activities general journals would it be inappropriate to record depreciation of capital assets?
(TCO D) Under GASB Statement No. 33, when would a special revenue fund be considered to have satisfied the eligibility requirement of a reimbursement type federal grant?
TCO E) You are in a staff meeting with the city controller and one of your colleagues was quoted as follows: “Capital projects funds are established by a government to account for all plant or equipment acquired by construction.” Do you agree with this statement? Why or why not?
(TCO D) The City of Norton received a gift of $3,500,000 from a group of local residents on April 1, 2012 and signed an agreement that the funds would be invested on a permanent basis and the income would be used to purchase artifacts for the city museum. The following transactions took place during the fiscal year ended Dec 31, 2012.
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