Strayer ACC 410 Gov't, NonProfit Acc 410 Quiz 6

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Course Government and Not-for-Profit
Test Quiz 6
 
Instructions This quiz consist of 30 multiple choice questions. The first 15 questions cover the material in Chapter 10. The second 15 questions cover the material in Chapter 11. Be sure you are in the correct Chapter when you take the quiz.
• Question 1
 Which of the following is NOT a fiduciary fund?
  
• Question 2  
 A plan’s unfunded actuarially accrued liability is the excess of
 
• Question 3
 Financial assets held by a governmental investment pool should be valued at
 
• Question 4
 Previously a city received a $1 million gift, the income from which was restricted to support maintenance of city-owned parks.  During the current year the endowment earned $70,000 of which $50,000 was transferred to the City Park Special Revenue Fund. On the year-end financial statements, the special revenue fund will report
 
• Question 5
 Which of the following activities of a governmental entity should be accounted for in a fiduciary fund?
 
• Question 6
 What basis of accounting is used to account for transactions of a government permanent fund?
 
• Question 7
 During the fiscal year ended December 31, 2001, the Highland City General Fund contributed $48 million to a defined benefit pension plan for its employees.   On February 27, 2002, Highland made an additional $2 million contribution related to the 2001 pension contribution requirements.  The actuarially determined contribution amount for 2001 is $52 million.   The amount of pension expenditure recognized by Highland City General Fund for 2001 should be:
  
• Question 8
 What basis of accounting is used to account for transactions of a governmental private-purpose trust fund?
 
• Question 9
 Several years ago, a donor gave $5 million to the City and specified that the principal was to be kept intact but the earnings were to be used to support operations of the city parks.  During the current year, the City earned $300,000 on the gift.  To what type of fund should the City transfer accountability for the $300,000 earnings.
 
• Question 10  
 Previously a city received a $1 million gift, the income from which was restricted to support maintenance of city-owned parks.  During the current year the endowment earned $70,000 of which $50,000 was transferred to the City Park Special Revenue Fund. On the year-end fund financial statement, the endowment fund would report revenues of:
 
• Question 11
 The City of Highland Hills receives a federal grant to assist in nutrition (feeding) programs for senior citizens.  The City will select the contractors to provide the feeding and approve the participants in the program.  The proceeds of this grant should be accounted for in which of the following funds of the City?
 
• Question 12
 Hill City Light & Water (a proprietary fund) contributes to a defined  benefit plan for its employees.  During 1999 Hill City contributed $27 million to its pension plan.   On February 15, 2000,  Hill City made an additional $3 million contribution related to 1999.   The actuarially determined contribution amount was $32 million.   The amount of pension expense recognized by Hill City Light & Water for 1999 should be:
 
• Question 13
 Permanent funds are classified as
 
• Question 14
 Previously a city received a $1 million gift, the income from which was restricted to support maintenance of city-owned parks.  During the current year the endowment earned $70,000 of which $50,000 was transferred to the City Park Special Revenue Fund. On the year-end fund financial statement, the endowment fund would report the $50,000 transferred to the Special Revenue Fund as:
 
• Question 15
 The City of Highland Hills receives a federal grant to assist in nutrition (feeding) programs for senior citizens.   Senior citizens whose income is below a specified amount (the amount was specified by the Federal government) are eligible to participate in the program.  Monthly checks of $100 (this amount was specified by the Federal government) will be mailed to eligible senior citizens.  The proceeds of this grant should be accounted for in which of the following funds of the City?
 
• Question 16 
 With regard to combining statements, which of the following statements is true?
 
• Question 17  
 The City created a legally separate Housing Authority to provide low-income housing to residents of the City.  The City issues debt for the Housing Authority in the name of the City, but the Housing Authority is responsible for repayment of the debt.  The Housing Authority is governed by a board composed of all 5 members of the City Council.  Actions can be taken by Authority upon receiving an affirmative vote by a simple majority of the board.  In what manner would the Authority be included in the City’s Basic Financial Statements?
 
• Question 18
 The financial section of a CAFR does not include:
 
• Question 19
 The auditor’s report generally includes an opinion on which of the following sections of the CAFR?
 
• Question 20
 Which of the following is NOT a primary government?
 
• Question 21  
 Fund Financial Statements include which of the following for a proprietary fund?
  
• Question 22
 The City created a legally separate Port Authority.  Members of the board of the Port Authority are elected in general city elections.  The Port Authority receives no tax dollars; it is supported entirely by user fees.  The Port Authority determines its budget, sets user fees, and has the power to issue bonded debt.  The Authority would be considered a
 
• Question 23
 Which of the following statements is not a required part of the General Basic Financial Statements of the City of Highland Hills?
 
• Question 24
   Fund Financial Statements include which of the following for a governmental fund?
  
• Question 25
 The City created a legally separate Port Authority.  Members of the board of the Port Authority are elected in general city elections.  The Port Authority receives no tax dollars; it is supported entirely by user fees.  The Port Authority determines its budget, sets user fees, and has the power to issue bonded debt.  In what manner would the Port Authority be included in the City’s Basic Financial Statements?
 
• Question 26
 The State has a legally separate State Building Authority which has a board appointed by the Governor.  The Authority issues debt in its own name, holds title to buildings in its own name, and leases its building exclusively to the State.  The authority would be considered a
 
• Question 27
 The State has a legally separate State Building Authority which has a board appointed by the Governor.  The Authority issues debt in its own name, holds title to buildings in its own name, and leases its building exclusively to the State.  In what manner would the Authority be included in the State’s Basic Financial Statements?
  
• Question 28
 The City created a legally separate entity to operate a County Hospital.  The City Council appoints a voting majority of the board of the Hospital.  The City cannot impose its will on the Hospital and there is no potential for a financial benefit or financial burden to the City.  The County Hospital would be a
 
• Question 29
 The City created a legally separate entity to operate a County Hospital.  The City Council appoints a voting majority of the board of the Hospital.  The City cannot impose its will on the Hospital and there is no potential for a financial benefit or financial burden to the City.  In what manner would the Hospital be included in the City’s Basic Financial Statements?
  
• Question 30
                      The introductory section of a CAFR does NOT include which of the following?

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