2009 政府无利益会计期末考试试题和答案考试1

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10. Which of the following are properly accounted for in the governmental fund accounts? a. Tax-supported general obligation bonds. b. Obligations under capital leases used to finance general capital assets. c. The long-term portion of judgments and claims. d. All of the above. e. None of the above – these are in the governmental activities accounts 11. A debt service fund is a (an) a. Nonexpendable fund. b. Governmental fund. – see glossary c. Fiduciary fund. d. Proprietary fund. 12. Which of the following resource inflows would be recorded as a revenue of a debt service fund? a. Property taxes levied by the debt service fund for debt service purposes. b. Receipt of the proceeds on a new bond issue. c. Taxes collected by the General Fund and transferred to the debt service fund. d. Transfer of the residual equity of a capital project from a capital projects fund to the debt service fund. e. Both a. and c. are correct – c would be and “other financing source.”
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ACCY 161 – Spring 2009
Exam #2 FORM I - KEY
November 4st
ACCY 161 – Spring 2009
Exam #2 FORM I - KEY
November 4st
13. On the due date for bond interest, the debt service fund journal entry (or entries) will include (there may be other entries as well, but will include): a. A debit to Interest Payable. b. A credit to Encumbrances. – encumbrances not used in the debt service fund c. A debit to Expenditures⎯Βond Interest. – see next question d. A debit to Interest Expense. e. a. and b. and c. are all correct 14. Interest expenditures on bonds payable should be recorded in a debt service fund a. At the end of the fiscal period if the interest due date does not coincide with the end of the fiscal period. b. When bonds are issued. c. When paid. d. When legally payable. 15. Which of the following debt service fund accounts would not be closed at the end of each fiscal year? a. Estimated Revenues. b. Fund Balance. – this is where the accounts are closed c. Revenues. d. Expenditures—Bond Interest. 16. The liability for general obligation bonds should be recorded in a. General Fund. b. Capital projects fund. c. Governmental activities journal. d. Debt service fund. 17. Proceeds from general obligation bonds should be recorded in the a. Debt service fund. b. General obligation bond fund. – this fund does not exist c. Permanent fund. d. Capital projects fund. – this is only answer that works 18. Debt service funds are used to account for which of the following a. Payment of interest only on general long-term debt. b. Payment of principal only on general long-term debt. c. Payment of principal and interest on general long-term debt. d. Payment of principal and interest on all debt of the government, including that of enterprise funds. 19. Which of the following assets would not be found in the balance sheet of a debt service fund? a. Cash b. Investments. c. Equipment. – has no equipment d. Interest Receivable. e. All the above can be found on the balance sheet of a debt service fund.
ACCY 161 – Spring 2009
Exam #2 FORM I - KEY
November 4st
ACCY 161 – Spring 2009 6.
Exam #2 FORM I - KEY
November 4st
KEY – Form I
1. Accountability for capital assets used by departments accounted for by the governmental funds of a government should be established in a. The appropriate governmental funds. b. The capital projects fund c. The governmental activities accounts at the government-wide level. d. Both b.and c. e. a. and b. and c. are all correct answers. Which of the following would be considered a general capital asset? a. A vehicle purchased from general fund revenues. b. A vehicle purchased and maintained by an enterprise fund. c. A computer purchased from revenues of an internal service fund and used by the supplies department. d. Real estate purchased with the assets of a pension trust fund. e. a. and b. and c. are all correct. d. is and investment and not a general capital asset. The following items were included in the City of Lone Pine’s General Fund expenditures for the year ended June
Personal computer for the city treasurer Furniture for the mayor’ s office $9,000 $16,000
With regard to depreciation of general capital assets a. Depreciation expense should be charged in the appropriate governmental funds, and reported in the governmental activities accounts. b. Depreciation expense must be recorded in the governmental fund, but no depreciation expense can be recorded in the governmental activities accounts. c. No depreciation can be recorded in any governmental fund, but depreciation expense must be reported in the governmental activities accounts. d. No depreciation can be recorded in any governmental fund, nor is it permissible to record depreciation expense in the governmental activities accounts. Interfund transfers from the General Fund to a capital projects fund to provide partial financing of a capital project would be reported by the capital projects fund as a (an) a. Fund balance addition. b. Revenue. c. Other financing source. – see glossary d. Current liability. For which of the following assets can the “modified approach” be elected in lieu of depreciation? a. Buildings and equipment. b. All general capital assets. c. All capital assets. d. Eligible infrastructure assets. – see glossary Which of the following is one of the requirements that must be met to elect not to depreciate certain eligible infrastructure assets? a. The government omits the cost of the assets from the government-wide statement of net assets. b. The government maintains the assets in a condition level that far exceeds the prescribed level. c. The government manages the assets using an asset management system that meets specific criteria. d. The government gets permission of the Government Accounting Standards Board.