UOP ACCT 567 Week 8 Final Exam

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UOP ACCT 567 Week 8 Final Exam

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• 1. (TCO A) On what should the government-wide
  financial statements report? (Points 5)
• Net position and results of the financial
  operations of the government as a
  whole.Budgetary ComplianceThe cost of
  government services

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• Fiscal accountability
• 2. (TCO B) According to GASB standards, when
  should transfers be recognized? (Points 5)When
  earned.When collected in cash.When authorized
  by the budget ordinance.In the period the
  interfund receivable and payable arise.
• 3. (TCO C) Comparisons of budgeted versus actual
  revenues and expenditures are a requirement of
  which of the following situations? (Points
  5)Required by GAAP for the general fund and
  major special revenue funds for which an annual
  budget has been legally adopted.Required by GAAP
  for all government fund types.Required by GAAP
  for internal management reports only, they are
  not permitted for external financial
  reporting.It is optional under GASB standards
  for all funds.
• 4. (TCO D) The revenues account of a government
  entity is debited when (Points 5)the budget is
  recorded at the beginning of the year.property
  taxes are recorded.the account is closed to fund
  balance-unassigned at the end of the
  year.property taxes are collected.

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• statements.It would debit Pledges Receivable and
  credit Deferred Contributions.It would debit
  Pledges Receivable and credit ContributionsTempor
  arily Restricted.It would not recognize the
  conditional pledge until pledge conditions are
  substantially met.
• 11. (TCO I) Which of the following items would
  not affect the amounts reported in the Revenues
  and Gains section of the statement of activities
  for a private college or university? (Points
  5)Student tuition and feesNet assets released
  from restrictionTuition and fees discounts and
  allowancesDeferred revenues
• 12. (TCO I) The primary source of revenues for
  most hospitals are (Points 5)investment
  income.capitation fees from health maintenance
  organizations.exchange transactions, such as
  fees for services.nonexchange transactions, such
  as contributions.

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• 1. (TCOs D, E, F, and G) Please list the name of
  the fund(s) in which each of the following
  transactions or events would be recorded
• 2. (TCO F) The garbage collection of the city of
  Rockwell could be accounted for through the
  General Fund, a Special Revenue Fund, or an
  Enterprise Fund. Please identify the
  circumstances in which each of these fund types
  might be appropriate. (Points 40)
• 3. (TCO I) During the fiscal year of June 2012,
  Jefferson General Hospital, a not-for-profit
  healthcare organization, had the following
  revenue-related transactions. (The amounts are
  summarized for the entire year.)
• 4. (TCO E) Enter the template provided in the
  answer space and record the following
  transactions in the Capital Projects Fund in the
  general journal for the following transactions.
• 5. (TCO F) The following Statement of Cash
  Receipts and Disbursements was prepared by the
  bookkeeper of the City of Glass City Museum of
  Science. The museum is a component unit of the
  City of Glass City and must be included in the
  citys financial statements. It began operations
  on January 1, 2012 with no liabilities or
  commitments and only two assets.
• (1) 6,000 in cash and (2) Land that was acquired
  for 11,000. 
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