ACC 410 Week 3 Quiz – Strayer



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Chapter 2

Fund Accounting

TRUE/FALSE (CHAPTER 2)

1.         A fund is a separate fiscal and accountingentity with a self-balancing set of accounts.

2.         Fund accounting promotes control and accountability over restricted resources.

3.         The basis of accounting determines what transactions and events are recognized.

4.         An entity’s measurement focus determines when transactions and events are recognized.

5.         If an entity adopts a full accrual basis of accounting, its measurement focus will automatically be on all economic resources.

6.         If an entity adopts a modified accrual basis of accounting, its measurement focus will automatically be on current financial resources.

7.          A government may report some of its funds on a full accrual basis.

8.         A government may have as many general funds as it deems necessary.

9.         Funds divide a government into functional departments.

10.     General funds are established to account for resources legally restricted for specified purposes.

11.     Fiduciary activities only benefit parties other than the government itself.

12.     The Financial Accounting Standards Board requires all nongovernmental not-for-profit entities to use fund accounting.

MULTIPLE CHOICE (CHAPTER 2)

1.   What is the primary reason that governmental entities use fund accounting?
a)      Fund accounting is required by law.
b)      Fund accounting is required by GAAP.
c)      Fund accounting promotes control and accountability over restricted resources.
d)     Fund accounting promotes better control over operating activities.

2.   Basis of accounting determines which of the following?
a)      When transactions and events are recognized.
b)      What transactions and events will be reported.
c)      Where transactions and events will be reported.
d)     Why transactions and events will be reported.

3.      A fund is
a)      A separate legal entity.
b)      A separate fiscal and accounting entity.
c)      A separate self-balancing set of accounts for inventory purposes.
d)     None of the above.

4.   Which of the following funds is a fiduciary fund?
a)      Permanent fund.
b)      Agency fund.
c)      Capital project fund.
d)     Debt service fund.

5.   When a governmental entity adopts a basis of accounting other than full accrual and a measurement focus that excludes long-lived assets and liabilities in its governmental fund types:
a)      It is in violation of the law.
b)      It is in violation of GAAP.
c)      It has recorded transactions in accordance with standards for presentation in the fund financial statement required by the new GASB reporting model.
d)     It has the ability to better measure the results of operations.

6.   A city receives a donation from a citizen who specifies that the principal must be invested and the earnings must be used to support operations of a city-owned recreational facility.  The principal of this gift should be accounted for in which of the following funds?
a)      Trust fund.
b)      Special revenue fund.
c)      Permanent fund.
d)     Internal service fund.

7.   Which of the following is NOT a governmental fund?
a)      City Hall Debt Service Fund.
b)      City Utilities Enterprise Fund.
c)      Gasoline Tax Special Revenue Fund.
d)     City Hall Capital Project Fund.

8.      Which of the following accounts would you least expect to see in a debt service fund?
a)      Principal payments.
b)      Interest charges.
c)      Interest earned.
d)     Outstanding balance of the debt being serviced.

9.   Which of the following funds is a proprietary fund?
a)      Internal service fund.
b)      Special revenue fund.
c)      Capital project fund.
d)     Permanent fund.

10. Which of the following funds is a governmental fund?
a)      Enterprise fund.
b)      Debt service fund.
c)      Internal service fund.
d)     Agency fund.

11. Which of the following activities should the City of Highland account for in a trust fund?
a)      General fund contributions received by the City pension plan.
b)      Greens fees received from golfers at the City-owned golf course.
c)      Grants received from the Federal government to purchase buses to be used for public transit.
d)     Proceeds of bonds issued to construct a new city hall building.

12. The state collects a gasoline tax that must be used to support highway construction and maintenance.  The gasoline tax should be accounted for in which of the following funds?
a)      General fund.
b)      Special revenue fund.
c)      Debt service fund.
d)     Internal service fund.

13. The City of San Jose built a new city hall and financed construction by issuing bonds due in installments over the next 30 years.  The bond principal and interest will be paid by a special tax levied on property in the City.  The money received from this special tax should be accounted for in which of the following funds?
a)      General fund.
b)      Special revenue fund.
c)      Capital project fund.
d)     Debt service fund.

14. Riverside Golf Course is a City-owned golf course that collects greens fees in amounts sufficient to cover its expenses.  Riverside Golf Course should be accounted for in which of the following funds?
a)      Internal service fund.
b)      Enterprise fund.
c)      General fund.
d)     Special revenue fund.

15. To fulfill the printing needs of its various departments and agencies, the City has established a Central Print Shop which bills the various departments and agencies of the city for printing services rendered.  The Central Print Shop should be accounted for in which of the following funds.
a)      Internal service fund.
b)      Enterprise fund.
c)      General fund.
d)     Special revenue fund.

16. Which of the following funds is accounted for on the modified accrual basis of accounting?
a)      General fund.
b)      Internal service fund.
c)      Proprietary fund.
d)     Pension trust fund.

17. Which of the following assets would NOT be found in the fund balance sheet of the General Fund of the City of Harrison?
a)      Cash.

b)      Capital assets.

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