ACCT567 Week 3 Test All Questions and Answers

Apr 23rd, 2015
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ACCT567 Week 3 Test All Questions and Answers

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1.Question :(TCO A) Which of the following items are considered Required Supplementary Information (RSI)?Student Answer:Management's Discussion and AnalysisBudgetary Comparison ScheduleSchedule of Risk Management ActivitiesAll of the aboveChapters 1 and 22.Question :(TCO B) In addition to the government-wide statements, governmental entities are required to prepare fund financial statements for which of the following category of funds?Student Answer:Governmental type fundsProprietary fundsFiduciary fundsAll of the aboveInstructor Explanation:Chapter 23.Question :(TCO C) The County Commission of Hunter County adopted its General Fund budget for the year ending June 30, comprising of estimated revenues of $3,750,000 and appropriations of $3,150,000. Hunter County utilizes the budgetary accounts required by GASB standards. The budgeted excess of estimated revenues over appropriations will be recorded asStudent Answer:a credit to Surplus Revenues, $600,000.a debit to Estimated Excess Revenues, $600,000.a credit to Budgetary Fund Balance, $600,000.a memorandum entry only.Instructor Explanation:Chapter 34.Question :(TCO D) Which of the following is a true statement regarding the use of a Special Revenue Fund?Student Answer:Special Revenue Funds may be used when a government wishes to segregate income for specific purposes.Special Revenue Funds may only be used when a sub

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