Which financial statements are required for a proprietary fund?.
Which financial statements are required for a proprietary fund?
32. Which of the following is correct with respect to Internal Service Funds?
33. The categories of Net Assets (or Net Position) for a proprietary fund are classified within which of the
following categories?
34. Restricted Net Assets (or Net Position) for a proprietary fund:
35. GASB Statement 34 requires enterprise funds to be used under which of the following circumstances?
36. When governments operate landfills as enterprise funds, which of the following is correct?
37. The Statement of Cash Flows for a proprietary fund would include which of the following?
39. Activities that produce goods or services to be provided to other departments or other governmental units
would be reported in which fund?
40. Which of the following is true of the Statement of Net Assets (or Net Position) for proprietary funds?
41. GASB requires the ____________ method to report cash flows from operating activities in the Statement of
Cash Flows.
42. An internal service fund provided services to a General Fund department. At the time of billing, the credit
entry in the internal service fund would be:
43. Revenue bonds sold by a water utility fund (which uses an enterprise fund), upon sale, would be recorded
as:
44. Capital assets of an enterprise fund should be reported in the:
45. Long-term liabilities of an enterprise fund should be reported in the:
46. How should customer deposits held for water meters that cannot be spent for operating purposes be
classified?
47. How are Fiduciary Funds presented in the Government-wide Financial Statements?
49. ______ funds are created when individuals or organizations contribute resources with the agreement that
principal and/or income will be used to benefit individuals or nongovernmental organizations.
50. ______ funds are created when individuals or organizations contribute resources with the agreement that the
income will be used to the citizenry or the government’s programs.
51. A fund that is used to account for assets held by a government acting as agent for one or more other
governments units or for individuals or private organizations is a(n):
52. A fund that is the result of an agreement between a contributor and a government that the principal and/or
income of trust assets is for the benefit of individuals, organizations, or other governments is a(n):
53. Which of the following is not an example of the function of an Agency Fund?
54. Which of the following is true regarding agency funds?
55. The City of Sycamore has investments in bonds. These bonds have an amortized cost of $2,996,000. At year
end, the financial press reports a market value of $3,002,000 for these bonds. The original cost of the bonds was
$2,992,000. The par value at maturity will be $3,000,000. The amount at which the investments would be
reported is:
57. The City of Springfield has three pension plans: a locally administered police plan for which it is trustee, a
statewide cost sharing plan, and a statewide agency plan. The City would include in its CAFR pension trust
fund financial statements for:
58. Which of the following is true regarding fiduciary funds?
59. Churchville County is trustee for a multi-government investment pool and has established an investment
trust fund. Included in the investment trust fund, for management purposes, are investments in the amount of
$15 million from the County’s General Fund, $3 million from the County’s special revenue funds, and $112
million from other governments. Which of the following would be true?
60. The tax agency fund of Eden County collected $2,000,000 for the Eden School District, $1,000,000 for the
Village of Edenton, $1,200,000 for the Eden Park District, and $700,000 for Eden County. County General
Fund employees handle the collections, and a 3 percent collection fee is charged all units except the county. The
total amount to be remitted (added) to the county General Fund would be:
61. James McHughes gave the following to the City of Carnesville in order to establish a private-purpose trust:
Land – cost, $500,000; fair market value as of the date of the gift, $400,000.
Securities – cost, $1,600,000; fair market value as of the date of the gift, $1,800,000.
The amount to be recorded as additions for gifts by the private-purpose trust fund would be:
62. Which of the following is true regarding pension accounting and reporting for state and local governments?
63. Clinton County maintains an investment trust fund for the investments of governments within its borders.
All the investments had determinable fair values. Which of the following is true regarding investment trust
funds and investments in general?
64. In an agency fund, assets are equal to:
65. The operations of agency funds will be included in which of the following statements?
66. Which type of pension plan is required to pay out a certain sum, generally based on a percentage of salary
upon retirement and the number of years of service?
67. Which of the following is not a required supplementary information schedule for pension pensions?
68. Which is true regarding the basis of accounting for fiduciary funds?
69. Escheat property is best described as which of the following?
70. Fund equity will not be found in which of the following funds?
71. A pension plan that is required to pay out only the amount that has been accumulated for each employee is a
Which financial statements are required for a proprietary fund?
