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ACCT 4421 Governmental Accounting T/F - Exam 2 correctly answered to pass

ACCT 4421 Module 6 Practice Questions and Answers 100% Solved The City of Zachary has prepared all of the elements of its CAFR. Indicate where each element of the financial report would appear in the city's CAFR. Statistical Tables Introductory Section Financial Section Statistical Section Correct Answ_Statistical Section

ACCT 4421-Governmental and Not-forProfit Accounting LSU chapter 1 Questions and Answers 100% Solved Which of the following is the least appropriate use of the external financial statements of a government? Correct Answ_To assess whether the compensation of management is reasonable in relation to that of comparable entities The traditional business model of accounting is inadequate for governments and not-for-profit organizations primarily because businesses differ from governments and...

ACCT 4421- Name the Fund Questions and Answers 100% Correct specific revenue sources are dedicated to a particular purpose other than capital projects or debt service Correct Answ_special revenue fund expenditures are made by the city's street department Correct Answ_capital project fund / general fund an "operating income" figure is computed Correct Answ_enterprise fund purchase of computers for the city's clerk office Correct Answ_general fund collection of landing fees ...

ACCT 4421 Governmental Accounting Questions and Answers 100% Solved when account for capital assets used in general government, a state or local government should _____________ on the Government Wide financial statements a. capitalize the asset and depreciate it over its useful life b. capitalize the asset but not depreciate it c. capitalize the asset and choose to use the standard approach or the modified approach d. expense and the capital asset because capital assets are not reflecte...

Gov ACCT 4421 Exam 1 Questions and Answers 100% Solved False Correct Answ_T or F Non-profit entities fall under guidance of FASB, therefore they are not allowed to use fund accounting. they are not required to Correct Answ_Non-profit entities may use fund accounting, but Internal Service Fund Correct Answ_The City of Houston maintains a fleet of vehicles to be used by employees on an "as needed" basis for work related travel. The fleet management department maintains the vehicle...

ACCT 4421 Final (9-11, & NFP) - Lists and Criteria Questions and Answers Verified by Experts What are the GASB required disclosures for pension plans? (Referring to the funds PROVIDING the pension contributions) Correct Answ_- Detailed description of the plan - Employer's funding policy - Components of pension cost and changes in net pension obligation - Key assumptions used in determining pension cost - Significant ratios

ACCT 4421 Exam 3 Review Questions and Answers Verified by Experts Which of the following is a valid reason for governments to engage in business-type activities? A. The government does not want control over the activity B. The activity competes with general government activities C. The government does not want to subsidize the activity D. The government can provide the services more cheaply or efficiently than can a private firm Correct Answ_D

ACCT 4421 Exam 1: ch 4 Questions and Answers 100% Solved fines Correct Answ_amounts assessed by courts against those guilty of statutory offenses and neglect of official duties (parking tickets); recognized when govt has collected the cash or has an enforceable claim (after protest period expires) forfeits Correct Answ_arise form deposits or bonds made by contractors, accused felons, and others to assure performance on contracts or appearance in court derived tax revenues Correct Answ...

ACCT 4421 Exam 2 Review Exam Questions with Complete Solutions Under the accrual basis of accounting, imposed nonexchange revenues (such as fines) should be recognized A. when assessed B. when the government has an enforceable legal claim C. when collected D. when the government has an enforceable legal claim and when collected within the current period or soon enough thereafter to be used to pay the liabilities of the current period Correct Answ_B