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ACCT 550 Week 8 Final Exam Set 2 Complete A+ Answer

ACCT 550 Week 8 Final Exam Set 2 Complete A+ Answer

1. Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund generally occurs first?

2. During January 2011 General Fund supplies ordered in the previous fiscal year and encumbered at an estimated amount of $2,000 were received at an actual cost

of $2,200. The entry to record this transaction will require a debit to

3. When materials that were ordered for a capital projects fund for use on a construction project are received but the invoice has not yet paid, what account is debited?

4. Which of the following is true for debt service funds?

5. Which of the following is not a typical means of dissolving an internal service fund that a city no longer needs or wants?

6. Which of the following account balances would only be reported if a city-owned utility followed regulatory accounting principles?

7. Customers’ meter deposits, which cannot be spent for normal operating purposes, would be classified as restricted cash in the balance sheet of which fund type?

8. A local golfer contributed $100,000 to the city stipulating that the money be invested and that the earnings thereon be used for maintenance of the city golf course.

The $100,000 would most appropriately be recorded in a(an)

9. A private-purpose trust fund sold investments in securities having a carrying value of $23,000 for $26,000, resulting in a $3,000 gain on the change in value. If there are no trust provisions to the contrary, the gain is generally

10. A statement of cash flows should be prepared for which of the following fiduciary fund types?

11. What is the minimum level of detail required for expenditures presented in the governmental fund statement of revenues, expenditures, and changes in fund balance?

12. Which of the following is one of the three sections of a comprehensive annual financial report?

13. Government-wide financial statements present the government’s financial position using

14. A measure of the extent to which the government’s business-type activities depend on subsidies from taxpayer or other general revenues rather than having the full

cost of the activities’ operations funded by charges to the users of the service is

15. A measure of whether the government lived within its means in the measurement year, or was required to use prior year resources to fund a portion of current year costs, or shifted the funding of some current year costs to future periods, is

16. A measure of the adequacy of the amount of the government’s total unrestricted net assets or deficit at the measurement date is

17. One of the most important reasons to evaluate the financial performance of a government is to

19. A term that describes a government’s ongoing ability and willingness to raise revenues, incur debt, and meet its financial obligations as they become due is

20. One of the purposes of the Federal Financial Management Improvement Act of 1996 was to

21. Which of the following officials has shared responsibility under federal law for establishing and maintaining a sound financial structure for the federal government?

22. The Comptroller General of the United States is the head of the:

23. An auditor would not render an opinion on a(an)

24. A single audit conducted pursuant to the Single Audit Act Amendments of 1996 requires which of the following types of audits?

25. All of the following reports are included in the reporting package resulting from the single audit except

26. Which of the following is not an element of a typical governmental total quality management (TQM) structure?

27. Which of the following might appropriately be termed an outcome indicator for a police department that reports service efforts and accomplishments (SEA) indicators?

28. Which basis of accounting best contributes to measuring the cost of services for rational budgeting purposes?

29. Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?

30. Public disclosure rules require that a tax-exempt not-for-profit organization

31. Tuition scholarships for which there is no intention of collection from the student should be classified by a private university as

32. Which of the following statements usually will not be included in the annual financial report of a governmentally owned public university engaged only in business-type activities?

33. Which of the following would usually be considered as temporarily restricted net assets in a nongovernmental not-for-profit hospital?

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ACCT 550 Week 8 Final Exam Set 2 Complete A+ Answer

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