Acct 567 Week 8 Final Exam Essay

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ACCT 567 Week 8 Final Exam

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1. (TCO A) On what should the government-wide financial statements report? (Points : 5)
Net position and results of the financial operations of the government as a whole.
Budgetary Compliance
The cost of government services
Fiscal accountability
2. (TCO B) According to GASB standards, when should transfers be recognized? (Points : 5)
When earned.
When collected in cash.
When authorized by the budget ordinance.
In the period the interfund receivable and payable arise.
3. (TCO C) Comparisons of budgeted versus actual revenues and expenditures are a requirement of which of the following
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It would debit Pledges Receivable and credit Contributions—Temporarily Restricted.
It would not recognize the conditional pledge until pledge conditions are substantially met.
11. (TCO I) Which of the following items would not affect the amounts reported in the Revenues and Gains section of the statement of activities for a private college or university? (Points : 5)
Student tuition and fees
Net assets released from restriction
Tuition and fees discounts and allowances
Deferred revenues
12. (TCO I) The primary source of revenues for most hospitals are (Points : 5) investment income. capitation fees from health maintenance organizations. exchange transactions, such as fees for services. nonexchange transactions, such as contributions.
1. (TCOs D, E, F, and G) Please list the name of the fund(s) in which each of the following transactions or events would be recorded
2. (TCO F) The garbage collection of the city of Rockwell could be accounted for through the General Fund, a Special Revenue Fund, or an Enterprise Fund. Please identify the circumstances in which each of these fund types might be appropriate. (Points : 40)
3. (TCO I) During the fiscal year of June 2012, Jefferson General Hospital, a not-for-profit healthcare organization, had the following revenue-related transactions. (The amounts are summarized for the entire year.)
4. (TCO E) Enter the template provided in the answer space and record the