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Pa 504 Final Exam Answers

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PA 504 Final Exam Answers
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PA 504 Final Exam Answers
Question1. (TCO E) Which of the following are best described as proprietary funds?
I. Internal Service funds;
II. Pension funds:
III Enterprise funds.
Question 2. (TCO E) Activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund?
Question3. (TCO E) An internal service fund provided services to a General Fund department. At the time of billing, the debit entry in the General Fund would be:
Question 4. ( TCO E) In the Statement of Net Assets for proprietary funds, GASB requires a classified format where current assets, noncurrent assets, current liabilities, and noncurrent liabilities are presented:
Question 5. ( TCO E) Which of the following is true regarding proprietary fund accounting?
Question 6. ( TCO F) Which is true regarding the basis of accounting for fiduciary funds?
Question 7. ( TCO F) Which of the following is true regarding agency funds?
Question 8. ( TCO F) Which of the following statements is not required for pension trust funds?
Question 9. ( TCO F) Where is the actuarial liability shown in a Comprehensive Annual Financial Report for a pension trust fund?
.
10. Question. (TCO F) Which of the following is not true regarding post-employment benefit plans other than pension plans?
.
11. Question. (TCO G) Which of the following would not be considered a special-purpose government for financial reporting purposes?
12. Question. (TCO G) Which of the following is true regarding accounting and financial reporting for special-purpose entities?
13. Question. (TCO G) Assume a government is determined to be a special-purpose government engaged in business-type activities only. Which of the following financial statements would be required?
Question 14. ( TCO G) Assume a government is a special-purpose government engaged in only one...

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