Keller Graduate School of Management ACCT 567 Week 6 Quiz

1. Question : (TCO F) Any activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund? Student Answer: Enterprise Fund Internal Service Fund Advance Fund Agency Fund 2. Question : (TCO F) Which of the following is a true statement regarding the cash flow statements of a proprietary fund? Student Answer: Reconciliation is required between the Statement of Revenues, Expenses, and Changes in Fund Net Assets and the cash flows from operating activities section of the Cash Flow Statement. The gain from the sale of equipment would be reported in the investing section. Interest receipts are reported as increases in cash flows from either capital and related financing or noncapital financial activities, whichever is appropriate. None of the above 3. Question : (TCO G) A fund that is the result of an agreement between a contributor and a government that the principal and/or income of trust assets that is for the benefit of individuals, organizations, or other governments is a(n) Student Answer: Private-Purpose Trust Fund. Investment Trust Fund. Pension Trust Fund. Agency Fund. 4. Question : (TCO H) Public sector audits differ from those of commercial businesses in which of the following instances? Student Answer: The auditor reports to outside agencies, as well as management of the organization. The auditor does not utilize statistical sampling. The auditor is not required to be independent. All of the above 5. Question : (TCO J) Under GASB Standards, if a government only has six government funds and two enterprise funds, what is the required number of basic financial statements that it would need to prepare? Student Answer: Five Six Nine Seven 6. Question : (TCO H) Which of the following would be considered “contribution revenue or support” of a not-for-profit organization? Student Answer: Monies received from a fund-raising campaign. Investment earnings. Money received from rental of surplus office space. Gain on disposal of capital assets. 7. Question : (TCO H) Describe the different types of governmental audits and attestation engagements. 8. Question : (TCO F) Internal Service Fund, Statement of Cash Flows. Prepare a statement of cash flows for the internal service fund for the city of Pearman from the following information: Cash on hand at the beginning of the year $160Interest on investments 201Wages and salaries paid (2,950)Purchases of supplies (1,210)Collections (for services) from other funds 5,790Interest paid on long-term debt (185)Repayment of loans from other funds (680)Purchase of capital assets (870)Proceeds of revenue bonds 870Purchase of investments (430)Proceeds from sale of capital assets 28Proceeds from sale of investments 49Loans from other funds 520

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