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Exam 19: Governmental Entities: Proprietary Funds, Fiduciary Funds, and Comprehensive Annual Financial Report

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Question 1

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Plant assets acquired by a governmental entity's general fund for use by an agency of the governmental entity that was established to provide goods or services to other agencies of the governmental entity are accounted for in:

A) The general fund
B) A voluntarily maintained general capital assets account group
C) A capital projects fund
D) An internal service fund

E) None of the above
F) A) and B)

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Question 2

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The statement of cash flows for a governmental entity's internal service fund displays transfers from other funds with cash flows from operating activities.

A) True
B) False

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Question 3

Multiple Choice

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Recreational facilities operated by a governmental entity and financed solely by user charges are accounted for in:

Selected ledger account balances of the Village of Esprit Enterprise Fund on June 30, 2006, were as follows: a. Prepare the restricted assets and the liabilities payable from restricted assets sections of the June 30, 2006, balance sheet of the Village of Esprit Enterprise Fund. b. Prepare a working paper to compute the required balance on June 30, 2006, of the Net Assets Restricted for Revenue Bonds Retirement ledger account of the Village of Esprit Enterprise Fund.

Indicate for each of the items listed below, by an X in the appropriate column, the classification of the item in a statement of cash flows (direct method) for a governmental entity's enterprise fund:

Might the following ledger accounts be included in the balance sheet of an enterprise fund?

For the receipt of interest and dividends on investments of a governmental entity's nonexpendable private-purpose trust, journal entries must be prepared for both the endowment principal nonexpendable trust fund and the endowment revenues expendable trust fund.

Given the existence of a trust indenture for all private-purpose trusts for which a governmental entity is trustee, and state laws governing trusts, is it necessary that a governmental entity establish two accounting units- nonexpendable private-purpose trust fund and an expendable trust fund-for private-purpose trusts whose principal is to be maintained intact? Explain.

Are customers' security deposits that may not be expended for operations displayed in the balance sheet of the enterprise fund of a governmental entity as:

The capital stock of a governmental entity enterprise fund typically is issued to the entity's general fund.

Only an enterprise fund of a governmental entity issues a statement of cash flows.

The comprehensive annual financial report for a governmental entity includes a statistical section.

The adjusted trial balance of the Town of Origno Internal Service Fund on June 30, 2006, was as follows: Prepare a statement of revenues, expenses, and changes in net assets and a statement of net assets for the Town of Origno Internal Service Fund for the fiscal year ended June 30, 2006.

Pension trust funds of governmental entities are accounted for in essentially the same way as proprietary funds.

Amounts withheld for FICA and income taxes from earnings of employees of a governmental entity are displayed as a liability in a(n) :

A statement of changes in fiduciary assets is issued for an agency fund of a governmental entity.

If a governmental entity established a data processing center to service all agencies of the entity, the data processing center is accounted for in:

A governmental entity's voluntarily maintained general capital assets account group includes plant assets used by all except the entity's:

Four categories of cash flows are included in the statement of cash flows for a governmental entity's enterprise fund.

Plant assets of an enterprise fund are accounted for in: