Posted: October 20th, 2022

devry acct567 week6 quiz

(TCO F) Which of the following is with respect to Internal Service Funds?

Net assets (fund equity) are to be reported in
two categories: assigned and unassigned.
Internal service funds use accrual accounting
and the economic resource measurement focus.
Internal service funds account for long-term
debt but not long-term fixed assets.
All of the above are false statements.

Question 2. Question
:
(TCO F) Which of the following is false regarding
proprietary fund accounting?

The economic resources measurement focus and
accrual accounting are used.
Capital assets are recorded in the accounts
and depreciated.
The Statement of Net Assets must be in a
classified format, with current assets separated from noncurrent assets and
current liabilities separated from noncurrent liabilities.
In the Statement of Net Assets, the net assets
are reported as either reserved or unreserved.
Instructor Explanation: Chapter 7
Points Received: 5 of 5
Comments:

Question 3. Question
:
(TCO G) Which of the following is a true statement regarding
fiduciary funds?

Investment trust funds account for the
internal portion of an investment pool, when a government is trustee for that
pool.
Private-purpose trust funds account for
resources that are administered by a government for the benefit of others, such
as a fund that is held to distribute resources to local not-for-profit
charities.
Both of the above
Neither of the above

Instructor Explanation: Chapter 8
Points Received: 5 of 5
Comments:

Question 4. Question
:
(TCO H) Public sector audits differ from those of commercial
businesses in which of the following instances?

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
Comments:

Question 5. Question
:
(TCO J) Government-wide financial statements present the
government’s financial position using which of the following?

Current financial resources measurement focus
and the cash basis of accounting.
Current financial resources measurement focus
and the modified accrual basis of accounting.
Economic resources measurement focus and the
accrual basis of accounting.
Total financial resources measurement focus
and the accrual basis of accounting.
Instructor Explanation: Chapter 9
Points Received: 5 of 5
Comments:

Question 6. Question
:
(TCO H) Depreciation expense in a not-for-profit
organization should be treated as follows.

Depreciation expense is allocated to program
but not support functions.
Depreciation expense is assigned to or
allocated to the functions to which it relates.
Depreciation expense is disclosed in the notes
to the financial statements.
Depreciation expense is reported under the
management and general function.

Question 7. Question
:
(TCO H) Please explain the purpose of the Single Audit. Have
the deficiencies in previous practice been ed in regards to the Single Audit
Act?

Question 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 $160
Interest on investments
201
Wages and salaries paid
(2,950)
Purchases of supplies
(1,210)
Collections (for services) from other funds 5,790
Interest paid on long-term debt
(185)
Repayment of loans from other funds
(680)
Purchase of capital assets
(870)
Proceeds of revenue bonds
870
Purchase of investments
(430)
Proceeds from sale of capital assets
28
Proceeds from sale of investments
49
Loans from other funds
520

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