Deck 25: Governmental Accounting: The Special-Purpose Funds and Special General Ledger

Question 1

A fund that is most similar to the General Fund is the __________________________ Fund.

Answer 1

Special Revenue

Question 2

A fund that is the conceptual opposite of an Enterprise Fund is a(n) ___________________________________ Fund.

Answer 2

Special Revenue

Question 3

A fund that obtains its annual revenues from a specific source and can spend the money collected only on specific items or projects is a(n) ____________________ ________________________ Fund.

Answer 3

Special Revenue

Question 4

The disposing of any remaining cash in a Capital Projects Fund at the completion of the project would be reported as a(n) ___________________________________.

Question 5

Cash still on hand in a Capital Projects Fund at the completion of a project financed by a bond issue would be disbursed to the __________________________ Fund.

Question 6

Cash still on hand in a Capital Projects Fund at the completion of a project not financed by a bond issue would be disbursed to the ___________________________ Fund.

Question 7

Cash disbursed by the General Fund to a Capital Projects Fund to pay 20% of the cost of a project would be reported as a(n) _________________________________.

Question 8

In a Debt Service Fund, interest is recorded as a liability when it ___________________________________________________.

Question 9

Cash transferred from the General Fund to a Debt Service Fund to pay interest is reported as a(n) ________________________________________.

Question 10

Cash transferred from the General Fund to a Debt Service Fund to pay principal on a bond issue is reported as a(n) ________________________________________.

Question 11

Cash received by a Debt Service Fund from a Capital Projects Fund at the completion of a project is reported as a(n) ______________________________________.

Question 12

Special assessment receivables in which the governmental unit is obligated on a related bond issue would be accounted for in a(n) ___________________________ Fund.

Question 13

The collection of special assessment receivables in which the governmental unit is not obligated in any manner on a related bond issue would be accounted for in a(n) ____________________________________ Fund.

Question 14

A bond liability in which the governmental unit is obligated in some manner, relating to a special assessment tax for widening certain residential streets, would be reported in the ________________________________________.

Question 15

A bond liability in which the governmental unit is not obligated in any manner, relating to a special assessment tax for widening certain residential streets, would be reported in the ________________________________________.

Question 16

The proceeds of a bond issue relating to a special assessment would be recorded in the ________________________________________.

Question 17

A fund that provides services to other city departments is a(n) __________________________________________ Fund.

Question 18

Money disbursed from the General Fund to subsidize an Enterprise Fund would be reported as a(n) ________________________________________ transaction.

Question 19

A billing from a City Water Enterprise Fund to the General Fund for water supplied to the city would be reported as a(n) _________________________________ transaction.

Question 20

Enterprise Funds often present their balance sheet in a(n) _____________________ format.

Question 21

Revenue bonds of a city utility would be reported as a liability in the ____________________________________.

Question 22

General obligation bonds issued to finance the expansion of a city-owned utility would be reported as a liability in the ________________________________________.

Question 23

The three types of Trust Funds are _______________________________ funds, ____________________________funds , and ________________________________funds.

Question 24

A fund that frequently has no assets or liabilities is a(n) _______________________ Fund.

Question 25

A type of fund that never has a fund balance is a(n) ____________________________ Fund.

Question 26

A fund that reports no revenues, expenditures, or expenses is a(n) __________________________________________ Fund.

Question 27

The financial statements designed to present an overview picture of a governmental unit are called ___________________________________ financial statements.

Question 28

The annual report that governmental units prepare is called the ______________________________________.

Question 29

Regarding external financial reporting for governmental units, the two major categories of financial statements are _____________________________________ statements and ____________________________________ statements.

Question 30

Regarding external financial reporting for governmental units, the financial statements presented are viewed as being _____________________________________-not as being ___________________________ statements.

Question 31

Regarding external financial reporting for governmental units, the three categories of activities that may exist in the government-wide statements are ______________________, ________________________, and ___________________________.

Question 32

Regarding external financial reporting for governmental units, the measurement focus in the government-wide statements is on the flow of _______________________________.

Question 33

Regarding external financial reporting for governmental units, the basis of accounting in the government-wide statements is the ________________________________ basis.

Question 34

Regarding external financial reporting for governmental units at the government-wide level, governmental activities include ___________________________________.

Question 35

Regarding external financial reporting for governmental units, the two required financial statements at the government-wide level are the ____________________________ and the ________________________________.

Question 36

Regarding external financial reporting for governmental units, the measurement focus in the fund-based statements is the _________________________ for governmental funds and the ___________________________ for proprietary funds.

Question 37

Regarding external financial reporting for governmental units, the presentation of governmental activities and the business-type activities in the fund-based statements is by _________________________ funds.

Question 38

Regarding external financial reporting for governmental units, a reconciliation of the total __________________________ (in the governmental activities fund-based balance sheet) to the total _________________________ (in the government-wide statement of net assets) is required.

Question 39

Regarding external financial reporting for governmental units, a reconciliation of the total change in _______________________ (in the governmental activities' fund-based operating statement) to the total change in _____________________________ (in the government-wide statement of activities) is required.

Question 40

Regarding external financial reporting for governmental units, budgetary comparison statements are presented as _______________________________________.

Question 41

Regarding external financial reporting for governmental units, the required narrative by management is called the ___________________________________________________.

Question 42

A distinguishing feature of Special Revenue Funds is that they derive their revenues primarily from direct charges to those receiving services or using the facilities.

Question 43

Accounting for Special Revenue Funds is most similar to accounting for the General Fund.

Question 44

Accounting for Special Revenue Funds is most similar to accounting for a Special Assessments Fund.

Question 45

Special assessments are accounted for in Special Revenue Funds.

Question 46

Budgetary accounting is used in Special Revenue Funds.

Question 47

Capital Projects Funds account for the capital assets that have been constructed.

Question 48

Encumbrance accounting is not appropriate for Capital Projects Funds.

Question 49

Capital Projects Funds can have both interfund transfers and interfund reimbursements.

Question 50

Capital Projects Funds do not have a fund balance.

Question 51

Capital Projects Funds are perpetual funds.

Question 52

Cash remaining in a Capital Projects Fund at the completion of a project that was financed by a transfer from the General Fund would be disbursed to the General Fund and reported as a transfer out by the Capital Projects Fund.

Question 53

Cash remaining in a Capital Projects Fund at the completion of a project that was financed by issuing general obligation bonds would be disbursed to the Debt Service Fund and reported as a transfer out by the Capital Projects Fund.

Question 54

A Capital Projects Fund would not report Construction in Progress in its balance sheet.

Question 55

General Capital Assets are accounted for in a special type of fund.

Question 56

The GCA-GLTL g/l reports construction in progress.

Question 57

The GCA-GLTL g/l reports accumulated depreciation.

Question 58

Because the GCA-GLTL g/l reflects accumulated depreciation, depreciation expense will be reported in the General Fund's operating statement at the fund-based reporting level.

Question 59

Because the GCA-GLTL g/l reflects accumulated depreciation, depreciation expense will be reported in the General Fund's operating statement at both reporting levels.

Question 60

Interest on general obligation bonds is recorded in Debt Service Funds in the period to which it relates.

Question 61

Debt Service Funds account only for interest to be paid on general long-term liabilities-not for the repayment of those liabilities.

Question 62

Encumbrance accounting is not appropriate for Debt Service Funds.

Question 63

Debt Service Funds usually have no fund balance.

Question 64

Cash received from the General Fund to service general long-term liabilities would be reported as a direct addition to the Fund Balance account of the Debt Service Fund.

Question 65

Debt Service Funds do not report accrued interest payable on general long-term liabilities at year-end.

Question 66

Debt Service Funds report the amount of general long-term liabilities that will mature within one year of the balance sheet date.

Question 67

Debt Service Funds do not report either accrued interest payable on general long-term liabilities or the amount of such debt due within one year.

Question 68

General long-term liabilities include liabilities that will mature in the coming fiscal year.

Question 69

General long-term liabilities include only debt not due within the coming year.

Question 70

The GCA-GLTL g/l would not report the amount of cash actually available in a Debt Service Fund for repayment of governmental bonds.

Question 71

The GCA-GLTL g/l would not account for accrued but unpaid interest on general long-term liabilities.

Question 72

Capitalized lease liabilities would be reported in the GCA-GLTL g/l.

Question 73

If debt has a maturity date of less than one year at the time of issuance, the debt cannot be reported in the GCA-GLTL g/l.

Question 74

Special assessment bonds having governmental commitment are recorded as a liability of the GCA-GLTL g/l at the time of their issuance.

Question 75

Special assessment bonds having no governmental commitment are recorded as liabilities of an Agency Fund at the time of their issuance.

Question 76

Special assessment bonds having governmental commitment are recorded as a liability of the Special Assessment Fund at the time of their issuance.

Question 77

The collection of special assessment receivables would be accounted for in an Agency Fund only if the related special assessment bonds had no governmental commitment.

Question 78

The collection of special assessment receivables would be accounted for in a Debt Service Fund only if the related special assessment bonds had no governmental commitment.

Question 79

The collection of special assessment receivables would be accounted for in an Agency Fund regardless of whether the related special assessment bonds had governmental commitment.

Question 80

Improvements constructed through Special Assessments cannot be reported in the GCA-GLTL g/l.