ACCT 306 - Chapter 8

Question 1

A gov. paid $16,000 of interest on its outstanding bonds during the current year. What is the worksheet entry?

Accepted Answer

None of the above

Question 2

Which of the following is true regarding the preparation of government-wide statements?

Accepted Answer

Both of the above

Question 3

In addition to a Statement of Net Position, which of the following are government-wide statements?

Accepted Answer

Neither a or b

Question 4

Which of the following funds would not be included in the government-wide financial statements

Accepted Answer

Pension trust fund

Question 5

Which of the following would be included on the government-wide Statement of Net Position?

Accepted Answer

Net position

Question 6

When preparing gov-wide financial statement, governmental funds are adjusted for all of the following events except?

Accepted Answer

Change in current assets and current liabilities from year to year

Question 7

The governmental funds follow ____ and the government-wide statements follow ____.

Accepted Answer

Modified accrual accounting, accrual accounting.

Question 8

Interest expense from an internal service fund has not yet been accrued. What account would be debited in the worksheet?

Accepted Answer

Interest Expense/Expenditures

Question 9

In the current year, a local gov purchased a building by paying cash. Worksheet entry required would be

Accepted Answer

Debit to Buildings and credit to Expenditures

Questions 9