which of the following is the appropriate measurement focus for custodial funds

b. in aggregate amounts in a single column in the fund financial statements. In financial reporting for proprietary funds and at the government-wide level, the employer's pension expense for the period is equal to: The change in the net pension liability adjusted for various factors including amortization of amounts related to changes in pension assumptions and differences between projected and actual earnings. Fiduciary funds are not reported at the government-wide level. Which of the following statements is true regarding management of investments? When a supplies internal service fund records a billing to the General Fund, the journal entry in the internal service fund will include: Which of the following illustrates the appropriate basis of accounting for enterprise and internal service funds? Fiduciary funds do not provide a statement of cash flows, only proprietary funds prepare statement of cash flows. Each of the following are reported as fiduciary funds except: Which of the following statements regarding the financial reporting of agency funds is not true? which of the following is the primary objective of financial reporting by state and local governments? Which of the following properly portrays the components of net position for proprietary funds? Net investment in capital assets, restricted, unrestricted. �0�Y ��@b#�;����H4����w� �6 Which of the following would decrease the governmental activities balance in net position- net investment in capital assets? [�2�!��)����U1���!&d�Д$�6�t�����4V�����;���;E7��Ġ�Y̗�l����RTw��KA,b��`��h��`��`��!T8���q�{L5BVҋ��1u���V���B� -�! Internal service funds should be used only if: c. reporting government provides services primarily to other departments of the same government. To record this transfer, a single journal entry was made by the debt service fund that included: Debit: Revenues--Change in Fair Value of Investments $100,000. When utility customers are billed during the year, the enterprise fund journal entry will include: When a new utility customer submits a deposit, the enterprise fund journal entry will include: The central city golf course, an enterprise fund, purchased a new stove for use in the course's snack shop. the debit for the entry to record the purchase should be to: How should financial information for internal service funds be reported in the government-wide financial statements? Governmental funds that are accounted for on the current financial resources measurement focus and modified accrual basis of accounting. A) Economic resources. Which of the following is the appropriate measurement focus for custodial funds? Chapter 4: Governmental Accounting — Measurement Focus and Basis of Accounting. 3000 0 obj <> endobj Each of the following are reported as fiduciary funds except: The GASB provides three criteria for determining if a fiduciary relationship exists. Which of the following activities would be recorded by a trust fund? B) Current financial resources. Which of the statements concerning (pass-through) custodial funds is true? Agency funds are used to report resources held by the agency in a purely custodial capacity (assets held for others that cannot be used to support the agency’s own programs). Government-wide financial statements present the government's financial position using the: b. economic resources measurement focus and the modified accrual basis of accounting. %%EOF What are the two statements prepared for Fiduciary Funds? The $750,000 would most appropriately be recorded in a(an): A statement of cash flows should be prepared for which of the following fiduciary fund types? Which of the following activities would be recorded by a trust fund? Governmental funds include the general fund, special revenue funds, capital projects funds, debt service funds, and permanent funds. B) Derivatives are reported at fair value on the financial statements. An investment trust fund is used to report the net position available to the: A local civic group gave the county government $25,000 cash to be used to pay the utility bills of persons with income below the poverty level. Which of the following items are typically reported differently between the governmental fund statements and the governmental activities column of the government-wide statements? Where should infrastructure assets and long-term liabilities issued to finance infrastructure be reported? https://quizlet.com/394526385/nfp-exam-4-chapter-7-examples-flash-cards A) Taxes collected by a county government on behalf of cities within the county. C) An custodial fund. 3018 0 obj <>/Filter/FlateDecode/ID[<083604743793CD46BE9F1B788AD963EE>]/Index[3000 30]/Info 2999 0 R/Length 89/Prev 892356/Root 3001 0 R/Size 3030/Type/XRef/W[1 2 1]>>stream Each of the following are reported as fiduciary funds except: A) A permanent fund. 3029 0 obj <>stream Which of the following accounts is least likely to be used by a tax custodial fund? Which of the following is a difference between enterprise funds and internal service funds? What basis of accounting should custodial and trust funds utilize? When the investment pool earns interest on investments in bonds, pending allocation to participating funds, it would credit which of the following accounts? Should the one of the following arrangements: ... – Unlike agency funds, custodial funds have a . Which of the following four is not one of the three criterion listed by the GASB? What are the two types of fiduciary funds. Each trust fund type must be reported in its own column on the fiduciary fund financial statements. Which of the following terms describes the nature of this grant? Which of the following activities or services would most likely not be accounted for by an internal service fund? c. undistributed earnings on pooled investments. Which of the following would increase the governmental activities balance in net position - net investment in capital assets? and will have a statement of changes in fiduciary net position in the basic financial statements. b. agency fund financial information is reported in a separate column of the government-wide statement of activities. D��0�:�1H�`�`X��� �T���0q��������Yؤ��4 ؄[O`=��v c���Ō�8H�]Soup/+����i@P��^��>�,�j������iE+H�Na՝��h�&�=!�̻��`�t! Which of the following activities would most appropriately be recorded by a custodial fund? In pension accounting, the employer's net pension liability: Is measured as the total pension liability less the amount of fiduciary net position held for future pension payments. C) Cash and cash equivalents. How are defined benefit pension plans classified? � NOTE: The custodial funds are required to be used by business-type activities and enterprise funds, if the assets, upon receipt, are normally expected to be held for more than three months.

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