Question :
77.Which of the following true regarding the reporting of general : 1255505
77.Which of the following is true regarding the reporting of general capital assets by state and local governments?
A)Capital assets are reported in the government-wide Statement of Net Assets.
B)Capital assets are reported in the governmental funds Balance Sheet.
C)Both of the above.
D)Neither of the above.
78.A government incurred expenditures for its infrastructure as follows: $20 million for general repairs; $22 million to extend the life of existing infrastructure; $21 million for improvements and additions. If depreciation is to be charged, the amount would be $23 million. Which of the following would be true?
A)If the government chose to use the modified approach to record infrastructure, the amount to be charged as expense would be $42 million.
B)If the government chose not to use the modified approach to record infrastructure, the amount to be charged to expense would be $43 million.
C)Both A and B.
D)None of the above.
79.A government reported an other financing source in the amount of $900,000 related to the sale of land in its governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. The land had a cost of $340,000. The amount that would be reported in the government-wide Statement of Activities would be:
A)A gain of $1,240,000.
B)A gain of $ 560,000.
C)A gain of $ 900,000.
D)A gain of $ 340,000.
80.A government recorded transfers out of the General Fund to the debt service fund in the amount of $ 300,000 and to the enterprise fund in the amount of $ 600,000. The amount that would be shown as a transfer in the governmental activities column of the Statement of Activities would be:
A)$900,000.
B)$600,000.
C)$300,000.
D)$ 0.
81.The City of Casper levied property taxes for 2014 in the amount of $8,000,000. By the end of the year, $7,300,000 had been collected. It was estimated that $400,000 would be collected during the next 60 days of 2015 and that $240,000 would be collected after that and the remainder would be uncollectible. The City has a policy of recognizing the full amount possible for property taxes. Which of the following statements is true?
A)The amount reported for property tax revenue in the government-wide Statement of Activities would be $7,700,000.
B)The amount reported for property tax revenue in the governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balances would be $7,940,000.
C)Both A and B.
D)None of the above.
82.A government’s Statement of Revenues, Expenditures, and Changes in Fund Balances reported proceeds of bonds in the amount of $1,000,000. It also reported expenditures for bond principal in the amount of $400,000. The last interest payment was on the last day of the fiscal year. The reconciliation from the governmental funds changes in fund balances to the governmental activities change in net assets would reflect a(an):
A)Increase of $600,000.
B)Decrease of $600,000.
C)Increase of $1,400,000.
D)Decrease of $1,400,000.
83.A governmental fund’s Statement of Revenues, Expenditures, and Changes in Fund Balances reported expenditures for capital outlay in the amount of $5,000,000. Capital assets for that government cost $110,000,000, including $15,000,000 in land. Depreciable assets are amortized over 20 years, on average. The reconciliation from the governmental funds changes in fund balances to the governmental activities change in net assets would reflect a(an):
A)Increase of $250,000.
B)Decrease of $250,000.
C)Increase of $500,000.
D)Decrease of $500,000.
84.Which of the following is true regarding the government-wide Statement of Net Assets?
A)Discretely presented component units are reported separately.
B)Governmental and business-type activities are reported separately and are consolidated within columns.
C)Both of the above.
D)Neither of the above.
85.Which of the following is true regarding the government-wide Statement of Activities?
A)Program revenues include charges for services, operating grants and contracts, capital grants and contracts, and taxes levied for specific purposes.
B)The accrual basis of accounting is used to calculate revenues and expenses.
C)Both of the above.
D)Neither of the above.
86.In its government-wide Statement of Net Assets, a government reported assets of $155 million, including $50 million in capital assets (net of depreciation), and liabilities of $80 million, including long-term debt of $60 million, $40 million of which was issued to acquire capital assets. In addition, $30 million was restricted for debt service and other purposes. The government’s unrestricted net assets would be reported as:
A)$85 million.
B)$55 million.
C)$45 million.
D)$35 million.
