Question : 110.When preparing the Statement of Cash Flows for the Proprietary : 1255470

 

110.When preparing the Statement of Cash Flows for the Proprietary Funds, cash flows from noncapital financing activities include all of the following EXCEPT:

A)  Receipts from customers.

B)  Proceeds and repayment of debt not clearly related to capital outlay.

C)  Grants received from and paid to other governments for noncapital purposes.

D)  Transfers to and from other funds.

111.The two types of proprietary funds include:

A) Enterprise funds and capital projects funds.

B) Enterprise funds and internal service funds.

C) Internal service funds and capital project funds.

D) Agency funds and enterprise funds.

112.Which of the following statements is true regarding estimated closure costs for municipal solid waste landfills, assuming that it is operating as an enterprise fund?

A)  The estimated closure costs are expensed fully at the time of the estimate.

B)  A portion of those future estimated costs is to be charged as an expense and a liability recorded based on a units-of-production method.

C)  Modified accrual principles apply and the amount expensed is limited to amounts expected to be paid during the year and within 60 days of year end.

D)  None of the above is true.

113.Revenue bonds

A)  Carry less risk than general obligation bonds.

B)  Are no longer in existence.

C)  Are intended to be payable from the revenues of an enterprise.

D)  Are backed by the full faith and credit of the government in addition to enterprise revenues.

114.The Water Utility (an enterprise fund) has just sent out a purchase order to a vendor for some new equipment. Which of the following would be included in the journal entry to record this event?

A)  A credit to Accounts Payable.

B)  A debit to Encumbrances.

C)  A debit to Expenditures.

D)  None of the above.

115.The city is using an internal service fund to self-insure its risk financing

A)  Transfers out.

B)  Operating Expenses.

C)  Special Items.

D)  Nonoperating Expenses.

116.Which of the following would be found in an Enterprise Fund Financial Statement?

A) Expenditure – Supplies.

B) Reserve for Encumbrance.

C) Appropriations.

D) Depreciation Expense.

117.When an activity is created to provide goods or services to provide assistance to other departments or other governmental units, it should be accounted for in the:

A) Special Revenue Fund.

B) Internal Services Fund.

C) Enterprise Fund.

D) General Fixed Asset Group.

118.In the government-wide statements, enterprise funds are a(n) ______ activity, whereas Internal Service funds are typically a(n) ______activity.

A) business-type; governmental.

B) governmental; business-type.

C) restricted; unrestricted.

D) unrestricted; restricted.

119.Which of the following funds use accrual accounting?

A) Internal Service Fund.

B) Special Revenue Fund.

C) Permanent Fund.

D) Both A & B.

120.Which of the following is not correct regarding the GASB Cash Flow Statement?

A) The reconciliation of income and cash flows from operations starts with operating     income.

B) Fixed Assets acquisitions are reported in the Capital Related Financing Section.

C) Cash received from Interest and Dividend Income is recorded in the Operating Section.

D) All of the above are correct.

 

 

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