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advanced financial accounting

Questions and Answers of Advanced Financial Accounting

Use the same example in P9.11. The investment is reclassified from FVOCI to amortized cost on 1 January 2012. Prepare the journal entries on 1 January 2012 to record the reclassification of the
Use the same example in P9.12 . The investment is reclassified from FVTPL to amortized cost on 1 January 2012.Prepare the journal entries on 1 January 2012 to record the reclassification of the
Assume the same information as in P10.10, except that the hedged item is a firm commitment, and the forward contract was designated as a fair value hedge of the foreign exchange risk of a firm
Describe the three types of share-based payment transactions under IFRS 2.
Discuss the methods of measurement of the fair value of equity instruments allowed under IFRS 2.
Explain what is meant by “repricing” and how it is accounted for under IFRS 2.
On 1 December 20x0, the board of Progressive Corporation approved a share option plan for selected employees.Up to 5,000,000 ordinary shares could be issued under this option plan. The terms of the
Generally, new shell entities inserted into existing group structures as part of the corporate reorganization process will meet the definition of business under IFRS 3.
Company B paid cash consideration amounting to \($250\),000 to Company A in exchange for 100% interests held by Company A in the paid up capital of Company D on 1 January 20x5. Company D was
Assume the same facts as in P3.11 with the exception that in this case, Company X exchanges replacement awards for the share-based payment awards of Company Y, for which employees had yet to render
The trial balances for FIRE and WALL as of 31 December 20x3 are as follows:Additional information:(a) On 1 January 20x2, FIRE purchased 70% of WALL’s ordinary shares. At the date of acquisition,
Why do VHWOs not report all pledges received in the period in the assets without donor restrictions section of the statement of activities? Identify what is not included.
In the period in which an intercorporate sale occurs, how do the consolidation eliminating entries differ when unrealized profits pertain to an intangible asset rather than a tangible asset?
One difference between accounting for a governmental (not-for-profit) unit and a commercial (for-profit) enterprise is that a governmental unit shoulda. Not record depreciation expense in any of its
Belle Valley incurred $100,000 of salaries and wages for the month ended March 31, 20X2. How should this be recorded on that date? c. Expenditures Salaries and Wages Debit Vouchers Payable Salaries
Which of the following accounts of a governmental unit is credited when taxpayers are billed for property taxes?a. Estimated Revenue.b. Revenue.c. Appropriations.d. Fund Balance—Assigned for
Fixed assets purchased from general fund revenue were received. What account, if any, should have been debited in the general fund?a. Noneb. Fixed Assetsc. Expendituresd. Fund Balance—Unassigned
The initial transfer of cash from the general fund to establish an internal service fund requires the general fund to credit Cash and debita. Accounts Receivable—Internal Service Fund.b. Transfers
Which of the following steps in the acquisition of goods and services occurs first?a. Appropriationb. Encumbrancec. Budgetd. Expenditure
What account is used to earmark the fund balance to recognize the contingent obligations of goods ordered but not yet received?a. Appropriationsb. Encumbrancesc. Obligationsd. Fund Balance—Assigned
When a governmental unit’s Estimated Revenues Control account is closed out at the end of the fiscal year, the excess of estimated revenues over estimated appropriations isa. Debited to Fund
Carson City’s general fund issued purchase orders of $630,000 to vendors for supplies. Which of the following entries should the city make to record this transaction? Debit Credit Q. ENCUMBRANCES
The following balances are included in the subsidiary records of Dogwood’s Parks and Recreation Department on March 31, 20X2:How much does the department have available to purchase additional
Which of the following accounts of a governmental unit is credited when the budget is recorded?a. Encumbrancesb. Budgetary Fund Balance—Assigned for Encumbrancesc. Estimated Revenue Controld.
Which of the following accounts of a governmental unit is debited when supplies previously ordered are received?a. Encumbrancesb. Budgetary Fund Balance—Assigned for Encumbrancesc. Vouchers
Which of the following situations will increase a governmental unit’s fund balance at the fiscal year-end?a. Appropriations are less than expenditures and budgetary fund balance assigned for
Which of the following accounts of a governmental unit is credited to close it out at the fiscal year-end?a. Appropriations Controlb. Revenue—Property Taxc. Budgetary Fund Balance—Assigned for
The primary focus in accounting and reporting for governmental funds isa. Income determination.b. Flow of financial resources.c. Capital maintenance.d. Transfers relating to proprietary activities.
The governmental fund measurement focus is the determination of Income Financial Position Flow of Financial Resources Yes Yes No b. No Yes No d. 2 2 No Yes Yes Yes
A Budgetary Fund Balance—Assigned for Encumbrances in excess of a balance of Encumbrances Control indicatesa. An excess of vouchers payable over encumbrances.b. An excess of purchase orders over
The Encumbrances Control account of a governmental unit is debited whena. Goods are received.b. A voucher payable is recorded.c. A purchase order is approved.d. The budget is recorded.
The following pertains to property taxes levied by Cedar City for the calendar year 20X6:City Cedar should report revenues from property taxes for 20X6 ofa. $700,000.b. $600,000.c. $690,000.d.
Oak City issued a purchase order for supplies with an estimated cost of $5,000. When the supplies and accompanying invoice were received, the invoice indicated a $4,950 actual price. What amount
For the budgetary year ending December 31, 20X6, Johnson City expects the following inflows of resources in its general fund:In the budgetary entry, what amount should Johnson City record for
Encumbrances outstanding at year-end in a state’s general fund should be reported as aa. Liability in the general fund.b. Fund balance designation in the general fund.c. Fund balance reserve in the
Interperiod equity is an objective of financial reporting for governmental entities. According to the Governmental Accounting Standards Board, is interperiod equity fundamental to public
Which of the following statements is correct regarding comparability of governmental financial reports?a. Comparability is not relevant in governmental financial reporting.b. Differences between
Using the requirements of GASB 33, classify each of the following independent transactions for the community of Fair Lake into the proper category of revenue presented in the right-hand column.
The governmentwide financial statements use thea. Economic resources measurement focus and the accrual basis of accounting.b. Current financial resources measurement focus and the accrual basis of
The financial statements for the governmental funds use thea. Economic resources measurement focus and the accrual basis of accounting.b. Current financial resources measurement focus and the accrual
According to GASB 34, infrastructure fixed assetsa. Must be capitalized and depreciated.b. Must be capitalized, but governments do not have to depreciate them.c. May be capitalized and depreciated.d.
On which of the following governmentwide financial statements would you find all liabilities of a state or local government?a. Statement of net position.b. Statement of financial condition.c.
On which of the following financial statements would you find all of the capital assets of a local government?a. Statement of net position.b. Statement of financial condition.c. Statement of
For which fund category is a statement of cash flows prepared?a. Governmental.b. Proprietary.c. Fiduciary.d. None of the above.
On the statement of net position prepared at June 30, 20X5, what amount should be reported for total net position?a. $8,839,000b. $7,804,000c. $7,150,000d. $8,189,000The Village of Hampton reported
On the statement of net position prepared at June 30, 20X5, what amount should be reported for net position invested in capital assets net of related debt?a. $8,839,000b. $7,804,000c. $7,150,000d.
On the statement of net position prepared at June 30, 20X5, what amount should be reported for net position, unrestricted?a. $1,685,000b. $1,689,000c. $1,035,000d. $1,031,000The Village of Hampton
Which of the following funds can be major assuming they meet the appropriate tests?a. The parking meter special revenue fund and the water utility enterprise fund.b. The fire station capital projects
Where in the basic financial statements would you find a description of the measurement focus and the basis of accounting used in the governmentwidefinancial statements?a. In the statement of net
Where in the financial section of a CAFR would you find an analysis of the balances and transactions of individual funds?a. In the governmentwide financial statements.b. In the fund financial
On December 31, 20X1, Tiffin Township paid a contractor $2,000,000 for the total cost of a new firehouse built in 20X1 on township-owned land. Financing wasby means of a $1,500,000 general obligation
A municipality’s debt service fund is an example of which of the following types of funds?a. Fiduciaryb. Governmentalc. Proprietaryd. Internal service
Revenue of a governmental unit’s special revenue fund should be recognized in the period in which thea. Revenue becomes available and measurable.b. Revenue becomes available for appropriation.c.
Taxes collected and held by a municipality for a school district would be accounted for in a(n)a. Enterprise fund.b. Intragovernmental (internal) service fund.c. Agency fund.d. Special revenue fund.
Interest expense on bonds payable should be recorded in a debt service funda. At the end of the fiscal period if the interest due date does not coincide with the end of the fiscal period.b. When
Which of the following funds does not have a fund balance?a. General fundb. Agency fundc. Special revenue fundd. Capital projects fund
Which of the following accounts could be included in an enterprise fund’s statement of net position? 3. Reserve for Encumbrances No Revenue Bonds Payable Net Position No Yes b. No Yes Yes Yes Yes
Customers’ meter deposits that cannot be spent for normal operating purposes would most likely be classified as restricted cash in the balance sheet of whichfund?a. Internal serviceb.
Which fund is not an expendable fund?a. Capital projectsb. Generalc. Special revenued. Internal service
If a governmental unit established a data processing center to service all agencies within the unit, the center should be accounted for as a(n)a. Capital projects fund.b. Internal service fund.c.
Recreational facilities run by a governmental unit and financed on a user-charge basis would be accounted for in which fund?a. Generalb. Trustc. Enterprised. Capital projects
The Underwood Electric Utility Fund, which is an enterprise fund, had the following during its 20X1 fiscal year, ending at December 31, 20X1:What amount should be reflected in the fund’s statement
Which of the following funds of a governmental unit uses the same basis of accounting as an enterprise fund?a. Special revenueb. Internal servicec. Permanent fundd. Capital projects
Fixed assets utilized in a city-owned utility are accounted for in which of the following? Enterprise Fund General Fund No No b. No Yes c. Yes No d. Yes Yes
Which of the following funds of a governmental unit would account for long-term debt in the fund’s accounts?a. Special revenueb. Capital projectsc. Internal serviced. General
For the year ended June 30, 20X7, the trust fund should report investment earnings ofa. $80,000.b. $50,000.c. $85,000.d. $35,000.On August 1, 20X6, the City of Rockhaven received $1,000,000 from a
For the year ended June 30, 20X7, the trust fund should report the $75,000 spent to support local artists as aa. Deduction.b. Contra contribution.c. Transfer out.d. Direct adjustment from fund
Which of the following statements is (are) correct about agency funds?I. Agency funds should report investment earnings only when they are both measurable and available.II. Agency funds are reported
For the year ended June 30, 20X7, what was the income of Westbury’s internal service fund?a. $13,000b. $6,000c. $3,000d. $10,000On July 2, 20X6, the Village of Westbury established an internal
At June 30, 20X7, what total assets amount would appear on the internal service fund balance sheet?a. $700,000b. $710,000c. $713,000d. $708,000On July 2, 20X6, the Village of Westbury established an
Assume that the mayor’s office and the police department were billed $55,000 for data processing work during the year ended June 30, 20X7. What account inthe general fund should be debited to
Assume that the water utility, an enterprise fund, was billed $25,000 for data processing work during the year ended June 30, 20X7. What account inthe enterprise fund should be debited to record
Assume that the income for Westbury’s internal service fund was $10,000 for the year ended June 30, 20X7. What net position should be reported on theinternal service fund’s statement of net
Which of the following statements is correct?I. In the governmentwide financial statements, internal service fund activities are reported in the Governmental Activities column.II. The total balance
For the year ended June 30, 20X5, Stanton Township’s internal service funds reported an increase in net position of $300,000 and ending net position of$4,500,000 at June 30, 20X5. On the
For the year ended June 30, 20X5, Stanton Township’s enterprise funds reported an increase in net position of $300,000 and ending net position of $4,500,000 atJune 30, 20X5. The enterprise fund
Which of the following is true regarding permanent funds?a. They use modified accrual accounting.b. Their principal cannot be expended.c. Dividend and interest income from their investments are used
What amount should be reported for cash flows provided by operating activities?a. $150,000b. $175,000c. $134,000d. $100,000A water and sewer enterprise fund provided you the following information for
What amount should be reported for cash flows provided by investing activities?a. $12,000b. $45,000c. $17,000d. $37,000A water and sewer enterprise fund provided you the following information for the
What amount should be reported for cash flows provided by capital and related financing activities?a. $700,000b. $360,000c. $660,000d. $400,000A water and sewer enterprise fund provided you the
Smith donated cash of $1,000,000 to Elizabeth City with the stipulation that the contribution be invested and that the investment’s earnings be spent for salariesfor the city’s symphony
On the governmentwide statement of net position for the year-end, what amount should be reported for capital assets in the Governmental Activities column?a. $550,000b. $780,000c. $1,330,000d.
On the governmentwide statement of net position for the year-end, what amount should be reported for the capital assets in the net position section?a. $550,000b. $780,000c. $1,330,000d.
In accordance with GASB 34, which of the following is correct regarding the reporting of internal service funds?I. The internal service fund should be discretely presented as part of the
How should the bonds be reported in the reconciliation schedule for the statement of revenues, expenditures, and changes in fund balance?a. A decrease of $500,000 for the par value of the bonds.b. A
How should an interest adjustment be shown in the reconciliation of the balance sheet of governmental funds to the statement of net position forthe year?a. A decrease of $30,000.b. A decrease of
For which of the following should the accrual basis of accounting be used to measure financial performance? General Fund Yes Internal Service Fund Governmentwide Entity Yes Yes b. No Yes Yes No Yes
The City of Hastings has a separately elected school board that administers the city’s schools. The city council must approve the school district’s budget andtax levy. Its financial results
Glen Valley City has properly adopted the modified approach to account for its infrastructure assets. Which of the following statements is correct aboutaccounting for these assets on the
For which of these funds is a statement of cash flows required General Fund Internal Service Fund Governmentwide Financial Statements Yes Yes Yes b. Yes No Yes c. No No No d. No Yes Yes
Which of the following is reported as a restriction of net position in the net position section of the statement of net position?a. A reservation of the fund balance in the general fund for $10,000
The numbered items on the left consist of a variety of transactions that occur in a municipality. The lettered items on the right consist of various ways to record thetransactions. Select the
The numbered items on the left consist of a variety of transactions that occurred in Jeffersen City’s water utility enterprise fund for the year ended June 30, 20X9.Items A, B, C, and D on the
The numbered items on the left consist of a variety of transactions and events that occurred in the capital projects and debt service funds of Walton City for theyear ended June 30, 20X9. Items A, B,
Tuition remissions for graduate student teaching assistantships should be classified by a university as Revenue Expenditures PPP No No b. No Yes C. Yes Yes d. Yes No
For the fall semester of 20X1, Dover University assessed its students $2,300,000 for tuition and fees. The net amount realized was only $2,100,000 because of the following revenue reductions:How much
For the year ended December 31, 20X3, how much should Dodge report as net patient service revenue?a. $4,500,000b. $5,000,000c. $5,500,000d. $5,740,000 Under its established rate structure, Dodge
For the year ended December 31, 20X3, Dodge should record the donation of bandages as a(n)a. $1,000 reduction in operating expenses.b. Decrease in net assets released from restrictions.c. Increase in
How much of Dodge’s board-designated assets should be included in net assets without donor restrictions?a. $0b. $40,000c. $700,000d. $740,000 Under its established rate structure, Dodge
Donated medicines that a hospital normally would purchase should be recorded at fair value and should be credited directly toa. Unrestricted revenueb. Expense of medicinesc. Fund balanced. Deferred

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