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Wiley CPA Examination Review Outlines And Study Guides Volume 1 - 2012-2013 39th Edition Patrick R. Delaney, O. Ray Whittington - Solutions
For a private, not-for-profit organization, when is a donor’s conditional promise to give considered to be unconditional?a. When the condition is partially met.b. When the possibility that the condition will not be met is remote.c. When the conditional promise is made.d. When cash or other assets
Darlin Hospital, a private not-for-profit hospital, had the following cash receipts for the year ended December 31, 2012:Patient service revenue $300,000 Gift shop revenue 25,000 Interest revenue restricted by donor stipulation for acquisition of equipment 50,000 As a result of these cash receipts,
On December 30, 2012, the Board of Trustees of Henry Museum, a private not-for-profit organization, designated$4,000,000 of unrestricted net assets for the construction of an addition to its building. What effect does this designation have on the museum’s unrestricted and temporarily restricted
On December 20, 2012, United Appeal, a private notfor-profit voluntary health and welfare organization, received a donation of computer equipment valued at $25,000 from a local computer retailer. The equipment is expected to have a useful life of three years. The donor placed no restrictions on how
Child Care Centers, Inc., a not-for-profit organization, receives revenue from various sources during the year to support its day care centers. The following cash amounts were received during 2012:$2,000 restricted by the donor to be used for meals for the children.$1,500 received for subscriptions
During the year ended December 31, 2012, the James Community Foundation, a private not-for-profit organization, received the following contributed services:I. Anderson & Anderson, attorneys-at-law, contributed their services which involved advice related to the foundation’s regular endowments.II.
On December 5, 2012, Jones Heating and Air Conditioning Service repaired the heating system in the building occupied by Good Hope, a private not-for-profit voluntary health and welfare organization. An invoice for$1,500 was received by Good Hope for the repairs on December 15, 2012. On December 30,
Which of the following private, nonprofit entities is required to report expenses both by function and by natural classification?a. Hospitals.b. Colleges and universities.c. Voluntary health and welfare organizations.d. Performing arts organizations.
During the year ended December 31, 2012, a not-forprofit performing arts entity received the following donorrestricted contribution and investment income:Cash contribution of $100,000 to be permanently invested.Cash dividends and interest of $6,000 to be used for the acquisition of theater
During 2011, an alumnus of Smith College, a private not-for-profit college, transferred $100,000 to the college with the stipulation that it be spent for library acquisitions.However, the alumnus specified that none of the cash transferred could be spent until the college had matched the entire
Rosary Botanical Gardens, a private not-for-profit organization, established a $500,000 quasi endowment on September 1, 2012. On the garden’s statement of financial position at December 31, 2012, the assets in this quasi endowment should be included in which of the following classifications?a.
Which of the following classifications is required for reporting of expenses by all not-for-profit organizations?a. Natural classification in the statement of activities or notes to the financial statements.b. Functional classification in the statement of activities or notes to the financial
A large not-for-profit organization’s statement of activities should report the net change for net assets that are Unrestricted Permanently restricteda. Yes Yesb. Yes Noc. No Nod. No Yes
If the Pel Museum, a not-for-profit organization, received a contribution of historical artifacts, it need not recognize the contribution if the artifacts are to be sold and the proceeds used toa. Support general museum activities.b. Acquire other items for collections.c. Repair existing
The Jones family lost its home in a fire. On December 25, 2012, a philanthropist sent money to the Amer Benevolent Society, a not-for-profit organization, to purchase furniture for the Jones family. During January 2013, Amer purchased this furniture for the Jones family. How should Amer report the
On December 30, 2012, Leigh Museum, a not-for-profit organization, received a $7,000,000 donation of Day Co.shares with donor-stipulated requirements as follows:Shares valued at $5,000,000 are to be sold, with the proceeds used to erect a public viewing building.Shares valued at $2,000,000 are to
Financial statements of not-for-profit organizations focus ona. Basic information for the organization as a whole.b. Standardization of funds nomenclature.c. Inherent differences of not-for-profit organizations that impact reporting presentations.d. Distinctions between current fund and noncurrent
A storm broke glass windows in the building of Lea Meditators, a not-for-profit religious organization. A member of Lea’s congregation, a professional glazier, replaced the windows at no charge. In Lea’s statement of activities, the breakage and replacement of the windows shoulda. Not be
A statement of financial position (balance sheet), which reports unrestricted, temporarily restricted, and permanently restricted net assets, is required for which one of the following organizations?I. A public university.II. A private, not-for-profit hospital.a. Both I and II.b. I only.c. Neither
United Hope, a private not-for-profit voluntary health and welfare organization, received the following contributions in 2012:I. $500 from donors who stipulated that the money not be spent until 2013.II. $1,000 from donors who stipulated that the contributions be used for the acquisition of
The Jackson Foundation, a private not-for-profit organization, had the following cash contributions and expenditures in 2012:Unrestricted cash contributions of $500,000.Cash contributions of $200,000 restricted by the donor to the acquisition of property.Cash expenditures of $200,000 to acquire
For Guiding Light, a nongovernmental nonprofit religious organization, net assets that can be expended in accordance with the wishes of the governing board of the organization should be reported as I. Unrestricted.II. Temporarily restricted.III. Permanently restricted.a. I only.b. Both I and II.c.
On December 31, 2012, Hope Haven, a private not-forprofit voluntary health and welfare organization, received a pledge from a donor who stipulated that $1,000 would be given to the organization each year for the next five years, starting on December 31, 2013. Present value factors at 6%for five
Catherine College, a private not-for-profit college, received the following contributions during 2012:I. $5,000,000 from alumni for construction of a new wing on the science building to be constructed in 2012.II. $1,000,000 from a donor who stipulated that the contribution be invested indefinitely
Which of the following transactions of a private notfor-profit voluntary health and welfare organization would increase temporarily restricted net assets on the statement of activities for the year ended June 30, 2012?I. Received a contribution of $10,000 from a donor on May 15, 2012, who
Clara Hospital, a private not-for-profit hospital, earned$250,000 of gift shop revenues and spent $50,000 on research during the year ended December 31, 2012. The$50,000 spent on research was part of a $75,000 contribution received during December of 2011 from a donor who stipulated that the
Sea Lion Park, a private not-for-profit zoological society, received contributions restricted for research totaling$50,000 in 2011. None of the contributions were spent on research in 2011. In 2012, $35,000 of the contributions were used to support the research activities of the society.The net
Stanton College, a not-for-profit organization, received a building with no donor stipulations as to its use. Stanton does not have an accounting policy implying a time restriction on donated fixed assets. What type of net assets should be increased when the building is received?I. Unrestricted.II.
Pharm, a nongovernmental not-for-profit organization, is preparing its year-end financial statements. Which of the following statements is required?a. Statement of changes in financial position.b. Statement of cash flows.c. Statement of changes in fund balance.d. Statement of revenue, expenses and
The statement of cash flows for a private not-for-profit hospital should report cash flows according to which of the following classifications?I. Operating activities.II. Investing activities.III. Financing activities.a. I, II, and III.b. II and III.c. I only.d. I and III.
United Ways, a private not-for-profit voluntary health and welfare organization, received a contribution of $10,000 from a donor in 2011. The donor did not specify any use restrictions on the contribution; however, the donor specified that the donation should not be used until 2012. The governing
Save the Planet, a private nonprofit research organization, received a $500,000 contribution from Ms. Susan Clark. Ms. Clark stipulated that her donation be used to purchase new computer equipment for Save the Planet’s research staff. The contribution was received in August of 2012, and the
Gamma Pi, a private nonprofit fraternal organization, should prepare a statement of financial position and which of the following financial statements?I. Statement of activities.II. Statement of changes in fund balances.III. Statement of cash flows.a. I, II, and III.b. III only.c. II and III.d. I
Albert University, a private not-for-profit university, had the following cash inflows during the year ended June 30, 2012:I. $500,000 from students for tuition.II. $300,000 from a donor who stipulated that the money be invested indefinitely.III. $100,000 from a donor who stipulated that the money
On the statement of activities for a private not-for-profit performing arts center, expenses should be deducted from I. Unrestricted revenues.II. Temporarily restricted revenues.III. Permanently restricted revenues.a. I, II, and III.b. Both I and II.c. I only.d. II only.
Good Hope, a private not-for-profit voluntary health and welfare organization, received a cash donation of$500,000 from Mr. Charles Peobody on November 15, 2012.Mr. Peobody directed that his donation be used to acquire equipment for the organization. Good Hope used the donation to acquire equipment
Kerry College, a private not-for-profit college, received$25,000 from Ms. Mary Smith on April 30, 2012. Ms.Smith stipulated that her contribution be used to support faculty research during the fiscal year beginning on July 1, 2012. On July 15, 2012, administrators of Kerry awarded research grants
Chicago Museum, a private nonprofit organization, has both regular and term endowments. On the museum’s statement of financial position (balance sheet), how should the net assets of each type of endowment be reported?Term endowments Regular endowmentsa. Temporarily restricted Permanently
The statement of financial position (balance sheet) for Founders Library, a private nonprofit organization, should report separate dollar amounts for the library’s net assets according to which of the following classifications?a. Unrestricted and permanently restricted.b. Temporarily restricted
A statement of functional expenses is required for which one of the following private nonprofit organizations?a. Colleges.b. Hospitals.c. Voluntary health and welfare organizations.d. Performing arts organizations.
Which of the following is true regarding the Statement of Revenues, Expenses, and Changes in Net Position for a public college choosing to report as a special-purpose entity engaged in business-type activities only?a. State appropriations should be reported as nonoperating income.b. An operating
A public college had tuition and fees of $20,000,000.Scholarships, for which no services were required, amounted to $1,000,000. Employee discounts, which were provided in exchange for services, amounted to $2,000,000. The amount to be reported as net tuition and fees by the public college would
In accordance with GASB 35, a public college or university that chooses to report both governmental and business-type activities should report Fund financial statements Government-wide financial statementsa. No Yesb. Yes Noc. Yes Yesd. No No
In accordance with GASB 35, a public college or university that chooses to report only business-type activities should present only the financial statements required fora. Enterprise funds.b. Government funds.c. Internal service funds.d. Enterprise and internal service funds.
During the year ended December 31, 2012, the town of Harrisville had the following selected transactions:• The general fund made a permanent transfer of$100,000 to an enterprise fund. The enterprise fund used the amount transferred to acquire capital assets.• The general fund transferred
During the year ended December 31, 2012, the town of Jamestown had the following selected transactions:• The general fund made a $100,000 advance to an internal service fund. The internal service fund will repay the advance in 2013.• The water utility enterprise fund billed the general fund
In accordance with GASB 34 (as amended), Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, what types of interfund transactions are included in the amount reported for transfers on the government-wide statement of activities?I. Yearly
To record the 2012 pension contribution of $11,000, what debit is required in the governmental-type fund used in connection with employer pension contributions?a. Other Financing Uses Control.b. Expenditures Control.c. Expenses Control.d. Due to Pension Trust Fund.V. Reporting Interfund Activity
What account should be credited in the pension trust fund to record the 2012 employer contribution of $11,000?a. Additions.b. Other Financing Sources Control.c. Due from Special Revenue Fund.d. Pension Benefit Obligation.
Grove County collects property taxes levied within its boundaries and receives a 1% fee for administering these collections on behalf of the municipalities located in the county. In 2012, Grove collected $1,000,000 for its municipalities and remitted $990,000 to them after deducting fees of
The following fund types used by Green Township had total assets at June 30, 2012, as follows:Agency funds $ 300,000 Debt service funds 1,000,000 Total fiduciary fund assets amount toa. $0b. $ 300,000c. $1,000,000d. $1,300,000
Hill City’s water utility fund held the following investments in US Treasury securities at June 30, 2012:Investment Date purchased Maturity date Carrying amount Three-month T-bill 5/31/12 7/31/12 $30,000 Three-year T-note 6/15/12 8/31/12 50,000 Five-year T-note 10/1/08 9/30/13 100,000 In the
If the equipment is used in internal service fund operations and the lease payments are financed with internal service fund revenues, what account or accounts should be debited in the internal service fund for the December 31, 2012 lease payment of $65,000?a. Expenditures Control $65,000b. Expenses
If the equipment is used in enterprise fund operations and the lease payments are to be financed with enterprise fund revenues, what account should be debited for $150,000 in the enterprise fund at the inception of the lease?a. Expenses Control.b. Expenditures Control.c. Other Financing Sources
What account should be debited for $150,000 in the general fund at inception of the lease if the equipment is a general fixed asset and Rock does not use a capital projects fund?a. Other Financing Uses Control.b. Equipment.c. Expenditures Control.d. Memorandum entry only.
The orientation of accounting and reporting for all proprietary funds of governmental units isa. Income determination.b. Project.c. Flow of funds.d. Program.
The following transactions were among those reported by Cliff County’s water and sewer enterprise fund for 2012:Proceeds from sale of revenue bonds $5,000,000 Cash received from customer households 3,000,000 Capital contributed by subdividers 1,000,000 In the water and sewer enterprise fund’s
An enterprise fund would be used when the governing body requires that I. Accounting for the financing of an agency’s services to other government departments be on a costreimbursement basis.II. User charges cover the costs of general public services.III. Net income information be reported for an
For governmental units, depreciation expense on assets acquired with capital grants externally restricted for capital acquisitions should be reported in which type of fund?Governmental fund Proprietary funda. Yes Nob. Yes Yesc. No Nod. No Yes
A state government had the following activities:I. State-operated lottery $10,000,000 II. State-operated hospital 3,000,000 Which of the above activities should be accounted for in an enterprise fund?a. Neither I nor II.b. I only.c. II only.d. Both I and II.
The following information for the year ended June 30, 2012, pertains to a proprietary fund established by Burwood Village in connection with Burwood’s public parking facilities:Receipts from users of parking facilities$400,000 Expenditures Parking meters 210,000 Salaries and other cash expenses
112 The billings for transportation services provided to other governmental units are recorded by an internal service fund asa. Transportation appropriations.b. Operating revenues.c. Interfund exchanges.d. Intergovernmental transfers.
Chase City uses an internal service fund for its central motor pool. The assets and liabilities account balances for this fund that are not eliminated normally should be reported in the government-wide statement of net position asa. Governmental activities.b. Business-type activities.c. Fiduciary
Cy City’s Municipal Solid Waste Landfill Enterprise Fund was established when a new landfill was opened January 3, 2012. The landfill is expected to reach capacity and close December 31, 2028. Cy’s 2012 expenses would include a portion of which of the year 2028 expected disbursements?I. Cost of
Fish Road property owners in Sea County are responsible for special assessment debt that arose from a storm sewer project. If the property owners default, Sea has no obligation regarding debt service, although it does bill property owners for assessments and uses the monies it collects to pay debt
According to GASB 52, real estate held as an investment by a government endowment should be reported ata. Fair value.b. Historical cost.c. Historical cost less accumulated depreciation.d. A nominal value.
On March 2, 2012, Finch City issued ten-year general obligation bonds at face amount, with interest payable March 1 and September 1.The proceeds were to be used to finance the construction of a civic center over the period April 1, 2012, to March 31, 2013. During the fiscal year ended June 30,
Tott City’s serial bonds are serviced through a debt service fund with cash provided by the general fund. In a debt service fund’s statements, how are cash receipts and cash payments reported?Cash receipts Cash paymentsa. Revenues Expendituresb. Revenues Other Financing Usec. Other Financing
The debt service fund of a governmental unit is used to account for the accumulation of resources for, and the payment of, principal and interest in connection with a Trust fund Proprietary funda. No Nob. No Yesc. Yes Yesd. Yes No
Wood City, which is legally obligated to maintain a debt service fund, issued the following general obligation bonds on July 1, 2012:Term of bonds 10 years Face amount $1,000,000 Issue price 101 Stated interest rate 6%Interest is payable January 1 and July 1.What amount of bond premium should be
Receipts from a special tax levy to retire and pay interest on general obligation bonds should be recorded in which fund?a. General.b. Capital projects.c. Debt service.d. Special revenue.
102 On April 1, 2012, Oak County incurred the following expenditures in issuing long-term bonds:Issue costs $400,000 Debt insurance 90,000 Oak County has established a debt service fund for the payment of interest and principal of its long-term bonds. Assuming Oak County’s fiscal year ends of
Dale City is accumulating financial resources that are legally restricted to payments of general long-term debt principal and interest maturing in future years. At December 31, 2012, $5,000,000 has been accumulated for principal payments and $300,000 has been accumulated for interest payments.
Japes City issued $1,000,000 general obligation bonds at 101 to build a new city hall. As part of the bond issue, the city also paid a $500 underwriter fee and $2,000 in debt issue costs. What amount should Japes City report as other financing sources?a. $1,010,000b. $1,008,000c. $1,007,500d.
In which of the following fund types of a city government are revenues and expenditures recognized on the same basis of accounting as the general fund?a. Pension trust.b. Internal service.c. Enterprise.d. Debt service.
A government should recognized the impairment of a capital asset when events or circumstances indicate that there is a significant decline in service utility anda. The asset is not in service.b. The event or circumstance is outside the normal life cycle of the asset.c. The asset is not covered by
An impaired capital asset that is no longer used by a government should be reported in the financial statements ata. Historical cost.b. Historical cost adjusted for depreciation.c. The lower of carrying value or fair value.d. Fair value.
Financing for the renovation of Fir City’s municipal park, begun and completed during 2012, came from the following sources:Grant from state government $400,000 Proceeds from general obligation bond issue 500,000 Transfer from Fir’s general fund 100,000 In its 2012 capital projects fund
In 2012, Menton City received $5,000,000 of bond proceeds to be used for capital projects. Of this amount,$1,000,000 was expended in 2012. Expenditures for the $4,000,000 balance were expected to be incurred in 2013.These bond proceeds should be recorded in capital projects funds fora. $5,000,000
Should a major special revenue fund with a legally adopted budget maintain its accounts on an accrual basis and integrate budgetary accounts into its accounting system?Maintain on accrual basis Integrate budgetary accountsa. Yes Yesb. Yes Noc. No Yesd. No No
Lake County received the following proceeds that are legally restricted to expenditure for specified purposes:Levies on affected property owners to install sidewalks $500,000 Gasoline taxes to finance road repairs 900,000 What amount should be accounted for in Lake’s special revenue funds?a.
In November 2011, Maple Township received an unexpected state grant of $100,000 to finance the purchase of school buses, and an additional grant of $5,000 was received for bus maintenance and operations. According to the terms of the grant, the State reimbursed Maple Township for$60,000 for the
On the government-wide statement of activities prepared for the year ended December 31, 2012, what amount should be reported for revenues from governmental activities related to the property taxes and the sales taxes?a. $884,000b. $909,000c. $850,000d. $875,000
On the government-wide statement of activities prepared for the year ended December 31, 2012, what amount should be reported for expenses for governmental activities related to the acquisition of the police cars and to the pension transfer?a. $ 42,000b. $105,000c. $ 75,000d. $ 30,000
On the statement of revenues, expenditures, and changes in fund balances prepared for the governmental funds for the year ended December 31, 2012, what amount should be reported for revenues in Vicksburg’s general fund related to property taxes and sales taxes?a. $884,000b. $909,000c. $850,000d.
On the statement of revenues, expenditures, and changes in fund balances prepared for the governmental funds for the year ended December 31, 2012, what amount should be reported for expenditures in Vicksburg’s general fund related to the acquisition of police cars and to the pension transfer?a. $
On the statement of revenues, expenditures, and changes in fund balances prepared for the governmental funds for the year ended December 31, 2012, the police cars will be reported asa. Expenditures of $40,000.b. Expense of $7,500.c. Expenditures of $7,500.d. Expense of $40,000.
On the government-wide statement of net position at December 31, 2012, the police cars will be reported under assets in the governmental activities column at which of the following amounts?a. $40,000b. $32,500c. $0d. $22,500
On the balance sheet for the governmental funds at December 31, 2012, the police cars will be reported under assets in the general fund column at which of the following amounts?a. $40,000b. $32,500c. $0d. $22,500
The following revenues were among those reported by Ariba Township in 2012:Net rental revenue (after depreciation) from a parking garage owned by Ariba $ 40,000 Interest earned on investments held for employees’retirement benefits 100,000 Property taxes 6,000,000 What amount of the foregoing
Which of the following fund types used by a government most likely would have a Fund Balance—Reserved for Inventory of Supplies?a. General.b. Internal service.c. Enterprise.d. Debt service.
During the year, a city’s electric utility, which is operated as an enterprise fund, rendered billings for electricity supplied to the general fund. Which of the following accounts should be debited by the general fund?a. Appropriations.b. Expenditures.c. Due to Electric Utility Enterprise
Which of the following transactions is an expenditure of a governmental unit’s general fund?a. Contribution of enterprise fund capital by the general fund.b. Transfer from the general fund to a capital projects fund.c. Operating subsidy transfer from the general fund to an enterprise fund.d.
What amount should Oak City report for 2012 property tax revenues in the government-wide Statement of Activities?a. $700,000b. $690,000c. $600,000d. $500,000
What amount should Oak City report for 2012 property tax revenues in the Statement of Revenues, Expenditures, and Changes in Fund Balances prepared for governmental funds?a. $700,000b. $690,000c. $600,000d. $500,000
The expenditure element “salaries and wages” is an example of which type of classification?a. Object.b. Program.c. Function.d. Activity.N. Accounting for the General Fund
Cedar City issues $1,000,000, 6% revenue bonds at par on April 1 to build a new water line for the water enterprise fund. Interest is payable every six months. What amount of interest expense should be reported for the year ended December 31?a. $0b. $30,000c. $45,000d. $60,000 M. Expenditure
The following information pertains to Pine City’s general fund for 2012:Appropriations Control $6,500,000 Expenditures Control 5,000,000 Other Financing Sources Control 1,500,000 Other Financing Uses Control 2,000,000 Revenues Control 8,000,000 After Pine’s general fund accounts were closed at
The following information pertains to Park Township’s general fund at December 31, 2012:Total assets, including $200,000 of cash $1,000,000 Total liabilities 600,000 Fund balance—Reserved for encumbrances 100,000 Appropriations do not lapse at year-end. At December 31, 2012, what amount should
The budget of a governmental unit, for which the appropriations exceed the estimated revenues, was adopted and recorded in the general ledger at the beginning of the year. During the year, expenditures and encumbrances were less than appropriations, whereas revenues equaled estimated revenues. The
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