Returnable dormitory room deposits collected from students would be reported by the college as:

a.

A current liability.

b.

Unrestricted revenue.

c.

Restricted revenue.

d.

A long term liability.

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Question 82

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New Jersey city council has agreed to subsidize the operating costs of the city library at an amount to be determined each year. In addition, the city is paying debt service on general obligation bonds issued to construct the library. Based on generally accepted accounting principles criteria for defining the reporting entity:

a.

The library is a joint venture.

b.

The library is a special purpose government.

c.

The library is a component unit.

d.

The library is a jointly governed organization.

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Question 83

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Which of the following would be accounted for as an asset with restrictions on use?

a.

A cash contribution for a program activity, such as diabetes research.

b.

Cash restricted by debt covenants with lenders.

c.

A cash contribution for a new building.

d.

Cash restricted by the board for purchase of new computer equipment.

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Question 84

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Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards?

a.

Special events and related direct costs must be reported separately at their gross amounts if they relate to the ongoing major operations of a not for profit.

b.

Expenses of promoting and conducting special events should be netted directly against special events revenue.

c.

Special events revenues are to be reported at gross amounts, even if direct costs are of a peripheral or incidental nature.

d.

With few exceptions special events revenues are reported net of related direct costs.

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Question 85

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The wastewater enterprise fund of Cleveland City reported the following cash transactions during the year: Interest income $300,000, capital contributed by developers $1,000,000 and proceeds from the sale of revenue bonds for construction $5,000,000. What amount should be reported as cash flows from capital and related financing activities in the statement of cash flows of Cleveland wastewater enterprise fund for the year ended December 31?

a.

$5,300,000

b.

$5,000,000

c.

$6,300,000

d.

$6,000,000

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Question 86

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A federal agency recorded the receipt of supplies, for which the estimated cost was $36,000 when the purchase orders were issued, at an actual cost of $37,000. How would this transaction be recorded in the budgetary track accounts?

a.

It would not be recorded in the budgetary track, it would only be recorded in the proprietary track.

b.

Debit Undelivered Orders $37,000 and credit Expended Authority $37,000.

c.

Debit Undelivered Orders $36,000, debit Allotments $1,000, and credit Expended Authority $37,000.

d.

Debit Undelivered Orders $37,000, credit Allotments $1,000, and credit Expended Authority $56,000.

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Question 87

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Indianapolis City General Fund expenditures for the year ended June 30, 2019 had the following items: Furniture for the city treasurer for $6,000 and personal computer for the mayor office for $20,000. What is the amount that should be classified as capital assets in Vermont City General Fund balance sheet at year end?

a.

$0

b.

$6,000

c.

$26,000

d.

$20,000

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Question 88

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All of the following characteristics about proprietary funds are correct except for:

a.

Proprietary funds record capital assets directly in the fund accounts

b.

The difference between assets plus deferred outflows of resources and liabilities plus deferred inflows of resources of proprietary funds is called net assets

c.

Proprietary funds present a statement of cash flows

d.

Proprietary funds record long term debt directly in the fund accounts

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Question 89

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Which of the following statements regarding depreciation is correct?

a.

Depreciation expense should be recorded in the appropriate governmental funds, and recorded in the governmental activities accounts.

b.

Depreciation expense must be recorded in the governmental fund, but no depreciation expense is recorded in the governmental activities accounts.

c.

No depreciation can be recorded in any governmental fund, nor is it permissible to record depreciation expense in the governmental activities accounts.

d.

No depreciation can be recorded in any governmental fund, but depreciation expense must be recorded in the governmental activities accounts.

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Question 90

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In a nongovernmental not for profit hospital, which of the following would usually be considered as net assets with donor restrictions?

a.

Sales from the hospital gift shop.

b.

Donated services by senior citizens.

c.

A permanent endowment received from the city leading citizen.

d.

Funds designated by the board of directors for future equipment purchases.

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