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What is a county general fund?

What is a county general fund?. 1.                  Each of the following would be defined as a governmental entity based on the definition of a government that was jointly developed by the GASB and FASB except

    1. A Historic Preservation District created by the governing board of the municipal government.
    2. A CharterSchool incorporated in accordance with state law and accountable to the state oversight agency.
    3. A hospital formerly owned by a local government entity that was sold to and is now owned by a private, for-profit health care management corporation.
    4. A financing authority that is legally separate from the municipal government, but provides financing for the government’s major capital projects.  The governing board of the financing authority is appointed by the municipal government’s board.
    5. All of the above would be defined as governmental entities.

 

2.                  Business-type activities differ from governmental-type activities in that

    1. Most capital assets of business-type activities are considered to be revenue producing capital assets, while those in governmental-type activities generally are not.
    2. Business-type activities never have the power to levy a tax.
    3. Business-type activities do not adopt a budget.
    4. All of the above statements accurately reflect actual differences between business-type and governmental-type activities.
    5. Items b and c only accurately reflect primary differences between business-type and governmental-type activities.

 

3.                  Which of the following is a characteristic that distinguishes government and not-for-profit (G&NP) organizations from business enterprises?

a.                   Borrowing is not a significant source of financing.

b.                  The resource providers of G&NP organizations often do not receive services commensurate with the amount of resources they provide.

c.                   Net income is an appropriate performance evaluation measurement for most of these organizations.

d.                  Accumulating wealth on behalf of its constituents is a key goal of G&NP organizations and business enterprises.

 

 

 

 

 

 

 

 

 

4.           Which of the following is a government?

a.                   An entity that has 4 of its 7 governing board members appointed by government entities.

b.                  An entity that has the power to enact and enforce a property tax levy.

c.                   An entity that can be dissolved at the pleasure of a government and the assets of which revert to a government upon dissolution.

d.                  All of the above would be considered government entities for the purpose of determining whether government GAAP must be followed for financial reporting purposes.

 

  1. Which of the following is a government?

e.                   An entity that has 4 of its 7 governing board members appointed by government entities.

f.                   An entity that has the power to enact and enforce a property tax levy.

g.                  An entity that can be dissolved at the pleasure of a government and the assets of which revert to a government upon dissolution.

h.                  All of the above would be considered government entities for the purpose of determining whether government GAAP must be followed for financial reporting purposes.

 

  1. If a government is obligated legally to report information in a manner that differs from GAAP:

a.                   GAAP take precedence over the legal requirements.

b.                  Legal requirements take precedence over GAAP.

c.                   Both GAAP requirements and legal requirements must be met.

d.                  Information should be presented that meets as many legal requirements as possible without violating GAAP in a material manner.

 

7.      Assume that the city of Wakefield purchased a tract of land to be used as a public park.  The purchase was financed with proceeds from a five-year note issued by a local lending institution.  The park itself will not be ready for public use, however, for at least two years.  At the date of purchase, the city would most likely account for the transaction in

    1. the General Fund and General Long-Term Liabilities account.
    2. the Enterprise Fund.
    3. the General Fund.
    4. the General Fund, the General Capital Assets account, and the General Long-Term Liabilities account.
    5. the Enterprise Fund and the Capital Projects Fund.

 

8.      Ashley Woods Village issued $4,000,000 in general obligation bonds to finance the widening of a local thoroughfare.  This transaction will most likely

    1. increase fund balance in the General Fund by $4,000,000.
    2. decrease fund balance in the General Fund by $4,000,000.
    3. increase fund balance in the Capital Projects Fund by $4,000,000.
    4. decrease fund balance in the Capital Projects Fund by $4,000,000.
    5. have no effect on the fund balance of the Capital Projects Fund.

 

9.      Government-wide financial statements include

    1. a statement of net assets.
    2. a statement of activities.
    3. a statement of cash flows.
    4. All of the above.
    5. Items a and b only.
    6. None of the above.

 

10.  A computer was purchased from unrestricted resources for a general government department.  The government paid cash for the computer at the purchase date.    Which of the following is not an effect of this transaction in the General Fund?

a.       Current assets decrease.

b.      Capital assets increase.

c.       Current liabilities do not change.

d.      Fund balance decreases.

 

11.  In which of the following financial statements should a government not report depreciation expense?

a.       Fiduciary fund financial statements

b.      Governmental fund financial statements

c.       Proprietary fund financial statements

d.      Government-wide financial statements

 

12.  The city of Brittainville’s Special Revenue Fund levied $350,000 in taxes, of which 1% was expected to be uncollectible during the current year.  Also during the year, the fund collected $ 7,500 of interest revenue and $ 50,000 was transferred from the General Fund.  As a result of these transactions fund balance will increase by

    1. $407,500
    2. $404,000
    3. $357,500
    4. $354,000
    5. $400,000

 

13.  A local school district issued a short-term note payable to purchase $500,000 of recreation equipment.  The note will be repaid with General Fund resources.  The General Fund would report

    1. expenditures of $500,000.
    2. a capital asset of $500,000 and a note payable of $500,000.
    3. a note payable of $500,000.
    4. a capital asset of $500,000.
    5. expenditures of $500,000 and revenues of $500,000 from issuance of the note.
    6. Both items a and c.

 

 

14.  The Special Revenue Fund of the city of Wakefield ended its fiscal year with revenues of $750,000, other financing sources of $ 50,000, and expenditures of $725,000.  The closing entry in the Special Revenue Fund would be

 

dr                                 cr

 

    1. Expenditures                                            $ 725,000

Net profit                                                      75,000

Revenues                                                                            $ 750,000

Other Financing Sources                                                         50,000

    1. Expenditures                                            $ 725,000

Other Financing Uses                                   75,000

Revenues                                                                            $ 750,000

Other Financing Sources                                                         50,000

    1. Expenditures                                            $ 725,000

Unreserved Fund Balance                            75,000

Revenues                                                                            $ 750,000

Other Financing Sources                                                         50,000

    1. Revenues                                                  $ 750,000

Other Financing Sources                               50,000

Expenditures                                                                      $ 725,000

Other Financing Uses                                                             75,000

    1. Revenues                                                  $ 750,000

Other Financing Sources                               50,000

Expenditures                                                                      $ 725,000

Unreserved Fund Balance                                                      75,000

 

15.  The following information pertains to the Richardson County General Fund:

Expenditures                                             12,800,000

Revenues                                                     9,200,000

Long-term note issue proceeds                   1,000,000

Short-term note principal retirements            250,000

Operating transfers to other funds                   75,000

 

The change in RichardsonCounty’s General Fund fund balance for the year is

a.         a $2,600,000 decrease.

b.         a $2,675,000 decrease.

c.         a $2,925,000 decrease.

d.        a $3,600,000 decrease.

e.         a $3,675,000 decrease.

 

What is a county general fund?

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