11) At December 31, 2011, an Enterprise Fund has the following adjusted accounts outstanding:
Insurance Expense$2,000
Depreciation Expense3,000
Supplies Expense10,000
Salaries Expense100,000
Service Revenues123,000
When preparing the closing entry for the temporary accounts at December 31, 2011, the Enterprise Fund’s accountant will
A) credit Retained Earnings $8,000.
B) credit Net Cash, $8,000.
C) credit Net Assets, Unrestricted $8,000.
D) credit Invested Capital Assets, Net of Related Debt, $8,000.
12) What is a significant difference for agency funds when compared to governmental funds?
A) An agency fund has a separate ledger.
B) An agency fund does not report revenues.
C) Agency funds are not associated with any governmental unit.
D) An agency fund will not balance because there is no fund balance account.
13) What basis of accounting is used by fiduciary funds?
A) Modified accrual accounting
B) Accrual accounting
C) Cash basis accounting
D) Present value accounting
14) Platinum City collects state sales taxes quarterly from local businesses and then gives the state revenue department the money at the end of the year. The sales taxes would go in Platinum City’s
A) special revenue fund.
B) general fund.
C) agency fund.
D) enterprise fund.
15) On the Statement of Net Assets, in place of stockholders’ equity, proprietary funds report
A) Retained Earnings only.
B) Restricted Cash only.
C) Unrestricted Cash only.
D) Net Assets.
16) Proceeds from bonds issued for the construction of capital assets are classified on the Statement of Cash Flows for an Enterprise Fund as
A) Cash Flows from Operating Activities.
B) Cash Flows from Noncapital Financing Activities.
C) Cash Flows from Capital and Related Financing Activities.
D) Cash Flows from Investing Activities.
17) Interest payments on loans outstanding that do not relate to acquiring, constructing or improving capital assets are classified as ________ on the cash flow statement for an Enterprise Fund.
A) Cash Flows from Operating Activities
B) Cash Flows from Noncapital Financing Activities
C) Cash Flows from Capital and Related Financing Activities
D) Cash Flows from Investing Activities
18) The financial statements of a proprietary fund are similar to those of a business enterprise except for
A) proprietary funds do not report income taxes on the operating statement.
B) proprietary funds do not have paid-in capital or capital stock.
C) proprietary funds use modified accrual accounting.
D) both A and B
19) The trust fund for a school library is required to prepare financial statements that include
A) Balance Sheet and Income Statement.
B) Statement of Revenues, Expenses and Changes in Fiduciary Net Assets.
C) Statement of Fund Balance and Statement of Changes in Fund Balance.
D) Statement of Fiduciary Net Assets and Statement of Changes in Fiduciary Net Assets.
20) Proprietary funds are required to prepare financial statements that include:
A.Statement of Activities
B.Statement of Revenues, Expenditures and Changes in Fund Balance
C.Balance Sheet
D.Statement of Cash Flows
E.Statement of Net Assets
F.Statement of Revenues, Expenses and Changes in Net Assets
A) C, D, F
B) A, B, D
C) B, C, D
D) D, E, F
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