11) At December 31, 2011, an Enterprise Fund has the following adjusted accounts outstanding:
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
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
GraduateWriterHelp.com is an online academic writing platform that provides extensive assistance to graduate school students as they work through their research projects, papers and dissertations. GraduateWriterHelp.com gives students access to experienced professionals who can provide the help they need in a timely and efficient manner. The service offers a wide range of services, including editing, proofreading, formatting, researching and more that can give students the confidence they need to write the perfect paper or dissertation for their chosen subject matter.
Services Offered by GraduateWriterHelp.com
GraduateWriterHelp.com offers a wealth of different services designed to make research projects easier for graduate school students. These include editing, proofreading, formatting and researching services, all tailored specifically for graduate-level studies such as PhDs or Master’s degrees in any field from business administration to engineering or even psychology – all with the aim of helping busy students find success in their academics without having to sacrifice other important commitments like family time or work hours towards earning a living wage outside of college hours.
The Benefits of Using GraduateWriterHelp.com
Using GraduateWriterHelp.com gives you access to experts from all over the world who are highly qualified and experienced in helping graduate-level students to complete successful projects in various fields quickly and efficiently – something that would otherwise be difficult, if not impossible, given tight deadlines associated with most Ph.D./Master’s degree programs today. Moreover, using this platform makes it easier for students to keep up with multiple research tasks simultaneously since there are so many different experts available on tap at any one time – no longer will you have to put off studying one topic while focusing on another because of lack of resources! Additionally, having access to professional editors, proofreaders, but also formatters means that quality control standards aren’t sacrificed when finishing major pieces – since these individuals understand what makes up good academic writing better than anyone else and can offer guidance on how best one should go about making improvements along those lines. Finally, there is also an added cost-saving benefit associated with utilizing Graduate Writer Help compared to hiring an independent contractor (which could potentially run into thousands depending on length/complexity).
This service allows users only pay for what students need, which tends to be much lower overall because customers pay per hour rather than project basis, thus resulting to greater financial flexibility, especially for those just starting out postgraduate studies looking to conserve some pennies here there whenever possible!
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more