POL 110 U.S Government. Quiz 6 chap 10 Quiz. All Answers Indicated.

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POL 110 U.S Government. Quiz 6 chap 10 This quiz consist of 30 multiple choice questions. The first 15 questions cover the material in Chapter 10. The second 15 questions cover the material in Chapte... r 11. Be sure you are in the correct Chapter when you take the quiz. Question 1 4 out of 4 points At the beginning of the year, the permanent fund of Rapid City had an investment portfolio with a historical cost of $200,000 and a fair value of $220,000. There were no purchases or sales of securities during the year. At year end the portfolio had a fair value of $240,000. At the end of the year Rapid City will account for this increase in fair value in which of the following ways? Answer Question 2 4 out of 4 points In previous years, Center City had received a $400,000 gift of cash and investments. The donor had specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. During the current year, the earnings from this gift were $24,000. The earnings from this gift should generally be considered revenue to which of the following funds? Answer Question 3 4 out of 4 points During the fiscal year ended December 31, 2001, the Highland City General Fund contributed $48 million to a defined benefit pension plan for its employees. On February 27, 2002, Highland made an additional $2 million contribution related to the 2001 pension contribution requirements. The actuarially determined contribution amount for 2001 is $52 million. The amount of pension expenditure recognized by Highland City General Fund for 2001 should be: Answer Question 4 4 out of 4 points Permanent funds are classified as Answer Question 5 4 out of 4 points Several years ago, a donor gave $5 million to the City and specified that the principal was to be kept intact but the earnings were to be used to support operations of the city parks. During the current year, the City earned $300,000 on the gift. To what type of fund should the City transfer accountability for the $300,000 earnings. Answer Question 6 4 out of 4 points The City of Highland Hills receives a federal grant to assist in nutrition (feeding) programs for senior citizens. The City will select the contractors to provide the feeding and approve the participants in the program. The proceeds of this grant should be accounted for in which of the following funds of the City? Answer Question 7 0 out of 4 points A defined contribution pension plan is one in which the employer agrees to which of the following? Answer Question 8 0 out of 4 points Previously a city received a $1 million gift, the income from which was restricted to support maintenance of city-owned parks. During the current year the endowment earned $70,000 of which $50,000 was transferred to the City Park Special Revenue Fund. On the year-end financial statements, the endowment fund would report, as a result of these transactions, a fund balance (net assets) of: Answer Question 9 0 out of 4 points What basis of accounting is used to account for transactions of a governmental private-purpose trust fund? Answer Question 10 4 out of 4 points Which of the following is NOT a fiduciary fund? Answer Question 11 4 out of 4 points Previously a city received a $1 million gift, the income from which was restricted to support maintenance of city-owned parks. During the current year the endowment earned $70,000 of which $50,000 was transferred to the City Park Special Revenue Fund. On the year-end financial statements, the special revenue fund will report Answer Question 12 4 out of 4 points Financial assets held by a governmental investment pool should be valued at Answer Question 13 4 out of 4 points A plan’s unfunded actuarially accrued liability is the excess of Answer Question 14 4 out of 4 points Previously a city received a $1 million gift, the income from which was restricted to support maintenance of city-owned parks. During the current year the endowment earned $70,000 of which $50,000 was transferred to the City Park Special Revenue Fund. On the year-end fund financial statement, the endowment fund would report the $50,000 transferred to the Special Revenue Fund as: Answer Question 15 4 out of 4 points Hill City Light & Water (a proprietary fund) contributes to a defined benefit plan for its employees. During 1999 Hill City contributed $27 million to its pension plan. On February 15, 2000, Hill City made an additional $3 million contribution related to 1999. The actuarially determined contribution amount was $32 million. The amount of pension expense recognized by Hill City Light & Water for 1999 should be: Answer Question 16 4 out of 4 points The State has a legally separate State Building Authority which has a board appointed by the Governor. The Authority issues debt in its own name, holds title to buildings in its own name, and leases its building exclusively to the State. In what manner would the Authority be included in the State’s Basic Financial Statements? Answer Question 17 4 out of 4 points The City created a legally separate Port Authority. Members of the board of the Port Authority are elected in general city elections. The Port Authority receives no tax dollars; it is supported entirely by user fees. The Port Authority determines its budget, sets user fees, and has the power to issue bonded debt. In what manner would the Port Authority be included in the City’s Basic Financial Statements? Answer Question 18 0 out of 4 points The County created a legally separate County Hospital authority. Members of the board of the County Hospital are elected in county-wide elections. The hospital receives no financial support from the County, except that the County pays the hospital bills for county indigents. All revenues of the Hospital are user fees. The County Hospital would be considered a Answer Question 19 4 out of 4 points Which of the following statements is not a required part of the General Basic Financial Statements of the City of Highland Hills? Answer Question 20 4 out of 4 points The auditor’s report generally includes an opinion on which of the following sections of the CAFR? Answer Question 21 0 out of 4 points The County created a legally separate County Hospital authority. Members of the board of the County Hospital are elected in county-wide elections. The hospital receives no financial support from the County, except that the County pays the hospital bills for county indigents. All revenues of the Hospital are user fees. In what manner would the Hospital be included in the County’s Basic Financial Statements? Answer Question 22 0 out of 4 points With regard to MD&A, which of the following is true? Answer Question 23 4 out of 4 points The City created a legally separate entity to operate a County Hospital. The City Council appoints a voting majority of the board of the Hospital. The City cannot impose its will on the Hospital and there is no potential for a financial benefit or financial burden to the City. The County Hospital would be a Answer Question 24 4 out of 4 points With regard to combining statements, which of the following statements is true? Answer Question 25 4 out of 4 points A Comprehensive Annual Financial Report for the City of Highland Hills need not include which of the following sections? Answer Question 26 4 out of 4 points Government-wide financial statements include which of the following? Answer Question 27 4 out of 4 points The introductory section of a CAFR does NOT include which of the following? Answer Question 28 4 out of 4 points Which of the following is NOT a necessary condition for a governmental entity to be considered fiscally independent? Answer Question 29 0 out of 4 points Which of the following is NOT a necessary characteristic of a component unit? Answer Question 30 4 out of 4 points The City created a legally separate Port Authority. Members of the board of the Port Authority are elected in general city elections. The Port Authority receives no tax dollars; it is supported entirely by user fees. The Port Authority determines its budget, sets user fees, and has the power to issue bonded debt. The Authority would be considered a Answer Tuesday, November 26, 2013 6:46:52 PM EST OK [Show More]

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