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18. The City of Sycamore has investments in bonds. These boeds harve an amortined cost of $$95,000 At year end, the financial press reports a market value of $598,000 for these boeds. The original cost of the bonds was $$92,000. The par value at maturity will be $600,000. The amouent at which the investrients reported is: would be a. 600,000 595,000 592,000 d. 598,000 19. Which of the following is true regarding fiduciary funds? a idcany funds use the current financial resources method and the modified accrual basis of accounting b. Fiduciary fands include pension (and other employee benefit) trast, investment trust, agency and c. d. permanent funds. Both of the above Neither of the above 20. Which statement is in the Govenment-wide financial statements? Statement of Net Position b. Statement of Revenues, Expenses, and Changes in Fund Net Position c. Statement of Cash Flows d. All of the above are in the Govermmest-Wide Financial Statements Which of the following would not be included in the government-wide financial statements a. Enterprise Fund b. Capital Projects Fund c. Permanent Fund d. Agency Fund 21. 22. Which of the following would not be included in the Equity section of the Statement of Net Position? Net Investment in Capital Assets b. a. Unassigned Fund Balance Restricted Fund Balance c. d. Unestrictod Fund Balance 23. The Statement of Cash Flows in the Goversment-Wide Financial Statements is prepared cn a. Direct Method b. Indirect Method Either method is acceptable There is no Cash Flow Statement prepared d. 24. Deferred taxes at the end of year I were recognized as property tax revenue in the governmental fund in year 2. What is the adjustment in the Government-Wide Financial statement in year 2? a. Debit-Revenuc, Credit- Cash b. Debit -Revenue, Credit -Net Position c. Credit -Revenue, Debit Accounts Reccivable d. Credit-Revenue, Debit-Defered Revenue 25. General long-term debt, to be paid out of the resources of the government's taxing power, is reported as follows a. Liability on the govermmental fund Balance Sheset b. Liability on the Govermment-Wide Statement of Net Position c. Both a & b d. Neither a nor b 26. Which of the following is not a Government-Wide Financial Statement? a Statement of Revenues, Expenses and Changes in Net Position b. Statement of Net Position Statement of Activities c. d. None of the above are Government-Wide Financial Statements 27. Which is not a class of net assets, as required by FASB? a. Unassigned b. Unrestricted c. Temporarily Restricted d. Permanently Restricted 28. Fixed assets may be recorded by a private not-for-profit as a. Temporarily restricted b. Unrestricted Either Temporarily restricted or Unrestricted Neither Temporarily restricted nor Unrestricted c. d. 29. Which organization and which method of accounting do private not-for- profit organization adhere to? a. GASB&Accrual b. FASB&Accrual c. FASB& Cash d. GASB and Modified Accrual 30. Which of the following financial statements are required financial statements for all nongovernmental not-for- profits are: a. b. c. d. Statement of Financial Position Statement of Activities Statement of Cash Flows All the above 31. When a donor promises a donation for the purchase of machinery when matching funds are raised then the not-for-profit should record the revenue a. b. c. d. When the money is pledged When the machinery is purchased When the not-for-profit receives the funds When the matching funds are raised 32. When a CPA who possesses specialized skills performs services worth $5,000 and provides them free of charge, the nor-for-profit should record the following transaction: a. Accounting Expense b. Accounting Expense c. Accounting Expense d. No entries required $5,000 S5,000 s5,000 Contribution revenue $5,000 Accounts Payable Cash $5,000 33. What is not a type of tax return a not-for profit could file a.990 b. 990-EZ c. 990-N d. 1065

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