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Exam 6: Proprietary Funds

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Question 31

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Governmental units use which fund type to account for services provided to the general public on a user-charge basis?

A) General Fund.
B) Enterprise fund.
C) Permanent fund.
D) Internal service fund.

E) None of the above
F) B) and D)

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Question 32

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Proprietary funds report using the current financial resources measurement focus and the modified accrual basis of accounting.

A) True
B) False

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Question 33

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Impact fees charged to real estate developers are recorded in an enterprise fund as capital contributions,a nominal account that will increase Net Assets,but is reported separately in the statement of Revenues,Expenses and Changes in Fund Net Assets.

Capital assets constructed by an internal service fund are recorded in a capital projects fund.

Which of the following would not be true regarding internal service funds?

The two types of proprietary funds include:

The City of Thomasville had the following debt outstanding: General obligation bonds to be paid from a debt service fund $3,900,000 General obligation bonds to be paid from utility revenues $3,100,000 Revenue bonds to be paid from utility revenues $2,400,000 The amount that should be shown as debt in the utility (enterprise) fund would be:

Which of the funds listed below would include capital assets in its Statement of Net Assets?

The reconciliation on the statement of cash flows for a proprietary fund under GASB requirements is between operating income and cash flows from operating activities.

Proprietary funds use the economic resources measurement focus and modified accrual basis of accounting.

Fund-basis financial statements prepared for proprietary funds include the Statement of Net Assets,Statement of Revenues,Expenses,and Changes in Fund Net Assets,and the Statement of Cash Flows.

Cash flow statements of proprietary funds must use the direct method for recording cash flows from operations.

According to GASB 34,restricted net assets include those that are the results of constraints imposed by law through constitutional provisions or enabling legislation.

Which of the following is not true regarding proprietary funds?

Proprietary Funds use the modified accrual basis of accounting.

Proprietary funds record capital assets,depreciation on those capital assets,and long-term debt.

A city government has decided to build and operate a convention center.Identify what factors should be considered in deciding whether to account for the convention center as an Enterprise Fund or as part of general governmental activities?

Which of the following would generally be included in the Statement of Net Assets of an Enterprise Fund?

The Proprietary Fund Statement of Net Assets must classify assets and liabilities between current and long-term.

According to GASB Statement 34,restricted net assets are those that are the result of constraints from: