ACCT 567 Final Exam Solutions 100% Correct
Answers
1. (TCO A) On what should the government-wide
financial statements report?
2. (TCO B) According to GASB standards, when
should transfers be recognized?
3. (TCO C) Comparisons of budgeted versus
actual revenues and expenditures are a requirement of which of the
following situations?
4. (TCO D) The revenues account of a
government entity is debited when
5. (TCO E) During the year, a wealthy local
businessman donated a building to city of Perris. The original cost
of the building was $340,000. Accumulated depreciation at the date
of the gift amounted to $220,000. The appraised fair market value
of the donation at the date of the gift was $525,000 of which
$35,000 was the value of the land on which the building was
situated. At what amount should the city record this donated
property in the governmental activities accounts at the
government-wide level?
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