MOCK TEST
The test contains 04 problems
Time: 90 mins
Problem 1: True or False: getting them right (3 point)
1. Fund-basis statements are presented for three categories of government activities:
governmental, proprietary, and fiduciary.  True
2. The term “fiduciary funds” applies to enterprise, internal service, and private-purpose
trust funds.  False. Proprietary fund
3. Governmental funds use the economic resources measurement focus and accrual
basis of accounting.  False. Government- wide statement
4. The Enterprise Fund accounts for all resources other than those required to be
accounted for in other funds.  False. General fund
5. Internal Service Fund is used to account for the payment of principal and
interest of general long-term debt of a government.  False. Fund này thuộc
proprietary , không liên quan đến long-term
6. Depreciation on capital assets is included as an expense in the Statement of Activities
in the governmental fund statements  False. Governmental fund ko có capital asset,
chỉ có current nên sẽ ko có tính khấu hao.
Problem 2: At the beginning of its fiscal year on July1, York County reported the Fund
balance as follow (all dollar amounts in thousands):
Unassigned
Fund balance
Committed for
encumbrances
$300
$200
$500
During the year:
1. It estimated that revenues for the year would be $7,000.
2. It appropriated $6,800 for operations.
3. It received and used all goods that it ordered in the previous year. Actual cost was $190
4. It recognized actual revenues of $7,200.
5. It ordered goods and services estimated to cost $5,200. Of these, the county
received and used goods and services that it had estimated would cost $5,000.
Actual cost, however, was $5,100.
Instructions:
1. Show how the unassigned fund balance change during the year.
2. Show how the total Fund balance would be displayed at year‐end
1. Begin Unassigned: 300
Revenue: 7200
Expenditure: 190 + 5100 = 5290
Net change: Revenue – Expenditure = 7200 – 5290 = 1910
Ending Unassigned: 2210
2. Fund Balance gồm 2 phần
+ Unassigned: 2,210
+ Commit E: 200
 Fund Balnce : 200+2,210=2,410
Encumbrances ending: 200+5200-200(kỳ trc)-5000 =200 (bên trên Commit E) (Tính theo
current)
Problem 3 (3 point): For each the following transactions, prepare an appropriate
journal entry and indicate the type of fund in which it would most likely be recorded
1. It levied and collected $1.5 million in taxes and dedicated to the repayment of
outstanding general obligation bonds  cash và tax revenue (Dr & Cr)  debit funds
2. It recognized $80,000 of cash dividends on investments dedicated to the support of a
county sport centre.  cash và dividend revenue (Dr & Cr)  permanent
funds
3. It recognized $50,000 of cash dividends on investments dedicated to scholarships for
needy county residents.  cash and dividend revenue  fiduciary funds
4. It recognized depreciation of $90,000 on equipment in a vehicle repair centre that
services all county departments that have motor vehicles.  internal service
5. It collected $40,000 in parking fees at the county owned garage.  cash và parking fee
revenue
6. It issued $7 million in bonds to improve the city‐owned electric utility.  cash và
bond payable  enterprise fund
1
2
3
4
5
6
Cash
Tax revenue
Cash
Dividend revenue
Cash
Dividend revenue
Depreciation expense
Accumulated to
depreciation
Cash
Parking fee revenue
Cash
Bonds payable
1,500,000
1,500,000
80,000
Debit service
fund
Permanent fund
80,000
50,000
Fiduciary fund
50,000
90,000
90,000
40,000
Internal service
fund
Enterprise fund
40,000
7,000,000
Enterprise fund
7,000,000
Problem 4: A district began its recent fiscal year with $9,000 of supplies in stock.
During its fiscal year, it engaged in the following transactions relating to supplies:
1. It purchased supplies at a cost of $40,000. expenditure và account payable
2. It paid for $37,000 of the supplies. account payable và cash
3. It used $ 42,000 of the supplies and therefore had $7,000 in supplies inventory at year-end.
Instructions:
1. Prepare appropriate entries assuming that the district uses the purchases method.
2. Prepare appropriate entries assuming that the district uses the consumption
method.
1. Prepare appropriate entries assuming that the district uses the purchases method.
-Dr Iventory Expenditủre
Cr Acount payable
-Dr Acount pay
Cr Cash
-Dr Fund balance
Cr Propaipinaty
2. Prepare appropriate entries assuming that the district uses the consumption
method.
Inventory
1. The purchases method
1
Supplies Expenditure
40,000
Account payable
2
Accounts payable
40,000
37,000
Cash
3
Supplies inventory
37,000
2000
(9000 – 7000)
Fund balance–nonspendable
2. Consumption method
1
Supplies inventory
2000
40,000
Accounts payable
2
Accounts payable
40,000
37,000
Cash
3
Supplies expenditure
37,000
42,000
Supplies inventory
4
Fund balance – unassigned
Fund balance --nonspendable
42,000
2,000
2,000