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Questions
Q:
Peking County incurred the following transactions during 2011:1. Marketable securities were donated to support the county's bike and nature trails. The donor acquired the securities for $35,000 ten years earlier; however, their current market value was $200,000. The donor specified that all income from the securities be used for the trails. The principal is to be held intact for an indefinite period of time.2. Computer equipment was ordered for general fund departments. The estimated cost was $48,000.3. The county received the computer equipment. The actual cost was $47,750, of which $42,000 was paid to the vendor before year-end.4. The county sold a (general government) dump truck that originally cost $55,000. The county sold the truck at auction for $3,300. The book value of the truck at the time of sale was $0.5. The government leased equipment for the general government under a capital lease agreement. The present value of the minimum lease payments was $120,000. The county made an initial down payment of $10,000.Required:Prepare journal entries for each of the above transactions. Identify the appropriate fund or funds used by Peking County.
Q:
For a firm, we define the short run as a period of time during whichA) at least one input cannot be changed. B) all inputs can be changed.C) only the plant size can be changed. D) all inputs cannot be changed.
Q:
A person starts his own business after quitting his job in which he made $75,000. Expenses include $100,000 for wages and salaries, which includes a wage for the owner of $75,000, utilities of $5000, equipment of $50,000, and materials of $40,000. If revenues are $200,000, his accounting and economic profits are respectivelyA) $80,000 and $5000. B) -$70,000 and -$70,000. C) -$70,000 and $5000. D) $5000 and $5000.
Q:
The trial balance for the General Fund for Golden City held the following balances at June 30, 2011, just before closing entries were made:Due from other funds $ 2,700Fund balance - unassigned 51,000Estimated revenues 208,000Revenues 198,900Appropriations 196,500Expenditures - current year 193,800Expenditures - prior year 4,500Other Financing Sources - Transfer from Debt Service Fund 6,000Required:Prepare the necessary closing entries.
Q:
In the above figure, if the budget line is the line DE, the consumer will maximize utility at pointA) A. B) B. C) C. D) G.
Q:
The general fund trial balance for Lakeview City held the following balances at September 30, 2011, just before closing entries were made:Due from other funds $ 8,000Fund balance - unassigned 50,000Estimated revenues 180,000Revenues 177,000Appropriations 176,000Expenditures - current year 169,000Expenditures - prior year 16,000Other financing sources - transfer in from Capital Projects Fund 62,000Required:Prepare the necessary closing entries for the General Fund
Q:
Prepare journal entries to record the following grant-related transactions for a municipality special revenue fund.1. Special Revenue Fund awarded an operating grant from the state, $2,500,000 (cash will be received after qualified expenditures are made).2. Special Revenue Fund received funds of $1,600,000, temporarily transferred from the General Fund.3. Incurred qualifying expenditures on the state grant program of $1,600,000 and paid them with funds temporarily transferred from the General Fund.4. Received a federal grant to finance planting of trees in city, $4,500,000 (cash received in advance).5. Incurred and paid cost of $3,000,000 for planting 10,000 trees in city.
Q:
Newspaper vending machines are often built so that customers can pay to lift a door and take a paper off a pile of daily newspapers. Newspaper distributors are not concerned about customers taking the whole stack of papers becauseA) the total utility of a daily newspaper is zero.B) the marginal utility of any one daily newspaper is zero. C) the marginal utility of a second daily newspaper is zero. D) the price of a daily newspaper is relatively low.
Q:
1. Urban City issued $6 million of general obligation bonds at par to finance the construction of a city building. The bonds are 6%, 10-year bonds, and interest is paid on June 30 and December 31. 2. The city transferred $3,600,000 from its General Fund to its Debt Service Fund to provide a portion of the resources needed to service the bonds. 3. The city paid the first interest payment to the bondholders. Required:Prepare journal entries for each of the above transactions. Identify the appropriate fund or funds used by the city of Urban.
Q:
If the price of apples went up by 25 percent, which of the following values of the cross price elasticity for oranges would be most reasonable to anticipate?A) 0.0 B) 1.2 C) -2.5 D) -1.0
Q:
The City of Attross entered the following transactions during 2011: 1. The city authorized a bond issue of $2,500,000 par to finance construction of a fountain and pavilion in the city square. The bonds were issued for $2,560,000. The premium was transferred to the fund for which the debt will be serviced. (This was a nonreciprocal transfer.) 2. The city entered into a contract for construction of the fountain at an estimated cost of $2,425,000. 3. The city received and paid a bill for $2,445,000 from the contractor upon completion of and approval of the fountain. 4. The unused bond proceeds were set aside for debt service on the bonds. Accordingly, those resources were paid to the appropriate fund(nonreciprocal). Required:Prepare journal entries for each of the above transactions. Identify the appropriate fund or funds used by Attross.
Q:
When discussing the price elasticity of demand we generally refer to the absolute price elasticity of demand by consumers. This means that we willA) disregard the law of demand.B) ignore its relationship to demand.C) disregard the minus sign.D) consider absolute rather than relative changes.
Q:
One difficulty in using voluntary transactions to internalize externalities is thatA) people are motivated by self-interest and are often unwilling to engage in a transaction that might make another person better off.B) the government usually will not enforce contracts of this type.C) transaction costs of coming to an agreement can be very large when numerous people are involved.D) people usually donʹt understand what the real opportunity costs are that they face.
Q:
For each of the following transactions relating to the startup of a community pool, determine the fund(s) being affected and prepare the appropriate journal entry for each. Be sure to note the fund type with each journal entry prepared. 1. General obligation bonds are issued at face value of $500,000 to construct a new community pool. 2. Cash of $100,000 is received from a state grant. Grant is set up to support the construction of the community pool. 3. A community fund-raiser by a citizens' group raises $50,000 which is donated to the pool fund, with the restriction placed on it that only earnings are to be used for lifeguard wages, and the principal may not be used until such time as the pool ceases to operate, at which time the principal will revert to the general fund. 4. Construction is completed and the contractors invoices received, totaling $578,000. The invoices are paid within 60 days. 5. The balance of funds from the general obligation bonds and state grant that was not used is transferred to the General Fund.
Q:
The City of Electri entered the following transactions during 2011: 1. Borrowed $120,000 for a six-month term, to be paid upon receipt of property tax payments which were previously billed. 2. Used the funds borrowed to purchase a new fire truck. The truck is expected to have a 15-year useful life, and a $5,000 residual value. 3. Received $90,000 cash from a state grant. Funds are restricted for the purchase of a second fire truck. 4. Used the grant funds received to purchase a second fire truck. The truck is expected to have a 15-year useful life, and a $5,000 residual value. 5. Nonreciprocal transfer of $50,000 to the Debt Service Fund to be used toward repayment of the note. Required:Prepare the journal entries in the General Fund for the transactions.
Q:
Other things being equal, a national health insurance program wouldA) decrease the demand for health care. B) decrease moral hazard.C) decrease total health care expenditures.D) reduce individualsʹ incentives to make decisions that promote better health.
Q:
Old West City had the following transactions in fiscal 2011. Assume that all expenditures were properly appropriated in the fiscal 2011 budget.1. A six-month loan was made to the special revenue fund from the general fund amounting to $28,000.2. A purchase order for landscaping maintenance services was issued in the amount of $43,000.3. A $10,000 nonreciprocal transfer was made to the debt service fund to pay interest amounts outstanding.4. The final invoice for landscaping maintenance was received in the amount of $39,000, and it was scheduled to be paid in 30 days.5. The city enters into a capital lease of fixed assets for the general government. The present value of the minimum lease payments equals $70,000.Required:Prepare the journal entries for the General Fund.
Q:
The more bowed out the Lorenz curve, theA) less equal the income distribution. B) more equal the income distribution.C) greater the overall wealth in the economy. D) less the overall wealth in the economy.
Q:
Bounty County had the following transactions in 2011.1. The budget for the county was approved, showing estimated revenues of $320,000 from local income taxes, and total estimated expenditures of $316,000.2. Tax bills were mailed amounting to $326,000, which are due in 60 days. All but 2% was expected to be collectible.3. Taxes collected prior to the due date amounted to $260,800. The balance was delinquent.4. $4,200 of taxes due were determined to be uncollectible and written off.5. The year-end books were closed, with the expectation that the remaining taxes due would be collected evenly over the first two months after the fiscal year end.Required:Prepare the journal entries for the General Fund for the transactions.
Q:
The Taft-Hartley Act of 1947 madeA) union shops illegal. B) closed shops illegal.C) sympathy strikes legal. D) secondary boycotts legal.
Q:
A pre-closing trial balance included the following account balances for Simpli City:Due from other funds $ 3,500Fund balance - unassigned 14,000Estimated revenues 20,000Revenues 22,000Appropriations 18,000Expenditures - current year 19,000Expenditures - prior year 1,500Other Financing Source - Nonreciprocal transfer in 1,000Required:Prepare the necessary closing entries for the General Fund.
Q:
All of the following make the demand for labor more elastic EXCEPT A) greater elasticity of demand for the final product.B) the longer the time period under consideration.C) the smaller the proportion of total costs accounted for by labor.D) the easier it is to substitute another input for labor.
Q:
Carson County had the following transactions for their General Fund relating to the levy and collection of property taxes.1. Property tax bills for $1,000,000 are sent to property tax owners. Taxes are due in 45 days. History shows that Carson County should expect 1.5% of the property taxes to be uncollectible.2. $850,000 in property taxes is collected. The remaining receivables are past due.3. An additional $80,000 of the delinquent taxes is collected.4. Wrote off $10,000 of delinquent taxes determined to be uncollectible.Required:Prepare the journal entries in the General Fund for the transactions.
Q:
Section 1 of the Sherman Antitrust Act makes it illegal to
A) form a monopolistically competitive firm.
B) restrain trade.
C) price discriminate.
D) have an oligopoly.
Q:
In which market structures is there product differentiation?
A) Perfect competition and monopolistic competition
B) Monopolistic competition and oligopoly
C) Oligopoly and monopoly
D) Perfect competition and monopoly
Q:
Goodwill County had the following transactions for their General Fund in the first month of their fiscal 2012 year, which ends June 30, 2012.1. The budget was approved, with $1,200,000 expected from property taxes, and another $5,000,000 expected from sales taxes. The budget showed these funds were expected to be spent on Salaries and Wages, $3,100,000; Utilities, $1,800,000; Rent, $900,000; and Supplies, $200,000.2. Supplies were ordered in the amount of $33,000.3. The electric bill was paid upon receipt in the amount of $75,000.4. Property taxes were billed in the amount of $1,200,000, due on December 31. Bad debts are estimated at 1% of receivables.5. Supplies were received, but the invoice amount was $35,000 and will be paid in 35 days. Supplies are used quickly and are not inventoried.6. Property tax payments were received amounting to $100,000.7. Payment was received from merchants for sales tax collections amounting to $400,000.Required:Prepare the journal entries for the General Fund that would be required for these transactions.
Q:
Match the following fund balance descriptions for a General Fund with the proper classification for a fund balance. Each classification may be used more than once.A. Nonspendable Fund BalanceB. Restricted Fund BalanceC. Committed Fund BalanceD. Assigned Fund BalanceE. Unassigned Fund Balance_____1. Amounts can only be spent for the specific purposes determined by a formal action of the government's highest level of decision-making authority._____2. Amounts can only be spent for the specific purposes stipulated by constitution, external resource provider or enabling legislation._____3. Residual classification of funds for the General Fund._____4. Dollar amount of Ending Inventory._____5. Amounts intended to be used by the government for specific purposes but do not meet the criteria of restricted or committed._____6. Dollar amount of endowment principal
Q:
When managers in oligopolistic firms make decisions that affect output or price, they mustA) also be sure they erect barriers to entry to prevent new entrants from affecting their plans. B) anticipate the reactions of their rivals and plan accordingly.C) register with the Antitrust Division of the Department of Justice. D) inform the regulators of their industry about their plans.
Q:
Which statement below is incorrect with respect to the Government-wide financial statements?A) All governmental fund categories must convert to the modified accrual basis of accounting.B) It is necessary to eliminate interfund balances within the governmental funds.C) Capital lease liabilities associated with governmental funds must be included on the Government-wide financial statements.D) All fixed assets and long-term debt for governmental funds must be included on the Government-wide financial statements.
Q:
Which will be true for a monopolistic competitor experiencing short-run losses?A) P > ATC B) P = ATC C) P < ATC D) P < MC
Q:
A Capital Projects Fund awards the construction of a building to a construction contractor at a contract cost of $1,000,000. What entry is prepared by the Capital Projects Fund?A) Debit Expenditures $1,000,000, Credit Liability $1,000,000B) Debit Building $1,000,000, Credit Expenditures $1,000,000C) Debit Other Financing Uses $1,000,000, Credit Expenditures $1,000,000D) Debit Encumbrances $1,000,000, Credit Reserve for Encumbrances $1,000,000
Q:
Assume that a monopoly is producing at a profit -maximizing output level. If the firmʹs total fixed costs decrease, the firmA) should lower its price.B) should increase its price.C) should continue to produce at the same level. D) increase its output level.
Q:
A stock has a beta of 1.3. The systematic risk of this stock is ____________ the stock market as a whole.
A. higher than
B. lower than
C. equal to
D. indeterminable compared to
Q:
The Deferred Revenue account in government accounting is frequently used forA) taxes billed that are not expected to be collected within 60 days of the fiscal year end.B) taxes billed that are not expected to be collected based on a bad debt percentage history.C) taxes that are to be remitted from another government agency in the second month before the fiscal year end.D) taxes that are to be remitted from another government agency in the first month after the fiscal year end.
Q:
In a long-run perfectly competitive equilibrium,A) P = MR = MC > ATC. B) P = MR > MC = ATC. C) P = MR = MC = ATC. D) P > MR > MC = ATC.
Q:
Research has identified two systematic factors that affect U.S. stock returns. The factors are growth in industrial production and changes in long-term interest rates. Industrial production growth is expected to be 3%, and long-term interest rates are expected to increase by 1%. You are analyzing a stock that has a beta of 1.2 on the industrial production factor and .5 on the interest rate factor. It currently has an expected return of 12%. However, if industrial production actually grows 5% and interest rates drop 2%, what is your best guess of the stock's return?
A. 15.9%
B. 12.9%
C. 13.2%
D. 12%
Q:
Marginal revenue isA) change in total revenue/change in output.B) total revenue/output.C) change in total revenue/output.D) total revenue/change in output.
Q:
Assume you are preparing journal entries for the General Fund. What account should be debited when office supplies are ordered?A) AppropriationsB) EncumbrancesC) ExpendituresD) Other financing use
Q:
What is the expected return on a stock with a beta of .8, given a risk-free rate of 3.5% and an expected market return of 15.5%?
A. 3.8%
B. 13.1%
C. 15.6%
D. 19.1%
Q:
Which of the following funds has similar accounting and reporting to the special revenue fund?A) The proprietary fundB) The trust fundC) The general fundD) The agency fund
Q:
Which of the following is true?A) The MC curve intersects AFC at its minimum point. B) If MC is below AVC, AVC must be increasing.C) If MC is above ATC, ATC must be increasing. D) None of the above.
Q:
According to the CAPM, what is the expected market return given an expected return on a security of 15.8%, a stock beta of 1.2, and a risk-free interest rate of 5%?A. 5%B. 9%C. 13%D. 14%
Q:
Taxes which were billed, but are not paid by the due date, require which of the following entries at the fiscal close?A) Debit Taxes Receivable - DelinquentB) Debit Allowance for Uncollectible Taxes - DelinquentC) Credit Taxes Receivable - DelinquentD) Credit Allowance for Uncollectible Taxes - Current
Q:
The best way to think of the short run and the long run is as
A) specific periods of time, although the time periods may differ across industries.
B) planning terms that apply to managers.
C) concepts that apply to all people who work for a firm.
D) a concept that only accountants are concerned with.
Q:
6 = 4 + 1.2 (MRP); MRP = 8%
Q:
At any point in time, a government will be able to spend an amount equal toA) appropriations minus expenditures.B) appropriations minus expenditures minus encumbrances.C) appropriations minus encumbrances.D) expenditures minus encumbrances.
Q:
A person starts her own business. She quits her $40,000 a year job, rents an office for $15,000 a year, pays wages and salaries of $50,000 a year, utilities of $4,000 a year, and materials of $20,000. She uses her own car for sales work rather than leasing an equivalent car for $6000 a year. If revenues are $140,000, her accounting profit and economic profit are respectivelyA) $45,000 and $11,000. B) $45,000 and $5000. C) $51,000 and $5000. D) $51,000 and $45,000.
Q:
According to the CAPM, what is the market risk premium given an expected return on a security of 13.6%, a stock beta of 1.2, and a risk-free interest rate of 4%?A. 4%B. 4.8%C. 6.6%D. 8%
Q:
Which of the following represents the recording of a budget in the accounts of the General Fund?A) Debit Appropriations, Credit Estimated Revenues and Credit Fund Balance - UnassignedB) Debit Appropriations, Credit Estimated RevenuesC) Debit Estimated Revenues, Credit Appropriations, Credit Estimated Other Financing Uses, Credit Fund Balance - UnassignedD) Debit Estimated Other Financing Uses, Credit Appropriations and Credit Fund Balance - Unassigned
Q:
Using the above figure, we can conclude thatA) the consumer will purchase goods at combination M.B) the consumer is indifferent between J and M. C) K is the optimal combination of goods.D) L is preferred to K.
Q:
If the beta of the market index is 1 and the standard deviation of the market index increases from 12% to 18%, what is the new beta of the market index?
A. .8
B. 1
C. 1.2
D. 1.5
Q:
Governments must record a liability for uncollected taxes instead of revenues for uncollected taxes if the taxes are going to be collectedA) 30 days after the fiscal year end.B) 45 days after the fiscal year end.C) 60 days after the fiscal year end.D) 120 days after the fiscal year end.
Q:
Glasses of WaterTotal UtilityMarginal Utility1100 2175 3225 4250 5260 6255 Using the above table, the marginal utility for the sixth glass of water isA) -5 utils. B) 255 utils. C) 5 utils. D) 260 utils.
Q:
The expected return on the market is the risk-free rate plus the _____________.
A. diversified returns
B. equilibrium risk premium
C. historical market return
D. unsystematic return
Q:
If the cross price elasticity of demand between two commodities is positive, then these commodities areA) are superior. B) are complements. C) are substitutes. D) are inferior.
Q:
Two investment advisers are comparing performance. Adviser A averaged a 20% return with a portfolio beta of 1.5, and adviser B averaged a 15% return with a portfolio beta of 1.2. If the T-bill rate was 5% and the market return during the period was 13%, which adviser was the better stock picker?
A. Advisor A was better because he generated a larger alpha.
B. Advisor B was better because she generated a larger alpha.
C. Advisor A was better because he generated a higher return.
D. Advisor B was better because she achieved a good return with a lower beta.
Q:
The proper sequence of events isA) purchase order, appropriation, encumbrance, expenditure.B) purchase order, encumbrance, expenditure, appropriation.C) appropriation, encumbrance, purchase order, expenditure.D) appropriation, purchase order, encumbrance, expenditure.
Q:
If the price of a cola increased by 12 % and consumers responded by purchasing 20 % less cola, the absolute value of price elasticity of demand for cola would beA) 0.20. B) 0.80. C) 1.67.D) 1.80.
Q:
If the simple CAPM is valid and all portfolios are priced correctly, which of the situations below is possible? Consider each situation independently, and assume the risk-free rate is 5%.A. Option AB. Option BC. Option CD. Option D
Q:
Use the following information to answer the question(s) below.The town of Mayberry receives a gift of $500,000 in bonds. The contributor instructs that the principal should remain intact, but the annual interest income of $50,000 can be used for the maintenance of the zoo animals.When the interest income of $50,000 is received, what account should be credited?A) Other Financing SourcesB) Other Financing UsesC) Deferred RevenueD) Revenue
Q:
A farmer notices that a neighboring rancherʹs cattle are wandering and destroying some of his crops. The farmer decides to offer a payment to the rancher if the rancher will reduce the size of his herd. By doing so, the farmer
A) can be sure that the size of the herd will be reduced and the size of his own harvest will be increased.
B) indicates to the rancher that there is an opportunity cost to the wandering of the cattle, and thereby internalizes the externality.
C) inadvertently bears the costs of the externality when the rancher should be liable for the costs.
D) informs the rancher that the cattle have destroyed crops, which should induce the farmer to build a fence in order to maintain good relations.
Q:
What is the alpha of a portfolio with a beta of 2 and actual return of 15%?A. 0%B. 13%C. 15%D. 17%
Q:
Other things being equal, a national health insurance program would A) generate higher life expectancies and lower infant mortality rates. B) generate lower life expectancies and higher infant mortality rates. C) increase total health care expenditures.D) increase the quality of life.
Q:
What is the expected return for a portfolio with a beta of .5?A. 5%B. 7.5%C. 12.5%D. 15%
Q:
What statements are required for Government-wide financial statements?A) Statement of Cash Flows and Balance SheetB) Statement of Cash Flows and Statement of Net AssetsC) Statement of Net Assets and Statement of ActivitiesD) Operating Statement and Balance Sheet
Q:
In a Lorenz curve, perfect income equality is represented byA) a vertical line.B) a horizontal line.C) a rectangular hyperbola.D) a 45-degree line originating from the origin.
Q:
What is the beta for a portfolio with an expected return of 12.5%?A. 0B. 1C. 1.5D. 2
Q:
The Taft-Hartley Act made all of the following illegal EXCEPT A) jurisdictional disputes.B) the Congress of Industrial Organizations. C) make-to-work laws.D) closed shops.
Q:
What is the expected return on the market?A. 0%B. 5%C. 10%D. 15%
Q:
The General Fund transfers $50,000 cash to the Debt Service Fund to meet annual interest payments. What entry did the Debt Service Fund prepare?A) Debit Cash $50,000, Credit Revenue $50,000B) Debit Cash $50,000, Credit Other Financing Sources-Transfer from General Fund $50,000C) Debit Encumbrance $50,000, Credit Due to General Fund $50,000D) Debit Appropriation $50,000, Credit Reserve for Encumbrance $50,000
Q:
The proceeds from a bond issuance for the construction of a new public school should be recorded in the ________ fund at the time the bonds are sold. At the time of the bond issue, the debit is to cash and the credit is to ________.A) capital projects; revenuesB) general; bonds payableC) general; other financing sourcesD) capital projects; other financing sources
Q:
The price elasticity of demand for labor will depend upon all but theA) price elasticity of demand for the final product. B) price elasticity of supply for the final product. C) time period being considered.D) availability of substitutes for inputs.
Q:
Assume that both X and Y are well-diversified portfolios and the risk-free rate is 8%. Portfolio X has an expected return of 14% and a beta of 1. Portfolio Y has an expected return of 9.5% and a beta of .25. In this situation, you would conclude that portfolios X and Y _________.
A. are in equilibrium
B. offer an arbitrage opportunity
C. are both underpriced
D. are both fairly priced
Q:
The Sherman Antitrust Act was passed toA) protect companies from foreign competition. B) protect the monopoly profits of firms.C) control the growth of monopolies in the U.S.D) prevent market price from equaling marginal cost.
Q:
When a city enters into a capital lease for a fixed asset for the general government,A) government-wide statements will report an Encumbrance for the leased asset.B) government-wide statements will report the liability, Capital Lease Obligation.C) governmental fund statements will report a fixed asset.D) governmental fund statements will report a liability, Capital Lease Obligation.
Q:
The expected return on the market portfolio is 15%. The risk-free rate is 8%. The expected return on SDA Corp. common stock is 16%. The beta of SDA Corp. common stock is 1.25. Within the context of the capital asset pricing model, _________.A. SDA Corp. stock is underpricedB. SDA Corp. stock is fairly pricedC. SDA Corp. stock's alpha is -.75%D. SDA Corp. stock alpha is .75%
Q:
When recording an approved budget into the accounts of the general fund, which of the following accounts would be credited?A) AppropriationsB) EncumbrancesC) Estimated revenuesD) Deferred revenues
Q:
In which market structures do firms earn long -term profits of zero?
A) Perfect competition and monopolistic competition
B) Monopolistic competition and oligopoly
C) Oligopoly and monopoly
D) Perfect competition and monopoly
Q:
You run a regression of a stock's returns versus a market index and find the following:Based on the data, you know that the stock _____.A. earned a positive alpha that is statistically significantly different from zeroB. has a beta precisely equal to .890C. has a beta that is likely to be anything between .6541 and 1.465 inclusiveD. has no systematic risk
Q:
The estimated revenues control account of Metro City's general fund is created whenA) the city's tax receipts are measurable and available.B) the budget is recorded in the accounting records.C) encumbrances are made.D) taxes are levied and bills are mailed.