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Acct 567 Midterm Study Guide

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Midterm Study Guide
• Be sure to review the Chapter 1 & 2 summary document
• Be sure to review the Funds summary document
• The exam covers TCOs A, B, C, D, and E.
• The exam is worth 150 points, including ten multiple-choice questions at five points each, two essay questions at 30 points each, and one essay question at 40 points.
• There are two pages to the exam. You do not have to complete the questions or the pages in order.
• You will have 2 hours and 30 minutes to take the exam.
• Note: Essay questions will not be included in the eCollege auto-grading function.
• Remember to SAVE frequently, because when the time limit is reached you will automatically be exited from the exam.
• Please make a note of the Help Desk phone number: 800-594-2402.
Multiple choice topics:
• GAAP, GASB, FASB, AICPA roles
• Measurement focus and basis of accounting
• CAFR
• Major funds
• Nonexchange transactions
• Budgetary accounts
• Fund balance categories
• Recording fixed (capital) assets
• Tax Anticipation Note Payable
• Capital projects fund
• Special revenue fund
• Debt service fund
Essay Questions:
30 point essay question topics:
• Sources of funding for general government capital projects
• When and why capital project funds are used
• Interest accrual of bonds in a debt service fund
• Characteristics of fiduciary funds & comparison of the two types
• Characteristics and uses of capital projects, debt service, and special revenue funds
• Determination of major funds
40 point essay question:
• Journal entries and preparation of SRECBF and Balance Sheet for an endowment…...

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