1 Question TCO F Any activities that produce goods or services to be provided to other departments or other governmental units would be reported in which fund 2 Question TCO F Government units use which fund type to account for services provided to the general public on a user fee basis Enterprise Fund Internal Service Fund Advance Fund Agency Fund Chapter 7 General Fund Enterprise Fund Internal Service Fund Permanent Fund Chapter 2 Private Purpose Trust Fund Investment Trust Fund Pension Trust Fund Agency Fund Chapter 8 3 Question TCO G A fund that is the result of an agreement between a contributor and a government that the principal and or income of trust assets that is for the benefit of individuals organizations or other governments is a n 4 Question TCO H Which of the following would be considered a performance audit under the Governmental Auditing Standards An investigation into whether a social service agency of a state government improved the lives of the clients An investigation into whether a purchasing department of a government was operated efficiently Both of the above Neither of the above Chapter 12 5 Question TCO J Which of the following kinds of information would not be provided by management s discussion and analysis MD A A description of the government s financial condition A discussion of economic factors and the budget and tax rates approved for the next year A forecast of revenues and expenditures for the next three fiscal A narrative explanation of the contents of the CAFR years Chapter 9 6 Question TCO H Which of the following would be considered contribution revenue or support of a not for profit organization Monies received from a fund raising campaign Investment earnings Money received from rental of surplus office space Gain on disposal of capital assets Chapter 14 7 Question TCO H Describe the different types of governmental audits and attestation engagements Chapter 12 Financial audits are mainly concerned with providing reasonable assurance about whether financial statements are presented fairly in all material respects in conformity with generally accepted accounting principles or with a comprehensive basis of accounting other than Generally Accepted Accounting Principles Attestation engagements are concerned with examining reviewing or performing an agreed upon procedure on a subject matter or an assertion about a subject matter and reporting on the results Attestation engagements tend to cover a wide range of financial or nonfinancial objectives and they can be part of a financial audit or other type of engagement Performance audits are usually an objective and systematic examination of evidence to provide an independent assessment of the performance and management of a program against objective criteria or an assessment of best practices and other information Performance audits also provide information to improve program operations and facilitate decision making by parties with responsibility to oversee or initiate corrective action and improve public accountability Non audit services also consist of gathering providing or explaining information that is requested by decision makers or providing advice or assistance to management personnel 8 Question TCO F Internal Service Fund Statement of Cash Flows Prepare a statement of cash flows for the internal service fund for the city of Pearman from the following information Cash flows from operating activities Collections for services from other funds 5 790 Wages and Salaries paid 2 950 Purchases of Supplies 1 210 Net Cash Provided by Operating Activities 1 630 Cash flows from noncapital financing activities Loans from other funds 520 Repayment of loans from other funds 680 Net Cash used for noncapital financing activities 160 Cash flow from capital and related financing activities Proceeds from revenue bonds 870 Proceeds from sale of capital assets 28 Purchase of capital assets 870 Interest paid on long term debt 185 Net Cash used for capital and related financing activities 157 Cash flows from investing activities Proceeds from sale of investments 49 Interest from investments 201 Purchase of investments 430 Net cash used for investing activities 180 Net increase in cash 1 133 Cash on hand at beginning of year 160 Cash on hand at end of year 1 293 Chapter 7