Governmental and Nonprofit Accounting Exam Practice Tests
Course Introduction
This course provides an in-depth examination of accounting principles and practices specific to governmental and nonprofit organizations. Students will explore the unique financial reporting requirements, measurement focuses, and accounting standards applicable to state and local governments, as well as nonprofit entities such as charities, foundations, and educational institutions. Emphasis will be placed on fund accounting, budgetary processes, regulatory frameworks (such as GASB and FASB standards), and financial statement preparation and analysis. The course also covers topics such as accountability, stewardship, and ethics in the governmental and nonprofit sectors, equipping students with the knowledge needed to manage public resources effectively.
Recommended Textbook
Advanced Accounting 11th Edition by Floyd A. Beams
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Chapter 1: Business Combinations
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Q1) According to FASB Statement No.141, liabilities assumed in an acquisition will be valued at the ________.
A) estimated fair value
B) historical book value
C) current replacement cost
D) present value using market interest rates
Answer: A
Q2) In reference to the FASB disclosure requirements about a business combination in the period in which the combination occurs, which of the following is correct?
A) Firms are not required to disclose the name of the acquired company.
B) Firms are not required to disclose the business purpose for a combination.
C) Firms are required to disclose the nature, terms and fair value of consideration transferred in a business combination.
D) All of the above are correct.
Answer: C
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3
Chapter 2: Stock Investments Investor Accounting and Reporting
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Q1) In reference to the determination of goodwill impairment, which of the following statements is correct?
A) The goodwill impairment test under FASB 142 is a three-step process.
B) If the reporting unit's fair value exceeds its carrying value, goodwill is unimpaired.
C) Under FASB 142, firms must first compare carrying values (book values) at the firm level.
D) All of the above are correct.
Answer: B
Q2) Assume that Pansy Incorporated used the cost method of accounting for its investment in Sunflower.The balance in the Investment in Sunflower account at December 31, 2013 was
A) $76,700.
B) $80,000.
C) $83,300.
D) $95,000.
Answer: B
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Chapter 3: An Introduction to Consolidated Financial Statements
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Q1) Panini Corporation owns 85% of the outstanding voting stock of Strathmore Company and Malone Corporation owns the remaining 15% of Strathmore's voting stock.On the consolidated financial statements of Panini Corporation and Strathmore, Malone is
A) an affiliate.
B) a noncontrolling interest.
C) an equity investee.
D) a related party.
Answer: B
Q2) Pental Corporation bought 90% of Sedacor Company's common stock at its book value of $400,000 on January 1, 2011.During 2011, Sedacor reported net income of $130,000 and paid dividends of $40,000.At what amount should Pental's Investment in Sedacor account be reported on December 31, 2011?
A) $400,000
B) $481,000
C) $490,000
D) $530,000
Answer: B
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Chapter 4: Consolidated Techniques and Procedures
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Q1) On January 2, 2011, PBL Enterprises purchased 90% of Santos Incorporated outstanding common stock for $1,687,500 cash.Santos' net assets had a book value of $1,300,000 at the time.A building with a 15-year remaining life and a book value of $100,000 had a fair value of $175,000.Any other excess amount was attributed to goodwill.PBL reported net income for the first year of $350,000 (without regard for its ownership in Santos), while Santos had $175,000 in earnings.
Required:
1.Calculate the amount of goodwill related to this acquisition as reported on the consolidated balance sheet at January 2, 2011.
2.Calculate the amount of consolidated net income for the year ended December 31, 2011.
3.What is the amount that will be assigned to the building on the consolidated balance sheet at the date of acquisition?
Q2) What is the amount of total assets?
A) $1,380,000
B) $1,402,000
C) $1,470,000
D) $1,875,000
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Chapter 5: Intercompany Profit Transactions - Inventories
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Q1) If the intercompany sale mentioned above was an upstream sale, what will be the reported amount of total consolidated sales revenue for 2012?
A) $1,025,000
B) $1,900,000
C) $1,950,000
D) $2,000,000
Q2) Psalm Enterprises owns 90% of the outstanding voting stock of Solomon Siding, which was purchased at a cost equal to 90% of the book value of Solomon's net assets many years ago.(At the time of purchase, the fair value and book value of Solomon's net assets were equal.)Psalm purchases merchandise from Solomon at 110% above Solomon's cost.In 2012, intercompany sales from Solomon to Psalm amounted to $362,000.Unrealized profits in Psalm's December 31, 2011 inventory and December 31, 2012 inventory were $82,000 and $26,000, respectively.Solomon reported net income of $980,000 for 2012.
Required:
1.Determine Psalm's income from Solomon for 2012.
2.In General Journal format, prepare consolidation working paper entries at December 31, 2012 to eliminate the effects of the intercompany inventory sales assuming the perpetual inventory method is used.
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Page 7
Chapter 6: Intercompany Profit Transactions - Plant Assets
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Q1) Assume an upstream sale of machinery occurs on January 1, 2011.The parent owns 70% of the subsidiary.There is a gain on the intercompany transfer and the machine has five remaining years of useful life and no salvage value.Straight-line depreciation is used.Which of the following statements is correct?
A) Noncontrolling interest share for 2011 is equal to: subsidiary income for 2011 multiplied by 30%.
B) Noncontrolling interest share for 2011 is equal to: (subsidiary income for 2011 minus the gain on sale plus the excess depreciation expense) multiplied by 30%.
C) Noncontrolling interest share for 2011 is equal to: (subsidiary income for 2011 minus the gain on sale) multiplied by 30%.
D) Noncontrolling interest share for 2011 is equal to: (subsidiary income for 2011 plus the excess depreciation expense) multiplied by 30%.
Q2) Controlling interest share in consolidated net income for 2012 was
A) $121,000.
B) $125,000.
C) $131,000.
D) $143,000.
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Page 8
Chapter 7: Intercompany Profit Transactions - Bonds
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Q1) Controlling interest share of consolidated net income for 2011 was
A) $443,600.
B) $444,000.
C) $444,400.
D) $448,000.
Q2) Using the original information, the amount of consolidated Interest Expense for 2012 was
A) $ 135,000.
B) $ 180,000.
C) $ 270,000.
D) $ 360,000.
Q3) Parkview Holdings owns 70% of Skyline Corporation.On January 1, 2011, Skyline acquires half of the $2,000,000 of bonds originally issued by Parkview on January 1, 2006.The bonds were issued at a stated rate of 5% for 10 years, for $1,920,000.Skyline purchased them for $950,000.Assume that both Parkview and Skyline will use the straight-line method for any bond-related amortization.Annual interest is paid on December 31.
Required: Prepare the entries required for the consolidating worksheet for the years ended December 31, 2006 through December 31, 2016.
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Page 9
Chapter 8: Consolidations - Changes in Ownership
Interests
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Q1) Assume that Penguin sold the additional 3,000 shares directly to Giant for $150,000 on January 2, 2011.Giant's percentage ownership in Penguin immediately after the purchase of the additional stock is
A) 66-2/3%.
B) 80%.
C) 83-1/3%.
D) 86-2/3%
Q2) What is Goldberg's percentage ownership in Savannah after Savannah issues its stock to Goldberg?
A) 76.32%
B) 80.43%
C) 82.57%
D) 83.43%
Q3) A 15% stock dividend by a subsidiary causes
A) the parent company investment account to decrease.
B) the parent company investment account to remain the same.
C) the parent company investment account to increase.
D) the noncontrolling interest equity to increase.
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Chapter 9: Indirect and Mutual Holdings
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Q1) Ackroyd's noncontrolling interest share for 2011 is
A) $ 7,609.
B) $ 8,044.
C) $15,652.
D) $23,696.
Q2) Paglia Corporation owns 80% of Aburn Corporation and has separate net income of $200,000 for 2010.Aburn Corporation has separate net income of $100,000 and owns 70% of the outstanding stock of Badley Corporation.Badley Corporation has separate net income of $80,000.(Separate net incomes exclude investment income.)The cost of each investment was equal to book value and fair value.The controlling interest share of consolidated net income for 2010 is
A) $324,800.
B) $328,800
C) $344,800.
D) $344,800
Q3) Bailey's noncontrolling interest share for 2011 is
A) $7,609.
B) $8,044.
C) $15,652.
D) $23,696.
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Chapter 10: Subsidiary Preferred Stock, Consolidated
Earnings Per Share, and Consolidated Income Taxation
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Q1) When a parent acquires the preferred stock of a subsidiary, there will be a constructive retirement and
A) any difference paid above the book value of the preferred stock reduces the parent's additional paid-in capital.
B) any difference paid above the book value of the preferred stock reduces the subsidiary's retained earnings.
C) any difference paid above the book value of the preferred stock increases the parent's additional paid-in capital.
D) any difference paid above the book value of the preferred stock increases the parent's retained earnings.
Q2) What should be the noncontrolling interest share, common in the consolidated financial statements of Parminter for the year ending December 31, 2011?
A) $ 5,000
B) $20,000
C) $25,000
D) $30,000
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12
Chapter
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Q1) Paroz Corporation acquired a 70% interest in Sandberg Corporation for $900,000 when Sandberg's stockholders' equity consisted of $600,000 of Capital Stock and $600,000 of Retained Earnings.The fair values of Sandberg's net assets were equal to their recorded book values.At the time of acquisition, on Paroz's books, Paroz will record
A) goodwill for $60,000 under the parent company theory.
B) goodwill for $85,714 under the entity theory.
C) investment in Sandberg for $1,285,714 under the entity theory.
D) investment in Sandberg for $900,000 under the entity and parent company theories.
Q2) Entities other than the primary beneficiary account for their investment in a variable interest entity using the A) cost method.
B) equity method.
C) cost or equity methods.
D) consolidated method.
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Chapter 12: Derivatives and Foreign Currency: Concepts and Common Transactions
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Q1) If the sale of merchandise is denominated in dollars, the November 30 entry to record receipt of the payment from Watchem included a
A) credit to Accounts Receivable for $104,040.
B) credit to Exchange Gain for $3,060.
C) debit to Cash for $107,100.
D) debit to Exchange Loss for $3,060.
Q2) On October 15, 2011, Napole Corporation, a French company, ordered merchandise listed on the internet for 20,000 Euros from Adams Corporation, a U.S.corporation.The euro rate was $1.20 (U.S.dollars)on October 15.On November 15, 2011 Adams shipped the goods and billed Napole the purchase price of 20,000 Euros when the euro rate was $1.30.Napole paid the bill on December 10, 2011, and Adams immediately exchanged the 20,000 Euros for US dollars when the Euro rate was $1.28 on December 10, 2011.
Required:
Compute the foreign currency gain or loss on the December 31, 2011 financial statements of Adams and show the related journal entries.
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Page 14
Chapter 13: Accounting for Derivatives and Hedging
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Q1) On January 1, 2011, Bambi borrowed $500,000 from Lonni.The five-year term note carries a variable rate interest, based on LIBOR, and interest is payable at December 31 of each year, compounded annually.The first year's rate of interest is 6% and Bambi would like to assure that their rate does not increase.Bambi enters into a pay-fixed, receive-variable interest rate swap agreement with Third National Bank, under which Bambi will pay 6%, fixed.At December 31, 2011, it is determined that Bambi's interest rate to Lonni for the next year will be 5%.Treat as a cash flow hedge. Required:
Determine the estimated fair value of the hedge at December 31, 2011, and prepare the related journal entry required to document this hedge and the related interest payment at December 31, 2011.Assume the interest rate curve is flat.
Q2) A forward contract used as a cash flow hedge will be recorded as an asset if
A) the holder is expecting to receive a payment as a result of the contract.
B) the holder is accounting for the hedged instrument as a fair value hedge.
C) the holder is hedging the net investment in a foreign entity.
D) the holder is using the alternate accounting method and deferring all gains or losses from the hedge.
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Page 15
Chapter 14: Foreign Currency Financial Statements
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Q1) At the time of a business acquisition,
A) identifiable assets and liabilities are allocated the portion of the translation or remeasurement adjustment that existed on the date of acquisition.
B) a foreign entity's assets and liabilities are translated into U.S. dollars using the current exchange rate in effect on that date.
C) the difference between investment fair value and translated net assets acquired is treated as a remeasurement gain or loss on the income statement.
D) the difference between investment fair value and translated net assets acquired is recorded as a cumulative translation adjustment on the balance sheet.
Q2) Which of the following assets and/or liabilities are considered monetary?
A) Intangible Assets and Plant, Property, and Equipment
B) Bonds Payable and Common Stock
C) Cash and Accounts Payable
D) Notes Receivable and Inventories carried at cost
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16
Chapter 15: Segment and Interim Financial Reporting
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Q1) Which one of the following operating segment information items is not directly named by GAAP to be reconciled to consolidated totals?
A) Assets
B) Liabilities
C) Revenues
D) Profit or loss
Q2) What is the threshold for reporting a major customer?
A) 5 percent of revenues
B) 5 percent of profits
C) 10 percent of revenues
D) 10 percent of profits
Q3) Which of the following conditions would not indicate that two business segments should be classified as a single operating segment?
A) They have similar amounts of intersegment revenues or expenses.
B) They have a similar distribution method for products.
C) They have similar production processes.
D) They have similar products or services.
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17
Chapter 16: Partnerships - Formation, Operations, and Changes in Ownership Interests
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Q1) If the partnership experiences a net loss of $60,000 for the year, what will be the final net amount of profit or (loss)closed to each partner's capital account?
A) ($90,000) to Alfred and $30,000 to Barne
B) ($30,000) to Alfred and ($30,000) to Barne
C) ($24,000) to Alfred and ($36,000) to Barne
D) $30,000 to Alfred and ($90,000) to Barne
Q2) What is the total amount for the allocation of interest, salary, and bonus, and how much over-allocation is present?
A) $180,000 and $0
B) $240,000 and $60,000
C) $249,000 and $0
D) $249,000 and $69,000
Q3) What is the weighted-average capital for Bertram and Ernest in 2011?
A) $224,000 and $245,000
B) $203,333 and $221,167
C) $221,333 and $239,167
D) $256,000 and $220,000
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Page 18
Chapter 17: Partnership Liquidation
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Q1) The cash available for distribution to the partners on July 31, 2011 is
A) $ 4,000.
B) $ 8,000.
C) $14,000.
D) $22,000.
Q2) What is the proper disposition of a partnership loan that was made from a partner who has a debit balance in the capital account?
A) The loan is ignored in liquidation.
B) The loan is offset against the debit balance in the capital account.
C) The loan is charged off to the capital accounts of all the partners in their profit and loss sharing ratios.
D) The loan is held for payment after all other capital accounts are covered.
Q3) The book value of the partnership equity (i.e., total equity of the partners)on June 30, 2011 is
A) $ 58,000.
B) $ 60,000.
C) $ 84,000.
D) $120,000.
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19
Chapter 18: Corporate Liquidations and Reorganizations
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Q1) A petition commencing a case against a corporate debtor
A) can be filed only under Chapter 7 of the bankruptcy act.
B) can be filed only under Chapter 11 of the bankruptcy act.
C) can be filed under either Chapter 7 or Chapter 11 of the bankruptcy act.
D) will be determined by the trustee whether it shall be Chapter 7 or Chapter 11 of the bankruptcy act.
Q2) A bankruptcy petition filed by a firm's creditors is
A) a Chapter 2 petition.
B) a petition for liquidation.
C) an involuntary petition.
D) a voluntary petition.
Q3) Rank the following claims 1 through 5, with 1 being the first priority claim, under Chapter 7 of the bankruptcy code.
_____ A.Trustee fees for administration of the estate.
_____ B.Accounts payable for goods delivered prior to filing an involuntary petition for bankruptcy
_____ C.Customer deposits for services never rendered.
_____ D.First mortgage on the company's real estate.
_____ E.Income taxes owed for the prior year.
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Page 20
Chapter 19: An Introduction to Accounting for State and Local Governmental Units
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Q1) Internal Service Funds differ from Enterprise Funds because Internal Service Funds
A) are a proprietary fund.
B) are intended to show a profit.
C) charge for their services.
D) provide goods and services primarily to other government agencies.
Q2) When examining revenue transactions, which of the following transactions is classified as an exchange transaction?
A) When a homeowner pays property taxes
B) When a university receives a federal grant that mandates a certain type of research activity
C) When an aquatic center receives cash for a group swim
D) When an employer deducts money for state tax withholding
Q3) What basis of accounting is used to prepare Government-wide financial statements?
A) Modified accrual basis
B) Accrual basis
C) Cash basis
D) Fiduciary basis
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Chapter 20: Accounting for State and Local Governmental Units
- Governmental Funds
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Q1) 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 $1,000,000
B) Debit Building $1,000,000, Credit Expenditures $1,000,000
C) Debit Other Financing Uses $1,000,000, Credit Expenditures $1,000,000
D) Debit Encumbrances $1,000,000, Credit Reserve for Encumbrances $1,000,000
Q2) 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.
Q3) At any point in time, a government will be able to spend an amount equal to A) appropriations minus expenditures.
B) appropriations minus expenditures minus encumbrances.
C) appropriations minus encumbrances.
D) expenditures minus encumbrances.
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Page 22
Chapter 21: Accounting for State and Local Governmental Units
- Proprietary and Fiduciary Funds
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Q1) The financial statements of a proprietary fund are similar to those of a business enterprise except for
A) proprietary funds do not report income taxes on the operating statement.
B) proprietary funds do not have paid-in capital or capital stock.
C) proprietary funds use modified accrual accounting.
D) both A and B
Q2) On January 1, 2011, the General Fund contributes $200,000 cash to the Internal Service Fund.On January 1, 2011, the General Fund also loans $100,000 cash to the Internal Service Fund.On January 1, 2011, what journal entry does the Internal Service Fund prepare?
A) debit Cash $300,000, credit Other Financing Sources $300,000
B) debit Cash $300,000, credit Other Financing Sources $200,000, credit Advance from General Fund $100,000
C) debit Cash $300,000, credit Advance from General Fund $300,000
D) debit Cash $300,000, credit Nonreciprocal Transfer from General Fund $200,000, credit Advance from General Fund $100,000
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Page 23
Chapter 22: Accounting for Not-For-Profit Organizations
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Q1) A donor gives a Voluntary Health and Welfare Organization(VHWO)$1,000 cash that is restricted for a research project.What account does the VHWO credit when the VHWO receives the money?
A) Nonoperating Revenue
B) Permanently Restricted Revenue
C) Unrestricted Support
D) Temporarily Restricted Support
Q2) The gift shop of a nonprofit, private hospital has cash revenue of $24,000.What account will the hospital credit?
A) Unrestricted support
B) Unrestricted revenue
C) Temporarily restricted revenue
D) Other operating revenue - unrestricted
Q3) Not-for-profit, private colleges classify student unions, dining halls, and residence halls as
A) educational and general services.
B) auxiliary enterprises.
C) independent operations.
D) restricted enterprises.
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Page 24
Chapter 23: Estates and Trusts
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Q1) Which of the following are entitled to the remainder of the estate after all other rightful claims on the estate have been satisfied?
A) Remainder beneficiaries
B) Residual beneficiaries
C) Alternate beneficiaries
D) Secondary beneficiaries
Q2) If estate assets are insufficient to pay all claims in full, under the Uniform Probate Code which of the following would be paid first?
A) Reasonable funeral expenses
B) Necessary medical and hospital expenses of the last illness of the decedent
C) Unsecured debts
D) The costs and expenses of administration of the estate
Q3) Which type of trust is created pursuant to a will?
A) A testamentary trust
B) A Crummey trust
C) A generation-skipping trust
D) A life estate trust
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