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Pre-Test Results
Pre-Test Results
Accounting Pre-Test
Accounting Pre-Test
Question
Correct Response
Your Response
What is the primary purpose of a chart of accounts?
Which of the following is an asset?
What is the normal balance of a liability account?
To organize accounts for recording financial transactions
Accounts Receivable
Credit
Vendor invoices should be recorded in A/P even if they are not yet approved for
payment.
payment.
Accounts Receivable represents money owed to the Tribe.
A credit memo from a vendor reduces the amount you owe them.
False
True
True
When payroll is processed, what three main types of withholdings are usually deducted from employees’ gross pay?
If an employee is overpaid, which accounts are typically affected when recording the
correction?
correction?
Provide a simple journal entry for paying bi-weekly salaries of $20,000 from the bank.
Taxes, retirement, insurance (typical)
Payroll expense, payroll liabilities/cash
Debit Salaries Expense 20,000 / Credit Cash 20,000
The General Fund is used to:
If grant funds are restricted for a specific purpose, they should be:
At year-end, unspent funds are usually carried forward in which account?
Track all unrestricted operating activity
Recorded in a separate fund or account
Fund Balance
You receive a $5,000 vendor invoice for office supplies. What is the debit and credit entry?
The Tribe receives $25,000 from the federal government for a health grant. Which account(s) would be credited?
Bank reconciliation: If the bank statement shows a $200 service fee not yet recorded, what is the journal entry?
Debit Office Supplies 5,000 / Credit Accounts Payable 5,000
Credit Grant Revenue or Deferred Revenue
Debit Bank Fees Expense 200 / Credit Cash 200
[You receive a $5,000 vendor invoice for office supplies. What is the debit and credit entry?]
GASB/Fund Accounting Pre-Test
GASB/Fund Accounting Pre-Test
Question
Correct Response
Your Response
In fund accounting, what is the primary purpose of using separate funds?
Which of the following is considered a governmental fund?
The General Fund is best described as:
To segregate resources according to restrictions or purposes
General Fund
The main operating fund of the government
GASB standards are designed specifically for private corporations.
GASB requires governments to present both government-wide and fund financial
statements.
statements.
Proprietary funds use accrual accounting, while governmental funds typically use
modified accrual.
modified accrual.
False
True
True
[Proprietary funds use accrual accounting, while governmental funds typically use modified accrual.]
A Tribe receives a federal grant that must be spent on health programs. Which type of fund should this be recorded in, and why?
If a Tribe wants to build a new community center using restricted funds from the
Council, which financial statement would show the revenues and expenditures for that project?
Council, which financial statement would show the revenues and expenditures for that project?
When tracking casino revenue that is transferred to the Tribal Government, what accounting considerations should be made to ensure compliance with GASB?
Special Revenue Fund – restricted use
Capital Projects Fund Statement
Follow fund restrictions, proper transfer accounting
[When tracking casino revenue that is transferred to the Tribal Government, what accounting considerations should be made to ensure compliance with GASB?]
Under modified accrual, when should revenue be recognized?
Provide the journal entry to record payroll expense of $10,000, where $1,500 is
withheld for federal taxes.
withheld for federal taxes.
Which financial statement includes Changes in Fund Balance and what does that section represent?
When measurable and available
Debit Payroll Expense 10,000 / Credit Cash 8,500 / Credit Payroll Liabilities 1,500
Statement of Revenues, Expenditures, and Changes in Fund Balance
[Which financial statement includes Changes in Fund Balance and what does that section represent?]
Explain the difference between a major fundand a nonmajor fund.
GASB 87 relates to what topic, and how does it affect Tribal financial reporting?
How is the reconciliation between fund financial statements and government-wide statements presented?
Major fund is significant in size/importance; nonmajor is smaller/combined
Major fund is significant in size/importance; nonmajor is smaller/combined
Presented as a reconciliation schedule
[Explain the difference between a "major fund" and "nonmajor fund".]
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