ACCT 2050 ~ Governmental Accounting Final Exam Study Guide

Time Limit: 2 hours

Bring: Calculator (cannot be a cell phone, iPod, iPad, etc.)

Pencil

Format: The Final Exam includes both multiple choice and working problems (the
same format as our interim exams).

Time-Saving: In order to save time while taking the final, use abbreviations for account
names, financial statement titles, etc. and no journal entry explanations are
required!

Review: Interim Tests (in the Accounting Lab); Quizzes (in Canvas); Homework
(focusing on the concepts/topics listed below)!

The test is a comprehensive test; however 15-weeks of information can’t all be included in
a 2-hour final. Therefore with regards to the working problems, concepts covered (i.e.
journal entries, statements, etc.) will be for those concepts that were included in more
than one chapter. The Summary Problem found in the middle of Ch. 5 is an excellent
review!

Journal entries for the following:

 Budget
 Property taxes (levied, collections, & deferral at period-end)
 Other taxes/revenues (cash-basis collections)
 Accounting for grants (unearned/deferred when originally received; earned when
expenditures are incurred)
 Encumbering process (encumbering and then unencumbering & expending)

Financial Statements: (Ch. 5 & 6 governmental-type funds focus)

1) formulas
2) which accounts go on which statement (and where)

Theory: (Ch. 1, 2, & 9 focus)

What are the 3 broad categories of funds? Name the funds within each category?
What are the differences between the 3 categories of funds?
What financial statements do each of these funds prepare?
What financial statements are required for government-wide statements?
Which funds use the modified accrual basis of accounting versus the accrual basis of
accounting?

Study hard! I know you can do it!