Which of the following is not a characteristic
of a fund as defined by GASB standards?
A. an accounting entity
B. a segregated quantity of cash and other financial resources on deposit with a designated trustee.
C. a fiscal entity
D. A self balancing set of accounts'
a segregated quantity of cash and other financial resources on deposit with a designated trustee.
The GASB has identified which of the following as the "cornerstone" of all financial reporting in government?
A Understandability
B. Representational faithfulness
C. Accountability
D. Visibility
C. Accountability
the types of funds that may be used in governmental accounting are classified into the categories of activities performed by governments.
B. governmental, proprietary, and fiduciary
The government-wide financial statements are intended to report on___________
D. financial resources and operational accountability
The dual track includes
D. fund track and the gov.-wide track
An example of other financing sources would be
A Grants for capital improvements
B. Proceeds of the sale of bonds
C. Sales of tax anticipation notes
B. Proceeds of the sale of bonds
In governmental financial reporting the internal service fund is included in
A business types activities
B Governmental activities
C Governmental funds
D. Governmental activities and Governmental funds
D. Governmental activities and Governmental funds
The measurement focus of economic resources is related to
A. governmental activities financial statements
B, Business-type activities financial statements
C. fiduciary funds financial statements
D. governmental activities financial statements and Business-type activities financial statements
D. governmental activities financial statements and Business-type activities financial statements
When equipment that to be used by an activity accounted for by the General Fund of a government is received should be recorded in the General Fund as
B. expenditure
In governmental financial reporting the fiduciary funds are included in the
A. fund financial statements
The inancial results of blended components are include in
C. both
The section of the comprehensive annual financial report that presets tables and charts showing social and economic data in addition to financial trends and the fiscal capacity o the government is the
B. management discussion and analysis section
___________ refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden or services previously provided
C. interperiod equity
Recognizing revenues when measurable and available for paying current obligations and expenditures when incurred describes which basis of accounting
C. modified accrual
estimated revenues has a
a. credit balance
b. debit balance
a. credit balance
when a vehicle is ordered by a government, the purchase order should be recorded I the General Fund as a debit to
B. encumbrances
In accounting for state and local governments the modified accrual basis is recommended for
C. governmental fund only
when the budget of a government is adopted and Estimated Revenues exceed Appropriations, the excess is
A. credited to fund balance
which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund occurs first
A. appropriation
An example of a proprietary fund is an
C. internal service fund
When the budget of a government is recorded and Appropriations exceed Estimated Revenues, the Fund Balance account is
D. Debited at the beginning of the year and credited at the end of the year.
The expenditures control account of a government is debited when
A. supplies previously encumbered are received
The General Fund has transferred cash to the appropriate fund for eventual retirement of term bonds maturing in 10 years. Which funds would record this transaction
B. General Fund: yes; Capital Projects Fund: No; Debt Service Fund: Yes
When supplies ordered for use in an activity accounted for in the General Fund of a government are received at an actual price that is more than the estimated price on the purchase order, the Encumbrance account is
a.Debited for the estimated price on the purchase order.
b. Credited for the actual price for the supplies received
b. Credited for the actual price for the supplies received
The responsibility of governments to justify that their actions in the current period have complied with public decisions concerning the raising and spending of public monies in the short-term is know as
D. Fiscal accountability
General capital assets used by departments accounted for by the General Fund of a governmental unit should be capitalized in
B. The governmental activities journal
Which of the following funds is a governmental fund-type
C. Permanent fund
In accounting for state and local governments the modified accrual basis is recommended for
D. Proprietary and fiduciary funds
The modified accrual basis of accounting applicable to governmental fund types requires that revenues be recognized when
A. Measurable and available
Which of the following is not a characteristic of a fund as defined by GASB standards
D. A segregated quantity of cash and other financial resources on deposit with a designated trustee
The correct term for the liabilities in a governmental fund statement would be
C. Fund liabilities
The accounting system used by a state or local government must make it possible
C. To present fairly the financial position and results of financial operations of the government as a whole, as well as fund financial activity in conformity with GAAP, and to demonstrate compliance with finance-related legal and contractual provisions.
On what should the government-wide financial statement report?
D. All of the above
The fund financial statements funds should include a
A. Balance sheet for governmental funds
Government-wide financial statements present the government's financial position using
A. Economic resources measurement focus/accrual basis of accounting
Which of the following are reported in the functions/programs section of the statement of activities at the government-wide level where they reduce the net expense of each function or program to produce a net revenue?
B. Program revenues
Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund occurs first
C. Appropriation
Accountability for capital assets used by departments accounted for by the governmental funds of a government should be established in
C. The governmental activities accounts at the government-wide level.
Which of the following funds of a government uses the modified accrual basis of accounting
A. Capital projects
Which of the following is not true for capital projects funds
C. GASB standards require that construction work in progress be capitalized in the capital projects funds until the project is completed.
Interest expenditures on bonds payable should be recorded in a debt service fund
C. When legally payable
The liability for general obligation bonds should be recorded in
B. Governmental activities journal
Proceeds from general obligation bonds should be recorded in the
B. Capital project fund
Debt service funds are used to account for which of the following
B. Payment of principal and interest on general long-term debt
Which of the following funds of a government would account for depreciation in the accounts of the fund
D. Internal service
Under utility regulatory accounting principles (RAP), the account "Utility Plant Acquisition Adjustment" reflects
B. The difference between the amount paid for utility plant and the amount originally paid by the utility that first placed the plant into public service, less accumulated depreciation
For which of the following assets can the "modified approach" be elected in lieu of depreciation
B. Eligible infrastructure assets.
Government-wide financial statements present the government's financial position using
A. Economic resources measurement focus/accrual basis of accounting
The term that is defined as determining whether current- year revenues are sufficient to pay for the services provided that year and whether future taxpayers will be required to assume burdens for services previously provided
A. Interperiod equity
The measurement focus for the governmental funds is _________
D. Current financial resources
The GASB reporting model requires, among other characteristic, that account system
