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 o 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