Exam 18: Introduction to Accounting for State and Local Governmental Units

Which of the following funds frequently does not have a fund balance?

It is proper to recognize revenues or expenditures resulting from which of the following classifications of interfund activity?

What is the underlying reason a governmental unit uses separate funds to account for its transactions?

Repayments from the funds responsible for a particular expenditure to the funds that initially paid for them are interfund

Revenues of a special revenue fund of a governmental unit should be recognized in the period in which the

The liability for general obligation long-term debt is reported in the

The activities of a municipal airport should be accounted for in the

Which of the following funds of a governmental unit recognizes revenues and expenditures under the same basis of accounting as the general fund?

A nonrecurring contribution from the General Fund to the Enterprise Fund is an example of an interfund

Encumbrances would not appear in which fund?

One of the differences between accounting for a governmental unit and a commercial unit is that a governmental unit should

A city should record depreciation as an expense in its

All of the following are Governmental (Expendable) Fund Entities except the

Which of the following is not a budgetary account?

For state and local government units, the full accrual basis of accounting should be used for what type of fund?

Fixed assets and noncurrent liabilities are accounted for in the records of

Internal Service Fund billings to government departments for services rendered is an example of interfund

The activities of a central computer facility should be accounted for in the

An interfund transfer should be reported in a governmental fund operating statement as a(n):

Which of the following should be accrued as revenues by the general fund of a local government?