Question 1

Under GAAP, investment income for governments must include

Accepted Answer

A) only dividends and interest received during the period. 
B) only dividends and interest earned during the period. 
C) only realized gains and losses. 
D) dividends and interest received during the period and both realized and unrealized gains and losses 
A) only dividends and interest received during the period. 
B) only dividends and interest earned during the period. 
C) only realized gains and losses. 
D) dividends and interest received during the period and both realized and unrealized gains and losses

Question 2

A city levies a 2 percent sales tax that is collected for them by the state.Sales taxes must be remitted by the merchants to the state by the 20th day of the month following the month in which the sale occurred.The state has a policy of remitting sales taxes to the city within 30 days of collection by the state.Cash received by the state related to sales taxes is as follows:   Assuming the city uses the same period to define "available" as the maximum period allowable for property taxes, what amount should it recognize as sales tax revenue in its governmental fund financial statements for the fiscal year ended 12/31/14?

Accepted Answer

A) $430. 
B) $530. 
C) $540. 
D) $550. 
A) $430. 
B) $530. 
C) $540. 
D) $550.

Under GAAP, investment income for governments must include

The Government and Not-For-Profit Environment

Fund Accounting

Issues of Budgeting and Control

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Pensions and Other Fiduciary Activities

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Auditing Governments and Notforprofit Organizations

Federal Government Accounting

Filters

Exam 4: Recognizing Revenues in Governmental Funds

Under GAAP, investment income for governments must include

The Government and Not-For-Profit Environment

Fund Accounting

Issues of Budgeting and Control

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Pensions and Other Fiduciary Activities

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Auditing Governments and Notforprofit Organizations

Federal Government Accounting

Filters