Question 1

Government-wide statements use the:

Accepted Answer

A)  current financial resources measurement focus and accrual basis of accounting. 
B)  economic resources measurement focus and modified accrual basis of accounting. 
C)  economic resources measurement focus and accrual basis of accounting. 
D)  none of the above. 
A)  current financial resources measurement focus and accrual basis of accounting. 
B)  economic resources measurement focus and modified accrual basis of accounting. 
C)  economic resources measurement focus and accrual basis of accounting. 
D)  none of the above.

Question 2

What are Enterprise funds used for?

Accepted Answer

A)  To account for pension and employee benefit funds for which the governmental unit is the trustee. 
B)  To account for most of the basic services provided by the governmental units. 
C)  To account for resources provided primarily through the use of sales and service charges to parties external to the government. 
D)  To report resources that are legally restricted so only earnings, not principal, may be expended, and for purposes to benefit the government and its citizenry 
A)  To account for pension and employee benefit funds for which the governmental unit is the trustee. 
B)  To account for most of the basic services provided by the governmental units. 
C)  To account for resources provided primarily through the use of sales and service charges to parties external to the government. 
D)  To report resources that are legally restricted so only earnings, not principal, may be expended, and for purposes to benefit the government and its citizenry

Question 3

For most state and local governments,the budget,when adopted according to procedures specified by state laws,is not binding upon the administrators of a governmental unit.

Accepted Answer

A) True 
 B)False

Question 4

Depreciation on capital assets is not included as an expense in the Statement of Revenues,Expenses,and Changes in Fund Net Position in the proprietary fund financial statements

Accepted Answer

A) True 
 B)False

Question 5

Level "A" GAAP for The University of Virginia,a public institution,would be established by the:

Accepted Answer

A)  Financial Accounting Standards Board. 
B)  Governmental Accounting Standards Board. 
C)  American Institute of Certified Public Accountants. 
D)  National Association of College and University Business Officers. 
A)  Financial Accounting Standards Board. 
B)  Governmental Accounting Standards Board. 
C)  American Institute of Certified Public Accountants. 
D)  National Association of College and University Business Officers.

Question 6

The term "proprietary funds" applies to:

Accepted Answer

A)  all funds that use accrual accounting. 
B)  enterprise and internal service funds only. 
C)  enterprise, internal service, and private-purpose trust funds. 
D)  none of the above answers are correct. 
A)  all funds that use accrual accounting. 
B)  enterprise and internal service funds only. 
C)  enterprise, internal service, and private-purpose trust funds. 
D)  none of the above answers are correct.

Question 7

The economic resource measurement focus and accrual basis of measurement is an important feature of government-wide financial statements.

Accepted Answer

A) True 
 B)False

Question 8

According to FASB standards relating to Budgetary Accounting,the accounting system should provide the basis for appropriate budgetary control.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following statement(s)are not included in the proprietary funds for a government entity:

Accepted Answer

A)  Statement of Revenues, Expenditures, and Changes in Fund Balances 
B)  Statement of Cash Flows 
C)  Statement of Net Position 
D)  All of the above are included 
A)  Statement of Revenues, Expenditures, and Changes in Fund Balances 
B)  Statement of Cash Flows 
C)  Statement of Net Position 
D)  All of the above are included

Question 10

The _______ sets the accounting and financial reporting standards for both state and local governments and public not-for-profits.

Accepted Answer

A)  FASAB 
B)  FASB 
C)  GASB 
D)  AICPA 
A)  FASAB 
B)  FASB 
C)  GASB 
D)  AICPA

Question 11

Under the accrual basis of accounting,revenues are recognized when measurable and available to finance expenditures of the current period.

Accepted Answer

A) True 
 B)False

Question 12

The GASB recently published a white paper which identifies five environmental differences between governments and for-profit enterprises.

Accepted Answer

A) True 
 B)False

Government-wide statements use the:

What are Enterprise funds used for?

For most state and local governments,the budget,when adopted according to procedures specified by state laws,is not binding upon the administrators of a governmental unit.

Depreciation on capital assets is not included as an expense in the Statement of Revenues,Expenses,and Changes in Fund Net Position in the proprietary fund financial statements

Level "A" GAAP for The University of Virginia,a public institution,would be established by the:

The term "proprietary funds" applies to:

The economic resource measurement focus and accrual basis of measurement is an important feature of government-wide financial statements.

According to FASB standards relating to Budgetary Accounting,the accounting system should provide the basis for appropriate budgetary control.

Which of the following statement(s)are not included in the proprietary funds for a government entity:

The _______ sets the accounting and financial reporting standards for both state and local governments and public not-for-profits.

Under the accrual basis of accounting,revenues are recognized when measurable and available to finance expenditures of the current period.

The GASB recently published a white paper which identifies five environmental differences between governments and for-profit enterprises.

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Funds, Inter-fund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Special-Purpose Entities Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters

Exam 1: Introduction to Accounting and Financial Reporting for Governmental and Not-For-Profit Organizations

Government-wide statements use the:

What are Enterprise funds used for?

For most state and local governments,the budget,when adopted according to procedures specified by state laws,is not binding upon the administrators of a governmental unit.

Depreciation on capital assets is not included as an expense in the Statement of Revenues,Expenses,and Changes in Fund Net Position in the proprietary fund financial statements

Level "A" GAAP for The University of Virginia,a public institution,would be established by the:

The term "proprietary funds" applies to:

The economic resource measurement focus and accrual basis of measurement is an important feature of government-wide financial statements.

According to FASB standards relating to Budgetary Accounting,the accounting system should provide the basis for appropriate budgetary control.

Which of the following statement(s)are not included in the proprietary funds for a government entity:

The _______ sets the accounting and financial reporting standards for both state and local governments and public not-for-profits.

Under the accrual basis of accounting,revenues are recognized when measurable and available to finance expenditures of the current period.

The GASB recently published a white paper which identifies five environmental differences between governments and for-profit enterprises.

Overview of Financial Reporting for State and Local Governments

Modified Accrual Accounting: Including the Role of Fund Balances and Budgetary Authority

Accounting for the General and Special Revenue Funds

Accounting for Other Governmental Fund Types: Capital Projects, Debt Service, and Permanent

Proprietary Funds

Fiduciary Funds, Inter-fund Transactions

Government-Wide Statements: Capital Assets; Long-Term Debt

Accounting for Special-Purpose Entities Including Public Colleges and Universities

Accounting for Private Not-For-Profit Organizations

College and University Accounting Private Institutions

Accounting for Hospitals and Other Health Care Providers

Auditing, Tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters