Question 1

Which of the following funds is considered a Fiduciary Fund?

Accepted Answer

A)  Debt Service Fund 
B)  Enterprise Fund 
C)  Internal Service Fund 
D)  Agency Fund 
A)  Debt Service Fund 
B)  Enterprise Fund 
C)  Internal Service Fund 
D)  Agency Fund

Question 2

Which of the following organizations has authority to establish accounting and financial reporting standards for the federal government?

Accepted Answer

A)  Federal Accounting Standards Advisory Board. 
B)  Office of Management and Budget. 
C)  Governmental Accounting Standards Board. 
D)  None of the above; no one has been granted authority to set standards for the federal government 
A)  Federal Accounting Standards Advisory Board. 
B)  Office of Management and Budget. 
C)  Governmental Accounting Standards Board. 
D)  None of the above; no one has been granted authority to set standards for the federal government

Question 3

What are the definitions of the following elements as outlined by GASB Concepts Statement No.4,Elements of Financial Statements?
Assets
Liabilities
Net Position
Inflows of resources
Outflows of resources

Accepted Answer

Assets: Resources with present service c

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

In order for a fund to exist,there must be:

Accepted Answer

A)  A fiscal entity; assets set aside for a specific purpose 
B)  A double-entry accounting entity 
C)  Both A & B are required 
D)  A & B are optional and not required 
A)  A fiscal entity; assets set aside for a specific purpose 
B)  A double-entry accounting entity 
C)  Both A & B are required 
D)  A & B are optional and not required

Question 6

The term "proprietary funds" applies to:

Accepted Answer

A)  enterprise and internal service funds. 
B)  pension, investment trust and enterprise funds. 
C)  enterprise, internal service, and private-purpose trust funds. 
D)  none of the above answers are correct. 
A)  enterprise and internal service funds. 
B)  pension, investment trust and enterprise funds. 
C)  enterprise, internal service, and private-purpose trust funds. 
D)  none of the above answers are correct.

Question 7

Which of the following is true regarding fund classifications?

Accepted Answer

A)  Governmental funds include the General, special revenue, debt service, capital projects, and permanent. 
B)  Proprietary funds include enterprise, internal service, and private-purpose. 
C)  Both of the above. 
D)  None of the above. 
A)  Governmental funds include the General, special revenue, debt service, capital projects, and permanent. 
B)  Proprietary funds include enterprise, internal service, and private-purpose. 
C)  Both of the above. 
D)  None of the above.

Question 8

An organization is presumed to be governmental if it has the ability to issue directly debt that is exempt from federal taxes.

Accepted Answer

A) True 
 B)False

Question 9

A government may have __________________ General Fund(s)in a given year.

Accepted Answer

A)  As many as needed 
B)  Only one 
C)  The number will vary depending on the needs of the government. 
D)  None of the above. 
A)  As many as needed 
B)  Only one 
C)  The number will vary depending on the needs of the government. 
D)  None of the above.

Question 10

According to GASB standards relating to Budgetary Accounting,budgetary comparisons should not be included in the appropriate financial statements or schedules for governmental funds for which an annual budget has been adopted.

Accepted Answer

A) True 
 B)False

Question 11

List and define the five classifications of governmental funds.

Accepted Answer

1.General Fund This fund accounts for mo

Question 12

The term "proprietary funds" applies to:

Accepted Answer

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

Question 13

One objective of the Governmental Accounting Standards Board is to help users determine compliance with finance-related laws,rules,and regulations.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following fund types does not use modified accrual accounting?

Accepted Answer

A)  Debt Service 
B)  Special Revenue 
C)  Agency 
D)  Permanent 
A)  Debt Service 
B)  Special Revenue 
C)  Agency 
D)  Permanent

Question 15

Comparison of the legally approved budget with actual results of the General Fund is included as part of required supplementary information in the CAFR.

Accepted Answer

A) True 
 B)False

Question 16

The government-wide statements and the fund statements for proprietary funds and fiduciary funds use the economic resources measurement focus and the accrual basis of accounting.

Accepted Answer

A) True 
 B)False

Question 17

According to GASB standards relating to Budgetary Accounting,the budget,when adopted according to procedures specified by state laws,is binding upon the administrators of a governmental unit.

Accepted Answer

A) True 
 B)False

Question 18

Identify the accounting standard setting bodies for U.S.commercial,private not-for-profits,public not-for-profits,state and local governments,and the federal government.

Accepted Answer

Commercial enterprises: The Financial Ac

Question 19

Level "A" GAAP for Cook County Hospital,a public hospital,would be established by the:

Accepted Answer

A)  Governmental Accounting Standards Board. 
B)  Financial Accounting Standards Board. 
C)  Hospital Financial Management Association. 
D)  American Institute of Certified Public Accountants. 
A)  Governmental Accounting Standards Board. 
B)  Financial Accounting Standards Board. 
C)  Hospital Financial Management Association. 
D)  American Institute of Certified Public Accountants.

Question 20

A city government collects local option sales taxes legally restricted to pay for the hiring of teachers for hearing impaired school children.Which fund should account for the receipt of the sales taxes?

Accepted Answer

A)  Special revenue fund 
B)  Capital projects fund 
C)  Private-purpose trust fund 
D)  General fund 
A)  Special revenue fund 
B)  Capital projects fund 
C)  Private-purpose trust fund 
D)  General fund

Which of the following funds is considered a Fiduciary Fund?

Which of the following organizations has authority to establish accounting and financial reporting standards for the federal government?

What are the definitions of the following elements as outlined by GASB Concepts Statement No.4,Elements of Financial Statements? Assets Liabilities Net Position Inflows of resources Outflows of resources

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

In order for a fund to exist,there must be:

The term "proprietary funds" applies to:

Which of the following is true regarding fund classifications?

An organization is presumed to be governmental if it has the ability to issue directly debt that is exempt from federal taxes.

A government may have __________________ General Fund(s)in a given year.

According to GASB standards relating to Budgetary Accounting,budgetary comparisons should not be included in the appropriate financial statements or schedules for governmental funds for which an annual budget has been adopted.

List and define the five classifications of governmental funds.

The term "proprietary funds" applies to:

One objective of the Governmental Accounting Standards Board is to help users determine compliance with finance-related laws,rules,and regulations.

Which of the following fund types does not use modified accrual accounting?

Comparison of the legally approved budget with actual results of the General Fund is included as part of required supplementary information in the CAFR.

The government-wide statements and the fund statements for proprietary funds and fiduciary funds use the economic resources measurement focus and the accrual basis of accounting.

According to GASB standards relating to Budgetary Accounting,the budget,when adopted according to procedures specified by state laws,is binding upon the administrators of a governmental unit.

Identify the accounting standard setting bodies for U.S.commercial,private not-for-profits,public not-for-profits,state and local governments,and the federal government.

Level "A" GAAP for Cook County Hospital,a public hospital,would be established by the:

A city government collects local option sales taxes legally restricted to pay for the hiring of teachers for hearing impaired school children.Which fund should account for the receipt of the sales taxes?

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 Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

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

Which of the following funds is considered a Fiduciary Fund?

Which of the following organizations has authority to establish accounting and financial reporting standards for the federal government?

What are the definitions of the following elements as outlined by GASB Concepts Statement No.4,Elements of Financial Statements? Assets Liabilities Net Position Inflows of resources Outflows of resources

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

In order for a fund to exist,there must be:

The term "proprietary funds" applies to:

Which of the following is true regarding fund classifications?

An organization is presumed to be governmental if it has the ability to issue directly debt that is exempt from federal taxes.

A government may have __________________ General Fund(s)in a given year.

According to GASB standards relating to Budgetary Accounting,budgetary comparisons should not be included in the appropriate financial statements or schedules for governmental funds for which an annual budget has been adopted.

List and define the five classifications of governmental funds.

The term "proprietary funds" applies to:

One objective of the Governmental Accounting Standards Board is to help users determine compliance with finance-related laws,rules,and regulations.

Which of the following fund types does not use modified accrual accounting?

Comparison of the legally approved budget with actual results of the General Fund is included as part of required supplementary information in the CAFR.

The government-wide statements and the fund statements for proprietary funds and fiduciary funds use the economic resources measurement focus and the accrual basis of accounting.

According to GASB standards relating to Budgetary Accounting,the budget,when adopted according to procedures specified by state laws,is binding upon the administrators of a governmental unit.

Identify the accounting standard setting bodies for U.S.commercial,private not-for-profits,public not-for-profits,state and local governments,and the federal government.

Level "A" GAAP for Cook County Hospital,a public hospital,would be established by the:

A city government collects local option sales taxes legally restricted to pay for the hiring of teachers for hearing impaired school children.Which fund should account for the receipt of the sales taxes?

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 Trustfunds

Government-Wide Statements, capital Assets, long-Term Debt

Advanced Topics for State and Local Governments

Accounting for Private Not-For-Profit Organizations

College and University Accounting

Accounting for Hospitals and Other Health Care Providers

Auditing, tax-Exempt Organizations, and Evaluating Performance

Financial Reporting by the Federal Government

Filters