Question 1

Fiduciary funds are to use the:

Accepted Answer

A)  economic resources measurement focus and accrual basis of accounting. 
B)  current financial resources measurement focus and accrual basis of accounting. 
C)  economic resources measurement focus and modified accrual basis of accounting. 
D)  none of the above, the fiduciary funds have no revenues. 
A)  economic resources measurement focus and accrual basis of accounting. 
B)  current financial resources measurement focus and accrual basis of accounting. 
C)  economic resources measurement focus and modified accrual basis of accounting. 
D)  none of the above, the fiduciary funds have no revenues.

Question 2

Which of the following is an objective of federal financial reporting?

Accepted Answer

A)  Budgetary Integrity 
B)  Operating Performance 
C)  Stewardship 
D)  All of the above 
A)  Budgetary Integrity 
B)  Operating Performance 
C)  Stewardship 
D)  All of the above

Question 3

The ___________ is the government's official annual report prepared and published as a matter of public record.

Accepted Answer

A)  comprehensive annual financial report 
B)  governmental annual financial report 
C)  independent auditor's report 
D)  complete audited financial report 
A)  comprehensive annual financial report 
B)  governmental annual financial report 
C)  independent auditor's report 
D)  complete audited financial report

Question 4

In order for a fund to exist,there must be

Accepted Answer

A)  assets set aside for specific purposes. 
B)  a separate revenue stream. 
C)  a double-entry accounting entity. 
D)  A and C are correct. 
A)  assets set aside for specific purposes. 
B)  a separate revenue stream. 
C)  a double-entry accounting entity. 
D)  A and C are correct.

Question 5

A city government collects local option sales taxes legally restricted to pay for the construction of a new courthouse.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

Question 6

The fund statements for governmental funds are presented using the

Accepted Answer

A)  Economic Resources Measurement focus and the Accrual Basis of Accounting 
B)  Current Financial Resources Measurement focus and the Modified Accrual Basis of Accounting 
C)  Current Financial Resources Measurement focus and the Accrual Basis of accounting 
D)  Economic Resources Measurement focus and the Modified Accrual Basis of Accounting 
A)  Economic Resources Measurement focus and the Accrual Basis of Accounting 
B)  Current Financial Resources Measurement focus and the Modified Accrual Basis of Accounting 
C)  Current Financial Resources Measurement focus and the Accrual Basis of accounting 
D)  Economic Resources Measurement focus and the Modified Accrual Basis of Accounting

Question 7

Which of the following is not a fiduciary fund type?

Accepted Answer

A)  Agency. 
B)  Expendable trust. 
C)  Private-purpose trust. 
D)  Investment trust. 
A)  Agency. 
B)  Expendable trust. 
C)  Private-purpose trust. 
D)  Investment trust.

Question 8

What is the significance of a budget to a government?

Accepted Answer

A)  Used primarily as a planning resource 
B)  Budgets are not used by governments 
C)  Budgets carry the full authority of the law 
D)  None of the above 
A)  Used primarily as a planning resource 
B)  Budgets are not used by governments 
C)  Budgets carry the full authority of the law 
D)  None of the above

Question 9

Which of the following is a governmental fund?

Accepted Answer

A)  Special revenue 
B)  Enterprise 
C)  Agency 
D)  Internal service 
A)  Special revenue 
B)  Enterprise 
C)  Agency 
D)  Internal service

Question 10

Although certain supplementary information may not be required,if presented,it must follow GASB guidance regarding its format and content.

Accepted Answer

A) True 
 B)False

Question 11

The ______ Fund accounts for and reports the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purpose other than debt service or capital projects.

Accepted Answer

A)  Special Revenue 
B)  General 
C)  Enterprise 
D)  Agency 
A)  Special Revenue 
B)  General 
C)  Enterprise 
D)  Agency

Question 12

FASAB,GASB and FASB standards are set forth primarily in documents called statements.

Accepted Answer

A) True 
 B)False

Question 13

A fund represents part of the activities of an organization which is separated from other activities in the accounting records to more easily demonstrate compliance with legal restrictions or limitations.

Accepted Answer

A) True 
 B)False

Question 14

GASB Concepts Statement No.3,Communication Methods in General Purpose External Financial Reports that Contain Basic Financial Statements,states that

Accepted Answer

A)  notes to the financial statements may include management's objective explanations. 
B)  required supplementary information must be objective and may not include predictions or subjective assessments. 
C)  disclosure in the notes is not an adequate substitute for recognition in the financial statements. 
D)  All of the above are correct. 
A)  notes to the financial statements may include management's objective explanations. 
B)  required supplementary information must be objective and may not include predictions or subjective assessments. 
C)  disclosure in the notes is not an adequate substitute for recognition in the financial statements. 
D)  All of the above are correct.

Question 15

Which of the following statement(s)are not included in the proprietary funds?

Accepted Answer

A)  Statement of Revenues, Expenses, and Changes in Net Assets 
B)  Statement of Cash Flows 
C)  Balance Sheet 
D)  All of the above are included 
A)  Statement of Revenues, Expenses, and Changes in Net Assets 
B)  Statement of Cash Flows 
C)  Balance Sheet 
D)  All of the above are included

Question 16

Depreciation on capital assets is 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 17

Which of the following is an environmental difference between governments and for-profit business enterprises?

Accepted Answer

A)  Relationship with stakeholders 
B)  Donor restricted assets 
C)  Fiduciary responsibilities 
D)  Private inurement of residual earnings 
A)  Relationship with stakeholders 
B)  Donor restricted assets 
C)  Fiduciary responsibilities 
D)  Private inurement of residual earnings

Question 18

Which of the following is not one of the information needs of users of non-business financial statements according to FASB's Statement of Financial Accounting Concepts No.4?
A. Providing information that is useful to present and potential resource providers in making decisions about the allocation of resources.
B. Providing information that is useful to present and potential resource providers in assessing the services that a non-business organization provides and its ability to continue to provide those services.
C. Providing information that is useful to present and potential resource providers in assessing management's stewardship and performance.
D. Providing information that is useful to present and potential resource providers in evaluating an organization's service efforts and accomplishments.

Accepted Answer

The answer of Which of the following is not one...

Question 19

In its Statement of Financial Accounting Concepts #4,the FASB identifies the information needs of the users of non-business financial statements.These include providing information that is useful to present and potential resource providers in which four evaluation areas?

Accepted Answer

A)Making decisions about the allocation

Question 20

Which of the following is not of the information needs of users of non-business financial statements according to FASB's Statement of Financial Accounting Concepts No.4?

Accepted Answer

A)  Providing information that is useful to recipients of services provided by the non-business organizations. 
B)  Providing information that is useful to present and potential resource providers in assessing the services that a non-business organization provides and its ability to continue to provide those services. 
C)  Providing information that is useful to present and potential resource providers in assessing management's stewardship and performance. 
D)  Providing information that is useful to present and potential resource providers in evaluating an organization's economic resource, obligations and effects of changes in net resources. 
A)  Providing information that is useful to recipients of services provided by the non-business organizations. 
B)  Providing information that is useful to present and potential resource providers in assessing the services that a non-business organization provides and its ability to continue to provide those services. 
C)  Providing information that is useful to present and potential resource providers in assessing management's stewardship and performance. 
D)  Providing information that is useful to present and potential resource providers in evaluating an organization's economic resource, obligations and effects of changes in net resources.

Fiduciary funds are to use the:

Which of the following is an objective of federal financial reporting?

The ___________ is the government's official annual report prepared and published as a matter of public record.

In order for a fund to exist,there must be

A city government collects local option sales taxes legally restricted to pay for the construction of a new courthouse.Which fund should account for the receipt of the sales taxes?

The fund statements for governmental funds are presented using the

Which of the following is not a fiduciary fund type?

What is the significance of a budget to a government?

Which of the following is a governmental fund?

Although certain supplementary information may not be required,if presented,it must follow GASB guidance regarding its format and content.

The ______ Fund accounts for and reports the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purpose other than debt service or capital projects.

FASAB,GASB and FASB standards are set forth primarily in documents called statements.

A fund represents part of the activities of an organization which is separated from other activities in the accounting records to more easily demonstrate compliance with legal restrictions or limitations.

GASB Concepts Statement No.3,Communication Methods in General Purpose External Financial Reports that Contain Basic Financial Statements,states that

Which of the following statement(s)are not included in the proprietary funds?

Depreciation on capital assets is included as an expense in the Statement of Revenues,Expenses,and Changes in Fund Net Assets in the proprietary fund financial statements.

Which of the following is an environmental difference between governments and for-profit business enterprises?

In its Statement of Financial Accounting Concepts #4,the FASB identifies the information needs of the users of non-business financial statements.These include providing information that is useful to present and potential resource providers in which four evaluation areas?

Which of the following is not of the information needs of users of non-business financial statements according to FASB's Statement of Financial Accounting Concepts No.4?

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

Fiduciary funds are to use the:

Which of the following is an objective of federal financial reporting?

The ___________ is the government's official annual report prepared and published as a matter of public record.

In order for a fund to exist,there must be

A city government collects local option sales taxes legally restricted to pay for the construction of a new courthouse.Which fund should account for the receipt of the sales taxes?

The fund statements for governmental funds are presented using the

Which of the following is not a fiduciary fund type?

What is the significance of a budget to a government?

Which of the following is a governmental fund?

Although certain supplementary information may not be required,if presented,it must follow GASB guidance regarding its format and content.

The ______ Fund accounts for and reports the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purpose other than debt service or capital projects.

FASAB,GASB and FASB standards are set forth primarily in documents called statements.

A fund represents part of the activities of an organization which is separated from other activities in the accounting records to more easily demonstrate compliance with legal restrictions or limitations.

GASB Concepts Statement No.3,Communication Methods in General Purpose External Financial Reports that Contain Basic Financial Statements,states that

Which of the following statement(s)are not included in the proprietary funds?

Depreciation on capital assets is included as an expense in the Statement of Revenues,Expenses,and Changes in Fund Net Assets in the proprietary fund financial statements.

Which of the following is an environmental difference between governments and for-profit business enterprises?

In its Statement of Financial Accounting Concepts #4,the FASB identifies the information needs of the users of non-business financial statements.These include providing information that is useful to present and potential resource providers in which four evaluation areas?

Which of the following is not of the information needs of users of non-business financial statements according to FASB's Statement of Financial Accounting Concepts No.4?

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