Question 1

In governmental accounting,what term is used for a decrease in financial resources?

Accepted Answer

The approp

Question 2

A city operates a central data processing facility.The expenses of this facility would be accounted for using

Accepted Answer

A) the General Fund 
B) an Enterprise Fund 
C) a Capital Projects Fund 
D) an Agency Fund 
E) an Internal Service Fund 
A) the General Fund 
B) an Enterprise Fund 
C) a Capital Projects Fund 
D) an Agency Fund 
E) an Internal Service Fund

Question 3

When a city received a private donation of $1,000,000 stipulating that the principal donation would be preserved but allowing the interest income to be spent on building a city park with access for disabled children,which fund should the money be recorded in?

Accepted Answer

A) the General Fund. 
B) an Expendable Trust Fund. 
C) a Permanent Fund. 
D) an Agency Fund. 
E) a Special Revenue Fund. 
A) the General Fund. 
B) an Expendable Trust Fund. 
C) a Permanent Fund. 
D) an Agency Fund. 
E) a Special Revenue Fund.

Question 4

On July 1,2008,Fred City ordered $1,500 of office supplies.They were to be paid for out of the General Fund.
Required:
(A. )What journal entry was required for the Fund-Based Statements?
(B. )What journal entry was required for the Government-Wide Statements?

Accepted Answer

(A. )For the Fund-Based Statements,an en

Question 5

Revenue from property taxes should be recorded in the General Fund

Accepted Answer

A) when received. 
B) in the period for which the taxes are levied. 
C) at the time of eligibility. 
D) when they are available for recognition. 
E) in the period in which they are consumed. 
A) when received. 
B) in the period for which the taxes are levied. 
C) at the time of eligibility. 
D) when they are available for recognition. 
E) in the period in which they are consumed.

Question 6

Generally,annual budgets are recorded within the following funds:

Accepted Answer

A) General fund and special revenue funds. 
B) Capital projects funds and debt service fund. 
C) Enterprise funds and internal service funds. 
D) General Fund and Pension Trust Fund. 
E) Agency Funds and General Fund. 
A) General fund and special revenue funds. 
B) Capital projects funds and debt service fund. 
C) Enterprise funds and internal service funds. 
D) General Fund and Pension Trust Fund. 
E) Agency Funds and General Fund.

Question 7

Fiduciary funds are

Accepted Answer

A) Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B) Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C) Funds used to account for monies held by the government in a trustee capacity. 
D) Funds used to account for all financial resources except those required to be accounted for in another fund. 
E) Funds used to account for revenues that have been legally restricted as to expenditure. 
A) Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B) Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C) Funds used to account for monies held by the government in a trustee capacity. 
D) Funds used to account for all financial resources except those required to be accounted for in another fund. 
E) Funds used to account for revenues that have been legally restricted as to expenditure.

Question 8

A new truck was ordered for the sanitation department at a cost of $122,200 on September 3,2008.
Required:
(A. )Prepare the required journal entry in the General Fund for the Fund-Based Financial Statements.
(B. )Prepare the required journal entry for the Government-Wide Financial Statements.

Accepted Answer

The answer of A new truck was ordered for the...

Question 9

Under modified accrual accounting,when should revenues be reported by a governmental-type fund?

Accepted Answer

Under modified accrual accounting,revenu

Question 10

Which standard issued by the Governmental Accounting Standards Board in 1999 significantly modified fund accounting and created "a second group of financial statements based on an entirely different approach to financial reporting"?

Accepted Answer

A) GASB Statement No.32. 
B) GASB Statement No.33. 
C) GASB Statement No.34. 
D) GASB Statement No.35. 
E) GASB Statement No.36. 
A) GASB Statement No.32. 
B) GASB Statement No.33. 
C) GASB Statement No.34. 
D) GASB Statement No.35. 
E) GASB Statement No.36.

Question 11

According to GASB Concepts Statement No.1,what are the three groups of primary users of external state and local governmental financial reports?

Accepted Answer

A) The Securities Exchange Commission,the citizenry,and legislative and oversight bodies. 
B) The Securities Exchange Commission,legislative and oversight bodies,and investors and creditors. 
C) The Securities Exchange Commission,the citizenry,and investors and creditors. 
D) The citizenry,legislative and oversight bodies,and investors and creditors. 
E) The citizenry,management,and the Governmental Accounting Office. 
A) The Securities Exchange Commission,the citizenry,and legislative and oversight bodies. 
B) The Securities Exchange Commission,legislative and oversight bodies,and investors and creditors. 
C) The Securities Exchange Commission,the citizenry,and investors and creditors. 
D) The citizenry,legislative and oversight bodies,and investors and creditors. 
E) The citizenry,management,and the Governmental Accounting Office.

Question 12

For a government,what kind of operations are accounted for using a proprietary fund? Give three examples.

Accepted Answer

A proprietary fund is used to account fo

In governmental accounting,what term is used for a decrease in financial resources?

A city operates a central data processing facility.The expenses of this facility would be accounted for using

When a city received a private donation of $1,000,000 stipulating that the principal donation would be preserved but allowing the interest income to be spent on building a city park with access for disabled children,which fund should the money be recorded in?

On July 1,2008,Fred City ordered $1,500 of office supplies.They were to be paid for out of the General Fund. Required: (A. )What journal entry was required for the Fund-Based Statements? (B. )What journal entry was required for the Government-Wide Statements?

Revenue from property taxes should be recorded in the General Fund

Generally,annual budgets are recorded within the following funds:

Fiduciary funds are

A new truck was ordered for the sanitation department at a cost of $122,200 on September 3,2008. Required: (A. )Prepare the required journal entry in the General Fund for the Fund-Based Financial Statements. (B. )Prepare the required journal entry for the Government-Wide Financial Statements.

Under modified accrual accounting,when should revenues be reported by a governmental-type fund?

Which standard issued by the Governmental Accounting Standards Board in 1999 significantly modified fund accounting and created "a second group of financial statements based on an entirely different approach to financial reporting"?

According to GASB Concepts Statement No.1,what are the three groups of primary users of external state and local governmental financial reports?

For a government,what kind of operations are accounted for using a proprietary fund? Give three examples.

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations - Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intercompany Asset Transactions

Variable Interest Entities, intercompany Debt, consolidated Statement of Cash Flows, and Other Issues

Consolidated Financial Statements - Ownership Patterns and Income Taxes

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Accounting Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments,part II

Accounting for Not-For-Profit Organizations

Accounting for Estates and Trusts

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Exam 16: Accounting for State and Local Governments, Part I

In governmental accounting,what term is used for a decrease in financial resources?

A city operates a central data processing facility.The expenses of this facility would be accounted for using

When a city received a private donation of $1,000,000 stipulating that the principal donation would be preserved but allowing the interest income to be spent on building a city park with access for disabled children,which fund should the money be recorded in?

On July 1,2008,Fred City ordered $1,500 of office supplies.They were to be paid for out of the General Fund. Required: (A. )What journal entry was required for the Fund-Based Statements? (B. )What journal entry was required for the Government-Wide Statements?

Revenue from property taxes should be recorded in the General Fund

Generally,annual budgets are recorded within the following funds:

Fiduciary funds are

A new truck was ordered for the sanitation department at a cost of $122,200 on September 3,2008. Required: (A. )Prepare the required journal entry in the General Fund for the Fund-Based Financial Statements. (B. )Prepare the required journal entry for the Government-Wide Financial Statements.

Under modified accrual accounting,when should revenues be reported by a governmental-type fund?

Which standard issued by the Governmental Accounting Standards Board in 1999 significantly modified fund accounting and created "a second group of financial statements based on an entirely different approach to financial reporting"?

According to GASB Concepts Statement No.1,what are the three groups of primary users of external state and local governmental financial reports?

For a government,what kind of operations are accounted for using a proprietary fund? Give three examples.

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations - Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intercompany Asset Transactions

Variable Interest Entities, intercompany Debt, consolidated Statement of Cash Flows, and Other Issues

Consolidated Financial Statements - Ownership Patterns and Income Taxes

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Accounting Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operation

Partnerships: Termination and Liquidation

Accounting for State and Local Governments,part II

Accounting for Not-For-Profit Organizations

Accounting for Estates and Trusts

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