Exam 2: The Use of Funds in Governmental Accounting

Which of the following set of funds use the economic resources measurement focus?

Which of the following are fiduciary-type funds?

The three broad categories of funds used by governmental entities are:

Which of the following is an example of activities that are likely to be accounted for in a government's general fund?

A municipal government decides to construct and operate a public swimming pool.It will charge user fees to recover its costs,but will allow senior citizens and children under the age of three to enter at half-price.What type of fund should it use for this purpose?

Which measurement focus and basis of accounting should be used in a Special Revenue Fund?

Which of the following pairs of accounts are likely to appear on the balance sheet of a government's general fund?

For financial reporting purposes,a government may have only one

A governmental entity has a General Fund and an Enterprise Fund.At the beginning of the year,neither fund has any unpaid salary liability.During the year,both funds paid salaries of $600,000.In addition,salaries for the last three days of the fiscal year ($15,000 for each fund)will be paid during the first week of the next fiscal year.How much should each fund report as salary expenditures (expenses)for the fiscal year?

Which of the following is an appropriate objective of an Internal Service Fund?

Which of the following types of liabilities is least likely to appear in the balance sheet of a governmental-type fund?

A government will prepare a statement of cash flows for which of the following funds?

A city uses a Library Fund to account for proceeds restricted for an addition to the main library and construction of neighborhood libraries.The Library Fund is a:

In what section of the Enterprise Fund statement of revenues,expenses,and changes in fund net position is interest expense generally reported?

Which of the following accounts is associated with the current financial resources measurement focus but not with the economic resources measurement focus?

(Comparative computations of expenditures and expenses based on the same underlying transactions) A department of a local government began operations at the beginning of the current fiscal year with $250,000 cash.During the fiscal year,the department made cash disbursements for the following: -Salaries and other personnel costs,$100,000 -Office rent and utilities,$24,000 -Retirement of debt principal,$10,000;payment of interest,$2,200 -Purchased equipment at the beginning of the fiscal year for $30,000;the equipment is expected to last 6 years and have a salvage value of $6,000 -Photocopier rental,$10,500 Based on the preceding transactions,compute total annual expenditures for this department assuming it performs governmental-type activities and is accounted for in the General Fund. Then compute total annual expenses for this department assuming it performs activities within an Enterprise Fund.

The broad categories of funds used in government accounting do not include which one of the following?

Which of the following activities is the most likely to be accounted for in a General Fund?

Which category of funds is used to account for most of the day-to-day public services provided by a government?