Question 1

Under modified accrual accounting,revenues should be recognized when they are

Accepted Answer

A) collected. 
B) realizable. 
C) reasonably estimable. 
D) measurable and available. 
E) earned. 
A) collected. 
B) realizable. 
C) reasonably estimable. 
D) measurable and available. 
E) earned.

Question 2

Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000.Identify the fund in which the entry is recorded.

Accepted Answer

The answer of Prepare the journal entry and identify the...

Question 3

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

Question 4

What are the two proprietary fund types? 
(1)Internal service funds.
(2)Investment trust funds.
(3)Enterprise funds.
(4)Agency funds.

Accepted Answer

A) 1 and 2. 
B) 2 and 3. 
C) 1 and 3. 
D) 2 and 4. 
E) 1 and 4. 
A) 1 and 2. 
B) 2 and 3. 
C) 1 and 3. 
D) 2 and 4. 
E) 1 and 4.

Question 5

For governmental entities,the accrual basis of accounting is used for:

Accepted Answer

A) Special revenue funds. 
B) Internal service funds. 
C) Debt service funds. 
D) General Fund. 
E) Capital Projects Fund. 
A) Special revenue funds. 
B) Internal service funds. 
C) Debt service funds. 
D) General Fund. 
E) Capital Projects Fund.

Question 6

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

Accepted Answer

A) An expenditure. 
B) An encumbrance. 
C) An appropriation. 
D) An expense. 
E) An investment. 
A) An expenditure. 
B) An encumbrance. 
C) An appropriation. 
D) An expense. 
E) An investment.

Question 7

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 8

Which of the following statements is false regarding government-wide financial statements?

Accepted Answer

A) Government-wide financial statements report a government's activities and financial position as a whole. 
B) The government-wide financial statement approach helps users make long-term evaluations of the financial decisions and stability of the government. 
C) Government-wide financial statements focus on the short-term instead of the long-term. 
D) Government-wide financial statements assess the finances of the government in its entirety,including the year's operating results. 
E) The measurement focus of government-wide financial statements is on all economic resources and utilizes accrual accounting. 
A) Government-wide financial statements report a government's activities and financial position as a whole. 
B) The government-wide financial statement approach helps users make long-term evaluations of the financial decisions and stability of the government. 
C) Government-wide financial statements focus on the short-term instead of the long-term. 
D) Government-wide financial statements assess the finances of the government in its entirety,including the year's operating results. 
E) The measurement focus of government-wide financial statements is on all economic resources and utilizes accrual accounting.

Question 9

GASB Statement Number 33 divides all eligibility requirements into four general classifications including all of the following except:

Accepted Answer

A) Required characteristics of the recipients. 
B) Time requirements. 
C) Reimbursement. 
D) Contingencies. 
E) Refunding. 
A) Required characteristics of the recipients. 
B) Time requirements. 
C) Reimbursement. 
D) Contingencies. 
E) Refunding.

Question 10

A $5,000,000 bond is issued by Northern City to build a new hospital.
Required:
Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.

Accepted Answer

The answer of A $5,000,000 bond is issued by Northern...

Question 11

Which of the following is a governmental fund?

Accepted Answer

A) Enterprise fund. 
B) Internal service fund. 
C) Permanent fund. 
D) Investment trust fund. 
E) Agency fund. 
A) Enterprise fund. 
B) Internal service fund. 
C) Permanent fund. 
D) Investment trust fund. 
E) Agency fund.

Question 12

Which standard issued by the Governmental Accounting Standards Board in 1999 requires two distinct sets of financial statements for state and local governments?

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 13

Which group of financial statements is prepared using the "modified accrual accounting" approach?

Accepted Answer

A) GAAP-Based Financial Statements. 
B) Fund-Based Financial Statements. 
C) Cost-Based Financial Statements. 
D) Government-Wide Financial Statements. 
E) General Purpose Financial Statements. 
A) GAAP-Based Financial Statements. 
B) Fund-Based Financial Statements. 
C) Cost-Based Financial Statements. 
D) Government-Wide Financial Statements. 
E) General Purpose Financial Statements.

Question 14

Simple City has recorded the purchase order of two trucks for a total of $100,000.
Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000.This amount has been approved but not yet paid.Identify the fund in which the entries are recorded.

Accepted Answer

The answer of Simple City has recorded the purchase order...

Question 15

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

Accepted Answer

The approp

Question 16

The term "current financial resources" refers to

Accepted Answer

A) Those assets that can quickly be converted into cash. 
B) Monetary assets that are available to meet the government's needs. 
C) The government's current assets and current liabilities. 
D) The current value of all net assets owned by the governmental unit. 
E) Financial resources used to provide electricity to local citizens. 
A) Those assets that can quickly be converted into cash. 
B) Monetary assets that are available to meet the government's needs. 
C) The government's current assets and current liabilities. 
D) The current value of all net assets owned by the governmental unit. 
E) Financial resources used to provide electricity to local citizens.

Question 17

When a city received a federal grant for books to be purchased for a library,the money should have been recorded in

Accepted Answer

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

Under modified accrual accounting,revenues should be recognized when they are

Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000.Identify the fund in which the entry is recorded.

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

What are the two proprietary fund types? (1)Internal service funds. (2)Investment trust funds. (3)Enterprise funds. (4)Agency funds.

For governmental entities,the accrual basis of accounting is used for:

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

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

Which of the following statements is false regarding government-wide financial statements?

GASB Statement Number 33 divides all eligibility requirements into four general classifications including all of the following except:

A $5,000,000 bond is issued by Northern City to build a new hospital. Required: Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.

Which of the following is a governmental fund?

Which standard issued by the Governmental Accounting Standards Board in 1999 requires two distinct sets of financial statements for state and local governments?

Which group of financial statements is prepared using the "modified accrual accounting" approach?

Simple City has recorded the purchase order of two trucks for a total of $100,000. Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000.This amount has been approved but not yet paid.Identify the fund in which the entries are recorded.

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

The term "current financial resources" refers to

When a city received a federal grant for books to be purchased for a library,the money should have been recorded in

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 - Intra-Entity Asset Transactions

Variable Interest Entities,intra-Entity Debt,consolidated Cash Flo

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments Part 2

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Exam 11: Accounting for State and Local Governments Part 1

Under modified accrual accounting,revenues should be recognized when they are

Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000.Identify the fund in which the entry is recorded.

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

What are the two proprietary fund types? (1)Internal service funds. (2)Investment trust funds. (3)Enterprise funds. (4)Agency funds.

For governmental entities,the accrual basis of accounting is used for:

Salaries and wages that have been earned by governmental employees that have not yet been paid are recorded in the general fund as:

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

Which of the following statements is false regarding government-wide financial statements?

GASB Statement Number 33 divides all eligibility requirements into four general classifications including all of the following except:

A $5,000,000 bond is issued by Northern City to build a new hospital. Required: Prepare the journal entry and identify the fund in which it is recorded to reflect the bond issue.

Which of the following is a governmental fund?

Which standard issued by the Governmental Accounting Standards Board in 1999 requires two distinct sets of financial statements for state and local governments?

Which group of financial statements is prepared using the "modified accrual accounting" approach?

Simple City has recorded the purchase order of two trucks for a total of $100,000. Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000.This amount has been approved but not yet paid.Identify the fund in which the entries are recorded.

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

The term "current financial resources" refers to

When a city received a federal grant for books to be purchased for a library,the money should have been recorded in

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 - Intra-Entity Asset Transactions

Variable Interest Entities,intra-Entity Debt,consolidated Cash Flo

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments Part 2

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