Question 1

Infrastructure is capitalized by state and local governmental units.

Accepted Answer

A) True 
 B)False

Question 2

What does the acronym CAFR stand for?

Accepted Answer

A)  Comprehensive Annual Financial Report 
B)  Consolidated Annual Financial Report 
C)  Comprehensive Audited Financial Report 
D)  Consolidated Annual Federal Report 
A)  Comprehensive Annual Financial Report 
B)  Consolidated Annual Financial Report 
C)  Comprehensive Audited Financial Report 
D)  Consolidated Annual Federal Report

Question 3

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of capital assets.

Accepted Answer

Under the economic resources measurement

Question 4

Comparison of the legally approved budget with actual results of the General Fund is not part of required supplementary information in the CAFR.

Accepted Answer

A) True 
 B)False

Question 5

The FASAB requires more financial statements than are typically required of state and local governments.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following use current financial resources measurement focus?

Accepted Answer

A)  Fiduciary fund statements 
B)  Governmental fund statements 
C)  Proprietary fund statements 
D)  Internal Service fund statements 
A)  Fiduciary fund statements 
B)  Governmental fund statements 
C)  Proprietary fund statements 
D)  Internal Service fund statements

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

A city government collects local 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 9

The format and content of supplementary information which is not required by GASB is up to the discretion of the reporting entity

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is not a fiduciary fund?

Accepted Answer

A)  Agency 
B)  Pension trust 
C)  Permanent 
D)  Private-purpose trust 
A)  Agency 
B)  Pension trust 
C)  Permanent 
D)  Private-purpose trust

Question 11

Long-term debt associated with governmental activities i.e. that is to be paid with tax revenues is reported in the government-wide statements but not in the governmental fund statements

Accepted Answer

A) True 
 B)False

Question 12

Which reporting organizations fall under the following standard-setting bodies?
FASAB
GASB
FASB

Accepted Answer

FASAB: Federal government
GASB: State an

Question 13

GASB utilizes two additional elements that do not appear in the balance sheets of nongovernmental organizations: deferred inflows and deferred outflows of resources.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following is true with respect to the government-wide statements?

Accepted Answer

A)  Government-wide statements are prepared using the accrual basis of accounting, including the recording of fixed assets and long-term debt. 
B)  Government-wide statements are prepared using the modified accrual basis of accounting and the current financial resources measurement focus 
C)  Government-wide statements are prepared using the modified accrual basis of accounting and an economic resource measurement focus 
D)  Government-wide statements use the current financial resources measurement focus and the accrual basis of accounting. 
A)  Government-wide statements are prepared using the accrual basis of accounting, including the recording of fixed assets and long-term debt. 
B)  Government-wide statements are prepared using the modified accrual basis of accounting and the current financial resources measurement focus 
C)  Government-wide statements are prepared using the modified accrual basis of accounting and an economic resource measurement focus 
D)  Government-wide statements use the current financial resources measurement focus and the accrual basis of accounting.

Question 15

Capitalized fixed assets are reported in which of the following fund-basis statements?

Accepted Answer

A)  Proprietary fund 
B)  Agency fund 
C)  Governmental fund 
D)  Fiduciary fund 
A)  Proprietary fund 
B)  Agency fund 
C)  Governmental fund 
D)  Fiduciary fund

Question 16

Which of the following is an attribute of modified accrual accounting?

Accepted Answer

A)  Long-term assets and depreciation are recorded in the governmental fund balance sheet. 
B)  Revenues are generally recognized when measurable and available to finance the expenditures of the current period 
C)  Long-term debt is recorded in the governmental fund balance sheet 
D)  Expenses are recorded on the Statement of Changes in Fund Balance 
A)  Long-term assets and depreciation are recorded in the governmental fund balance sheet. 
B)  Revenues are generally recognized when measurable and available to finance the expenditures of the current period 
C)  Long-term debt is recorded in the governmental fund balance sheet 
D)  Expenses are recorded on the Statement of Changes in Fund Balance

Question 17

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 18

Which of the following are nonauthorative sources that a government may use if the government if the accounting treatment of a transaction is not addressed in one of the authoritative sources?

Accepted Answer

A)  GASB Concept Statements 
B)  GASB Technical Bulletins 
C)  Literature of the American Institute of Certified Public Accountants AICP
A)  specifically cleared by the GASB 
D)  GASB Implementation Guides 
A)  GASB Concept Statements 
B)  GASB Technical Bulletins 
C)  Literature of the American Institute of Certified Public Accountants AICP
A)  specifically cleared by the GASB 
D)  GASB Implementation Guides

Question 19

Provide the definition of the following terms 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 20

Which of the following funds is a Fiduciary Fund?

Accepted Answer

A)  Debt Service Fund 
B)  Enterprise Fund 
C)  Internal Service Fund 
D)  Pension Trust Fund 
A)  Debt Service Fund 
B)  Enterprise Fund 
C)  Internal Service Fund 
D)  Pension Trust Fund

Infrastructure is capitalized by state and local governmental units.

What does the acronym CAFR stand for?

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of capital assets.

Comparison of the legally approved budget with actual results of the General Fund is not part of required supplementary information in the CAFR.

The FASAB requires more financial statements than are typically required of state and local governments.

Which of the following use current financial resources measurement focus?

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

A city government collects local 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 format and content of supplementary information which is not required by GASB is up to the discretion of the reporting entity

Which of the following is not a fiduciary fund?

Long-term debt associated with governmental activities i.e. that is to be paid with tax revenues is reported in the government-wide statements but not in the governmental fund statements

Which reporting organizations fall under the following standard-setting bodies? FASAB GASB FASB

GASB utilizes two additional elements that do not appear in the balance sheets of nongovernmental organizations: deferred inflows and deferred outflows of resources.

Which of the following is true with respect to the government-wide statements?

Capitalized fixed assets are reported in which of the following fund-basis statements?

Which of the following is an attribute of modified accrual accounting?

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.

Which of the following are nonauthorative sources that a government may use if the government if the accounting treatment of a transaction is not addressed in one of the authoritative sources?

Provide the definition of the following terms as outlined by GASB Concepts Statement No. 4, Elements of Financial Statements: Assets Liabilities Net position Inflows of resources Outflows of resources

Which of the following funds is a Fiduciary Fund?

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 Funds, Interfund Transactions

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

Infrastructure is capitalized by state and local governmental units.

What does the acronym CAFR stand for?

Contrast the economic resources measurement focus and the current financial resources measurement focus with regard to the accounting treatment of capital assets.

Comparison of the legally approved budget with actual results of the General Fund is not part of required supplementary information in the CAFR.

The FASAB requires more financial statements than are typically required of state and local governments.

Which of the following use current financial resources measurement focus?

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

A city government collects local 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 format and content of supplementary information which is not required by GASB is up to the discretion of the reporting entity

Which of the following is not a fiduciary fund?

Long-term debt associated with governmental activities i.e. that is to be paid with tax revenues is reported in the government-wide statements but not in the governmental fund statements

Which reporting organizations fall under the following standard-setting bodies? FASAB GASB FASB

GASB utilizes two additional elements that do not appear in the balance sheets of nongovernmental organizations: deferred inflows and deferred outflows of resources.

Which of the following is true with respect to the government-wide statements?

Capitalized fixed assets are reported in which of the following fund-basis statements?

Which of the following is an attribute of modified accrual accounting?

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.

Which of the following are nonauthorative sources that a government may use if the government if the accounting treatment of a transaction is not addressed in one of the authoritative sources?

Provide the definition of the following terms as outlined by GASB Concepts Statement No. 4, Elements of Financial Statements: Assets Liabilities Net position Inflows of resources Outflows of resources

Which of the following funds is a Fiduciary Fund?

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 Funds, Interfund Transactions

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