turquoise_cat
Quiz von , erstellt am more than 1 year ago

Chapter 2

927
1
0
turquoise_cat
Erstellt von turquoise_cat vor mehr als 10 Jahre
Schließen

State & Local Govt - Accounting and Financial Reporting

State & Local Govt - Accounting and Financial Reporting

Frage 1 von 28

1

Which of the following is a difference between financial reporting for internal service and enterprise funds?

Wähle eine der folgenden:

  • Internal service funds are reported in the governmental fund financial statements.

  • Internal service funds are reported in the proprietary fund financial statements.

  • Internal service funds are generally reported in the Business-type Activities column of the government-wide financial statements.

  • Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.

Erklärung

Frage 2 von 28

1

Which of the following funds should be used if resources provided by a federal grant must be segregated and used for counseling of youthful offenders?

Wähle eine der folgenden:

  • Private-purpose trust fund.

  • Enterprise fund.

  • Internal service fund.

  • Special revenue fund.

Erklärung

Frage 3 von 28

1

In which of the following funds would it not be appropriate to record depreciation of capital assets?

Wähle eine der folgenden:

  • Special revenue fund.

  • Enterprise.

  • Internal service.

  • Pension trust.

Erklärung

Frage 4 von 28

1

Capital assets used by an enterprise fund should be accounted for in the

Wähle eine der folgenden:

  • Enterprise fund and depreciation on the capital assets should be recorded.

  • Business-type activities journal but no depreciation on the capital assets should be recorded.

  • Governmental activities journal and depreciation on the capital assets should be recorded.

  • Enterprise fund but no depreciation on the capital assets should be recorded.

Erklärung

Frage 5 von 28

1

A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least:

Wähle eine der folgenden:

  • Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.

  • Ten percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.

  • Five percent of the corresponding element(s) of total governmental funds and five percent of the corresponding element(s) of total governmental and enterprise funds combined.

  • Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined.

Erklärung

Frage 6 von 28

1

Which of the following must be reported as a major fund?

Wähle eine der folgenden:

  • The General Fund.

  • A fund having total assets, liabilities, revenues, or expenditures/expenses equaling at least 10 percent of the total governmental or enterprise fund amount for the same element (assets, liabilities, and so forth), as applicable, and at least 5 percent of the combined governmental and enterprise fund total amount for the same element.

  • Both of the answers.

  • None of the answers.

Erklärung

Frage 7 von 28

1

Which of the following is a fiduciary fund?

Wähle eine der folgenden:

  • Investment trust fund.

  • Special revenue fund.

  • Debt service fund.

  • Enterprise fund.

Erklärung

Frage 8 von 28

1

Generally accepted accounting principles applicable to state and local governments require that

Wähle eine der folgenden:

  • Only governmental funds and proprietary funds should be established.

  • Only those funds required by law, GASB standards, and sound financial administration should be established.

  • Only those funds required by law should be established.

  • All categories of funds must be established.

Erklärung

Frage 9 von 28

1

Which of the following funds is a governmental fund-type?

Wähle eine der folgenden:

  • Private-purpose trust fund.

  • Internal service fund.

  • Permanent fund.

  • Enterprise fund.

Erklärung

Frage 10 von 28

1

Under the modified accrual basis of accounting, revenues should be recognized when

Wähle eine der folgenden:

  • Earned.

  • Collected in cash.

  • Authorized by the budget ordinance.

  • Measurable and available.

Erklärung

Frage 11 von 28

1

Which of the following is not an activity category in which general purpose governments typically engage?

Wähle eine der folgenden:

  • Fiduciary.

  • Contractual.

  • Business-type.

  • Governmental.

Erklärung

Frage 12 von 28

1

All of the following are part of the basic financial statements except:

Wähle eine der folgenden:

  • Management's discussion and analysis.

  • The government-wide statement of net position.

  • The statement of revenues, expenditures, and changes in fund balances—governmental funds.

  • All of the answers are part of the basic financial statements.

Erklärung

Frage 13 von 28

1

Which of the following is a basic fund financial statement?

Wähle eine der folgenden:

  • Statement of revenues, expenditures, and changes in fund balances.

  • Statement of fiduciary net position.

  • Statement of cash flows.

  • All of the answers are correct statements.

Erklärung

Frage 14 von 28

1

Which of the following financial statements is required at the government-wide level?

Wähle eine der folgenden:

  • Statement of activities.

  • Statement of revenues, expenditures, and changes in fund balances.

  • Statement of cash flows.

  • All of the listed financial statements are required at the government-wide level.

Erklärung

Frage 15 von 28

1

GASB's first accounting and reporting principle requires that the accounting system used by a state or local governments must make it possible:

Wähle eine der folgenden:

  • To prepare consolidated modified accrual basis statements for the governmental unit as a whole.

  • To present fairly and with full disclosure the funds and activities of the governmental unit in conformity with GAAP.

  • To demonstrate compliance with finance-related legal and contractual provisions.

  • Both to present fairly and with full disclosure funds and activities, and to demonstrate compliance with legal and contractual provisions.

Erklärung

Frage 16 von 28

1

A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives, is known as a:

Wähle eine der folgenden:

  • Public corporation.

  • Fund.

  • Activity.

  • Accounting system.

Erklärung

Frage 17 von 28

1

Which of the following basic financial statements is most useful in assessing fiscal accountability?

Wähle eine der folgenden:

  • Statement of activities.

  • Statement of cash flows—proprietary funds.

  • Balance sheet—governmental funds.

  • Statement of fiscal accountability.

Erklärung

Frage 18 von 28

1

The basis of accounting under which revenues are recognized when measurable and available is the:

Wähle eine der folgenden:

  • Modified accrual basis of accounting.

  • Accrual basis of accounting.

  • Cash basis of accounting.

  • Modified cash basis of accounting.

Erklärung

Frage 19 von 28

1

Depreciation expense for depreciable general capital assets should be reported on the:

Wähle eine der folgenden:

  • Statement of revenues, expenditures, and changes in fund balances.

  • Statement of activities.

  • Statement of general capital assets.

  • All answers are correct.

Erklärung

Frage 20 von 28

1

Which of the following fund types focuses on the measurement of current financial resources and flows thereof?

Wähle eine der folgenden:

  • General fund.

  • Capital projects fund.

  • Permanent fund.

  • All of the answers are correct.

Erklärung

Frage 21 von 28

1

The accrual basis of accounting is used in accounting for financial transactions that affect:

Wähle eine der folgenden:

  • Governmental activities at the government-wide level.

  • Proprietary funds.

  • Fiduciary funds.

  • All of the answers are correct.

Erklärung

Frage 22 von 28

1

General capital assets, such as buildings and equipment, would be recorded in the accounts of:

Wähle eine der folgenden:

  • Governmental activities at the government-wide level.

  • Capital projects funds.

  • Permanent funds.

  • All of the answers are correct.

Erklärung

Frage 23 von 28

1

If a capital projects fund borrows $500,000 by issuing a 5-year note payable, how does this transaction affect the accounts of the capital projects fund?

Wähle eine der folgenden:

  • Cash is increased by $500,000.

  • Fund balance is increased by $500,000.

  • Long-term liabilities are increased by $500,000.

  • Both cash increased by $500,000 and fund balance increase by $500,000.

Erklärung

Frage 24 von 28

1

Which of the following is not a fiduciary fund type?

Wähle eine der folgenden:

  • Private-purpose trust fund.

  • Investment trust fund.

  • Permanent fund.

  • Pension trust fund.

Erklärung

Frage 25 von 28

1

Financial reporting for internal service funds differs from that for enterprise funds in which of the following ways?

Wähle eine der folgenden:

  • Internal service funds use the accrual basis of accounting.

  • Internal service fund financial information is generally reported in the governmental activities column of the government-wide financial statements.

  • Major fund reporting is used for internal service funds.

  • Both major fund reporting used for internal service, and generally reported in governmental activities column of government-wide financial statements.

Erklärung

Frage 26 von 28

1

The establishment of a fiduciary fund is warranted when:

Wähle eine der folgenden:

  • Any trust or agency relationship exists.

  • The government needs to segregate resources for future construction purposes.

  • A trust or agency relationship exists in which the beneficiary is a private party (individuals, organizations, or other governments).

  • All of the answers are correct.

Erklärung

Frage 27 von 28

1

Capital assets, including depreciation on those assets, would appropriately be reported in which of the following funds?

Wähle eine der folgenden:

  • Capital projects.

  • Enterprise.

  • Pension Trust.

  • Both Enterprise and Pension Trust.

Erklärung

Frage 28 von 28

1

Which of the following is always reported in a separate column of a governmental fund financial statement?

Wähle eine der folgenden:

  • The General Fund.

  • Special revenue funds.

  • Permanent funds.

  • All of the answers are correct.

Erklärung

Vorherige
Nächste