What is the most significant single fund maintained by all state and local governments?
Special Revenue Fund
General Fund
Debt Service Fund
Permanent Fund
How many general funds does the government have?
1
2
3
4
Other than general purpose local governments, what is the largest local government?
Municipal ties
Special districts
Towns/townships
School districts
In accounting terms, what is the main goal of a government and NFP?
Maximize profit
Provide services
Provide jobs
Provide rules
What is the governments main source of revenue?
Voluntary taxes
Involuntary taxes
Foreign currency
Foreign aid
For the government, what is the most important financial document?
Annual Report
10-K
Budget report
Top Secret documents
State and local government are able to spend more money than the budget dictates.
In terms of ownership like owning a business, the Government has owners.
NFP are able to issue stocks in which four states?
Minnesota, Wisconsin, Michigan, Oregon
California, New York, Texas, Florida
Kansas, Michigan, Wisconsin, Pennsylvania
Kansas, New York, Michigan, California
In government accounting, the difference between assets and liabilities cannot be termed "stockholder's equity".
There are three primary standard-setting authorities. Who are they?
FASB, GASB, FASAB
GASB, FASB, AICPA
GASB, AICPA, ACC
SEC, FASB, GGG
Who are the 3 basic users of governmental accounting information?
Citizenry, Legislative and oversight boards, and Investors and Creditors
Citizenry, other governments, companies
Investors, Creditors, Corporations, Users
Oversight Boards, Investors, Foreign Governments
According to GASB, how many financial statements do governments need to prepare?
Government-Wide statements are presented on what type of basis?
Full accrual basis
Modified accrual basis
Government-wide statements do not include fiduciary funds.
In fund financial statements, what are the 3 main types?
Governmental, Proprietary, and Fiduciary funds
Governmental, Fiduciary, State funds
State funds, foreign, and Proprietary funds
Local, State, and Government funds
Governmental funds use:
Modified Accrual basis
Full Accrual basis
In government funds, the primary measurement focus is
Current financial resources
Long term resources
Proprietary and fiduciary funds use:
Government-Wide statements focus all economic resources of a government have a long term focus.
Governmental fund statements focus on short-term fiscal accountability.
A government can have several special revenue funds. Also, they are treated as a separate accounting entity.
