Exam 2: Fund Accounting

Which of the following is NOT a governmental fund?

Which of the following assets would NOT be found in the general fund balance sheet of the City of Harrison?

Fund accounting promotes control and accountability over restricted resources.

The primary focus of the statement of activities of a not-for-profit organization is on determining the net increase/decrease in which of the following?

Lakeside Art Center,a nongovernmental not-for-profit entity,receives a contribution of $5 million.The donor stipulates that the contribution must be used to acquire paintings by local artists.Lakeside should classify the contribution as

Which of the following funds is accounted for on the modified accrual basis of accounting?

Under the GASB Statement No.34 reporting model as amended by GASB Statement No.63),the government-wide statement of net position will display which of the following?

Under the GASB Statement No.34 reporting model,fund financial statements include separate sets of financial statements for:

In addition to preparing fund financial statements,governments should also prepare consolidated financial statements to provide information on the financial position and operating results of the government as a single economic entity.

If an entity adopts a full accrual basis of accounting,its measurement focus will automatically be on all economic resources.