Question 1

Which of the following accounts would you least expect to see in a debt service fund?

Accepted Answer

A) Principal payments. 
B) Interest charges. 
C) Interest earned. 
D) Outstanding balance of the debt being serviced. 
A) Principal payments. 
B) Interest charges. 
C) Interest earned. 
D) Outstanding balance of the debt being serviced.

Question 2

A government may report some of its funds on a full accrual basis.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) Each major function of the government. 
B) Governmental funds, proprietary funds, and fiduciary funds. 
C) Governmental funds, enterprise funds, and internal service funds. 
D) Governmental funds, special revenue funds, and debt service funds. 
A) Each major function of the government. 
B) Governmental funds, proprietary funds, and fiduciary funds. 
C) Governmental funds, enterprise funds, and internal service funds. 
D) Governmental funds, special revenue funds, and debt service funds.

Question 4

Fund accounting promotes control and accountability over restricted resources.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following sections is NOT required in the comprehensive annual financial report of a city?

Accepted Answer

A) Financial section. 
B) Introductory section. 
C) Statistical section. 
D) Historical section. 
A) Financial section. 
B) Introductory section. 
C) Statistical section. 
D) Historical section.

Question 6

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?

Accepted Answer

A) Unrestricted net assets. 
B) Temporarily restricted net assets. 
C) Permanent net assets. 
D) Net assets of the entity taken as a whole. 
A) Unrestricted net assets. 
B) Temporarily restricted net assets. 
C) Permanent net assets. 
D) Net assets of the entity taken as a whole.

Question 7

The state collects a gasoline tax that must be used to support highway construction and maintenance.The gasoline tax revenue should be accounted for in which of the following funds?

Accepted Answer

A) General fund. 
B) Special revenue fund. 
C) Debt service fund. 
D) Internal service fund. 
A) General fund. 
B) Special revenue fund. 
C) Debt service fund. 
D) Internal service fund.

Question 8

To fulfill the printing needs of its various departments and agencies, the City has established a Central Print Shop, which bills the various departments and agencies of the city for printing services rendered.The Central Print Shop should be accounted for in which of the following funds.

Accepted Answer

A) Internal service fund. 
B) Enterprise fund. 
C) General fund. 
D) Special revenue fund. 
A) Internal service fund. 
B) Enterprise fund. 
C) General fund. 
D) Special revenue fund.

Question 9

Wigmore City receives a donation of $10 million from a wealthy citizen who stipulates that the funds be used to acquire and install park benches in the city's Veterans Park.The city should report the donation as an increase in

Accepted Answer

A) Unassigned fund balance 
B) Assigned fund balance 
C) Committed fund balance 
D) Restricted fund balance 
A) Unassigned fund balance 
B) Assigned fund balance 
C) Committed fund balance 
D) Restricted fund balance

Question 10

The City of San Jose built a new city hall and financed construction by issuing bonds due in installments over the next 30 years.The bond principal and interest will be paid by a special tax levied on property in the city.The revenue received from this special tax should be accounted for in which of the following funds?

Accepted Answer

A) General fund. 
B) Internal service fund. 
C) Capital projects fund. 
D) Debt service fund. 
A) General fund. 
B) Internal service fund. 
C) Capital projects fund. 
D) Debt service fund.

Which of the following accounts would you least expect to see in a debt service fund?

A government may report some of its funds on a full accrual basis.

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

Fund accounting promotes control and accountability over restricted resources.

Which of the following sections is NOT required in the comprehensive annual financial report of a city?

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?

The state collects a gasoline tax that must be used to support highway construction and maintenance.The gasoline tax revenue should be accounted for in which of the following funds?

To fulfill the printing needs of its various departments and agencies, the City has established a Central Print Shop, which bills the various departments and agencies of the city for printing services rendered.The Central Print Shop should be accounted for in which of the following funds.

Wigmore City receives a donation of $10 million from a wealthy citizen who stipulates that the funds be used to acquire and install park benches in the city's Veterans Park.The city should report the donation as an increase in

The Government and Not-For-Profit Environment

Issues of Budgeting and Control

Recognizing Revenues in Governmental Funds

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Pensions and Other Fiduciary Activities

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Auditing Governments and Notforprofit Organizations

Federal Government Accounting

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Exam 2: Fund Accounting

Which of the following accounts would you least expect to see in a debt service fund?

A government may report some of its funds on a full accrual basis.

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

Fund accounting promotes control and accountability over restricted resources.

Which of the following sections is NOT required in the comprehensive annual financial report of a city?

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?

The state collects a gasoline tax that must be used to support highway construction and maintenance.The gasoline tax revenue should be accounted for in which of the following funds?

To fulfill the printing needs of its various departments and agencies, the City has established a Central Print Shop, which bills the various departments and agencies of the city for printing services rendered.The Central Print Shop should be accounted for in which of the following funds.

Wigmore City receives a donation of $10 million from a wealthy citizen who stipulates that the funds be used to acquire and install park benches in the city's Veterans Park.The city should report the donation as an increase in

The Government and Not-For-Profit Environment

Issues of Budgeting and Control

Recognizing Revenues in Governmental Funds

Recognizing Expenditures in Governmental Funds

Accounting for Capital Projects and Debt Service

Capital Assets and Investments in Marketable Securities

Long-Term Obligations

Business-Type Activities

Pensions and Other Fiduciary Activities

Issues of Reporting, Disclosure, and Financial Analysis

Not-For-Profit Organizations

Colleges and Universities

Health Care Providers

Managing for Results

Auditing Governments and Notforprofit Organizations

Federal Government Accounting

Filters