Question 1

Which of the following is not a good reason for standardizing public accounting?

Accepted Answer

A)  Consistency between jurisdictions 
B)  Consistency among departments 
C)  Consistency over time 
D)  Consistency between the public and private sectors 
A)  Consistency between jurisdictions 
B)  Consistency among departments 
C)  Consistency over time 
D)  Consistency between the public and private sectors D

Question 2

Borrowing against outstanding receivables such as taxes owed is known as:

Accepted Answer

A)  creditizing. 
B)  securitizing. 
C)  offsetting. 
D)  transaction streaming. 
A)  creditizing. 
B)  securitizing. 
C)  offsetting. 
D)  transaction streaming. B

Question 3

What federal legislation was aimed at upgrading accounting practices in publicly traded private companies to protect investors?

Accepted Answer

The Sarbanes-Oxley Act, formally the Public Company Accounting Reform and Investor Protection Act.

Question 4

In public agencies, the general term for the accounting rules governing the timing of when a revenue item is recorded as received and when an expenditure is recorded as having occurred is called:

Accepted Answer

A)  basis of accounting. 
B)  encumbrance accounting. 
C)  accrual accounting. 
D)  activity-based accounting. 
A)  basis of accounting. 
B)  encumbrance accounting. 
C)  accrual accounting. 
D)  activity-based accounting.

Question 5

Both public and private retirement systems are required to annually report assets, any changes in assets from year to year, and actuarial information on the long-term prospects of pension funds.

Accepted Answer

A) True 
 B)False

Question 6

A journal entry indicates the credits, but not the debits, involved in a transaction.

Accepted Answer

A) True 
 B)False

Question 7

The basic equation that is used to double-check that all transactions have been properly recorded is fund balance equals assets minus:

Accepted Answer

A)  outflows. 
B)  residuals. 
C)  receivables. 
D)  liabilities. 
A)  outflows. 
B)  residuals. 
C)  receivables. 
D)  liabilities.

Question 8

The chief purpose of auditing is to ensure that funds are not subject to fraud, waste, abuse, or errors in reporting.

Accepted Answer

A) True 
 B)False

Question 9

What are the two main bases of accounting? What are the advantages and disadvantages of each?

Accepted Answer

Cash and Accrual Accounting. Cash accoun

Question 10

Why is "double-entry accounting" still used in public organizations?

Accepted Answer

A single transaction

Question 11

Which financial statement presents a snapshot of an organization's finances at a point in time?

Accepted Answer

The answer of Which financial statement presents a snapshot of...

Question 12

State and local government retirement systems have historically used which of the following types of pension plan?

Accepted Answer

A)  Advanced funding plan 
B)  Defined benefit plan 
C)  Defined contribution plan 
D)  Pension benefit protection plan 
A)  Advanced funding plan 
B)  Defined benefit plan 
C)  Defined contribution plan 
D)  Pension benefit protection plan

Question 13

What is identified as one of the main differences between public and private sector accounting?

Accepted Answer

The use of fund acco

Question 14

Revenues derived from each tax source need to be recorded separately from revenues derived from user fees.

Accepted Answer

A) True 
 B)False

Question 15

Government balance sheets can be used to record assets like school buildings, public swimming pools, official vehicles, and municipal waste treatment facilities.

Accepted Answer

A) True 
 B)False

Question 16

Which type of audit deals with whether resources are being used efficiently and whether results or objectives are being achieved?

Accepted Answer

A)  Single audit 
B)  Preaudit 
C)  Financial audit 
D)  Performance audit 
A)  Single audit 
B)  Preaudit 
C)  Financial audit 
D)  Performance audit

Question 17

While government practitioners and academic researchers in the field of budgeting have been concerned with measuring the results of public programs for a long time, accountants only became interested in the issue since 2010.

Accepted Answer

A) True 
 B)False

Question 18

What is the difference between the general fund and special revenue funds?

Accepted Answer

The general fund includes general taxes

Question 19

In the accounting formula, what is the "fund balance"?

Accepted Answer

The differ

Question 20

Which of the following is the source of the generally accepted accounting principles (GAAP) used by state and local governments?

Accepted Answer

A)  Governmental Accounting and Auditing Board 
B)  Governmental Accounting Standards Board 
C)  Government Finance Officers Association 
D)  Government Accountability Standards Board 
A)  Governmental Accounting and Auditing Board 
B)  Governmental Accounting Standards Board 
C)  Government Finance Officers Association 
D)  Government Accountability Standards Board

Which of the following is not a good reason for standardizing public accounting?

Borrowing against outstanding receivables such as taxes owed is known as:

What federal legislation was aimed at upgrading accounting practices in publicly traded private companies to protect investors?

In public agencies, the general term for the accounting rules governing the timing of when a revenue item is recorded as received and when an expenditure is recorded as having occurred is called:

Both public and private retirement systems are required to annually report assets, any changes in assets from year to year, and actuarial information on the long-term prospects of pension funds.

A journal entry indicates the credits, but not the debits, involved in a transaction.

The basic equation that is used to double-check that all transactions have been properly recorded is fund balance equals assets minus:

The chief purpose of auditing is to ensure that funds are not subject to fraud, waste, abuse, or errors in reporting.

What are the two main bases of accounting? What are the advantages and disadvantages of each?

Why is "double-entry accounting" still used in public organizations?

Which financial statement presents a snapshot of an organization's finances at a point in time?

State and local government retirement systems have historically used which of the following types of pension plan?

What is identified as one of the main differences between public and private sector accounting?

Revenues derived from each tax source need to be recorded separately from revenues derived from user fees.

Government balance sheets can be used to record assets like school buildings, public swimming pools, official vehicles, and municipal waste treatment facilities.

Which type of audit deals with whether resources are being used efficiently and whether results or objectives are being achieved?

While government practitioners and academic researchers in the field of budgeting have been concerned with measuring the results of public programs for a long time, accountants only became interested in the issue since 2010.

What is the difference between the general fund and special revenue funds?

In the accounting formula, what is the "fund balance"?

Which of the following is the source of the generally accepted accounting principles (GAAP) used by state and local governments?

Introduction

The Public Sector in Perspective

The Government, the Economy, and Economic Development

Budget Cycles

Budgeting for Revenues: Income Taxes, Payroll Taxes, and Property Taxes

Budgeting for Revenues: Transaction-Based Revenue Sources

Budget Preparation: The Expenditure Side

Budget Preparation: The Decision Process

Budget Approval: The Role of the Legislature

Budget Approval: The US Congress

Budget Execution

Capital Assets: Planning and Budgeting, Analysis, and Management

Capital Finance and Debt Management

Intergovernmental Relations

Comparing the Great Recession and the COVID-19 Recession: Causes, Responses, and Effects

Filters

Exam 12: Financial Management: Accounting, Reporting, and Auditing

Which of the following is not a good reason for standardizing public accounting?

Borrowing against outstanding receivables such as taxes owed is known as:

What federal legislation was aimed at upgrading accounting practices in publicly traded private companies to protect investors?

In public agencies, the general term for the accounting rules governing the timing of when a revenue item is recorded as received and when an expenditure is recorded as having occurred is called:

Both public and private retirement systems are required to annually report assets, any changes in assets from year to year, and actuarial information on the long-term prospects of pension funds.

A journal entry indicates the credits, but not the debits, involved in a transaction.

The basic equation that is used to double-check that all transactions have been properly recorded is fund balance equals assets minus:

The chief purpose of auditing is to ensure that funds are not subject to fraud, waste, abuse, or errors in reporting.

What are the two main bases of accounting? What are the advantages and disadvantages of each?

Why is "double-entry accounting" still used in public organizations?

Which financial statement presents a snapshot of an organization's finances at a point in time?

State and local government retirement systems have historically used which of the following types of pension plan?

What is identified as one of the main differences between public and private sector accounting?

Revenues derived from each tax source need to be recorded separately from revenues derived from user fees.

Government balance sheets can be used to record assets like school buildings, public swimming pools, official vehicles, and municipal waste treatment facilities.

Which type of audit deals with whether resources are being used efficiently and whether results or objectives are being achieved?

While government practitioners and academic researchers in the field of budgeting have been concerned with measuring the results of public programs for a long time, accountants only became interested in the issue since 2010.

What is the difference between the general fund and special revenue funds?

In the accounting formula, what is the "fund balance"?

Which of the following is the source of the generally accepted accounting principles (GAAP) used by state and local governments?

Introduction

The Public Sector in Perspective

The Government, the Economy, and Economic Development

Budget Cycles

Budgeting for Revenues: Income Taxes, Payroll Taxes, and Property Taxes

Budgeting for Revenues: Transaction-Based Revenue Sources

Budget Preparation: The Expenditure Side

Budget Preparation: The Decision Process

Budget Approval: The Role of the Legislature

Budget Approval: The US Congress

Budget Execution

Capital Assets: Planning and Budgeting, Analysis, and Management

Capital Finance and Debt Management

Intergovernmental Relations

Comparing the Great Recession and the COVID-19 Recession: Causes, Responses, and Effects

Filters