Question 1

The chief operating fund used by public school districts is titled:

Accepted Answer

A)  Debt Service 
B)  Permanent 
C)  General 
D)  Retirement Trust 
A)  Debt Service 
B)  Permanent 
C)  General 
D)  Retirement Trust C

Question 2

The Capital Outlay and Debt Service Funds are used to acquire, renovate, and retire long-term debt for public school facilities.

Accepted Answer

A) True 
 B)False  True

Question 3

Expenditures can be coded (classified) as follows:

Accepted Answer

A)  Fund 
B)  Object 
C)  Function 
D)  Program 
E)  all of the above 
A)  Fund 
B)  Object 
C)  Function 
D)  Program 
E)  all of the above E

Question 4

The Permanent Fund is the chief operating fund of the school district and is used to account for all financial resources of the school district except for those required to be accounted for in another fund.

Accepted Answer

A) True 
 B)False

Question 5

The purpose an external audit of the financial transactions made by a school district is to:

Accepted Answer

A)  reveal material misstatements 
B)  meet general accepted accounting procedures 
C)  eliminate unnecessary support personnel 
D)  a and b but not c 
A)  reveal material misstatements 
B)  meet general accepted accounting procedures 
C)  eliminate unnecessary support personnel 
D)  a and b but not c

Question 6

Activity finds contain the following components:

Accepted Answer

A)  student activity resources 
B)  school board liabilities 
C)  trust accounts 
D)  none of the above 
A)  student activity resources 
B)  school board liabilities 
C)  trust accounts 
D)  none of the above

Question 7

The primary purpose of financial accounting for school districts is to maximize educational opportunities and increase equity for the enterprise.

Accepted Answer

A) True 
 B)False

Question 8

Double-Entry Bookkeeping employs the following:

Accepted Answer

A)  t-accounts 
B)  debit (left hand entry) 
C)  credit (right hand entry) 
D)  All of the above 
A)  t-accounts 
B)  debit (left hand entry) 
C)  credit (right hand entry) 
D)  All of the above

Question 9

Fiscally independent school districts offer to the public K-12 grades that are free from charges for any form of educational services.

Accepted Answer

A) True 
 B)False

Question 10

Enterprise Funds are designed to account for any activity for which a fee is charged to external users for their acquisition of goods or services.

Accepted Answer

A) True 
 B)False

Question 11

The financial transactions of public school districts are usually recorded pursuant to the following method(s):

Accepted Answer

A)  accrual accounting 
B)  modified accrual accounting 
C)  cash accounting 
D)  none of the above 
A)  accrual accounting 
B)  modified accrual accounting 
C)  cash accounting 
D)  none of the above

Question 12

Public schools manage the flow of revenue receipts and expenditure of resources through a single central fund known as the General Fund.

Accepted Answer

A) True 
 B)False

Question 13

There are two major types of fiscal resources, student activity and school district activity, contained in School District Activity Funds.

Accepted Answer

A) True 
 B)False

Question 14

The Modified Accrual Accounting method is commonly used by school districts, and it combines the Accrual method with cash method of accounting.

Accepted Answer

A) True 
 B)False

Question 15

Public entities, including school districts, rely upon the following accounting equation: Assets - Liabilities = Equity.

Accepted Answer

A) True 
 B)False

Question 16

Fiscally dependent school districts are required by either the state constitution or statute to submit their budgets to an intervening local governing agency.

Accepted Answer

A) True 
 B)False

Question 17

The primary purpose of financial accounting for school districts is to maximize educational opportunities and increase equity for the enterprise.

Accepted Answer

A) True 
 B)False

Question 18

The primary purpose of public sector accounting is to:

Accepted Answer

A)  Expend and safeguard appropriations efficiently 
B)  Maximize equity 
C)  Provide alternative methodologies 
D)  None of the above 
A)  Expend and safeguard appropriations efficiently 
B)  Maximize equity 
C)  Provide alternative methodologies 
D)  None of the above

Question 19

Public schools manage the flow of revenue receipts and expenditure of resources through a single central fund known as the General Fund.

Accepted Answer

A) True 
 B)False

Question 20

Non-Revenue Receipts are increases to assets which do not incur a liability or represent exchanges of property for cash.

Accepted Answer

A) True 
 B)False

The chief operating fund used by public school districts is titled:

The Capital Outlay and Debt Service Funds are used to acquire, renovate, and retire long-term debt for public school facilities.

Expenditures can be coded (classified) as follows:

The Permanent Fund is the chief operating fund of the school district and is used to account for all financial resources of the school district except for those required to be accounted for in another fund.

The purpose an external audit of the financial transactions made by a school district is to:

Activity finds contain the following components:

The primary purpose of financial accounting for school districts is to maximize educational opportunities and increase equity for the enterprise.

Double-Entry Bookkeeping employs the following:

Fiscally independent school districts offer to the public K-12 grades that are free from charges for any form of educational services.

Enterprise Funds are designed to account for any activity for which a fee is charged to external users for their acquisition of goods or services.

The financial transactions of public school districts are usually recorded pursuant to the following method(s):

Public schools manage the flow of revenue receipts and expenditure of resources through a single central fund known as the General Fund.

There are two major types of fiscal resources, student activity and school district activity, contained in School District Activity Funds.

The Modified Accrual Accounting method is commonly used by school districts, and it combines the Accrual method with cash method of accounting.

Public entities, including school districts, rely upon the following accounting equation: Assets - Liabilities = Equity.

Fiscally dependent school districts are required by either the state constitution or statute to submit their budgets to an intervening local governing agency.

The primary purpose of financial accounting for school districts is to maximize educational opportunities and increase equity for the enterprise.

The primary purpose of public sector accounting is to:

Public schools manage the flow of revenue receipts and expenditure of resources through a single central fund known as the General Fund.

Non-Revenue Receipts are increases to assets which do not incur a liability or represent exchanges of property for cash.

The Nature and Theory of the Public School

Fundamental Rights and State School Finance Litigation

The System and Public Schools

Inequality of Opportunity

Education As an Investment in Human Capital

The Politics of School Finance

Fiscal Capacity and Tax Effort in the Funding of Public Schools

Taxation for Public Schools

The Federal Role in Financing Education

Teacher Compensation

Public Funding of Private Schools: Charter Schools and Vouchers

Education Production Functions: Whether Money Matters

Analyzing Equity and Adequacy of State School Finance

State School Funding Methods

Financing School Facilities

School Budget Development and Administration

Filters

Exam 15: Financial Accounting

The chief operating fund used by public school districts is titled:

The Capital Outlay and Debt Service Funds are used to acquire, renovate, and retire long-term debt for public school facilities.

Expenditures can be coded (classified) as follows:

The Permanent Fund is the chief operating fund of the school district and is used to account for all financial resources of the school district except for those required to be accounted for in another fund.

The purpose an external audit of the financial transactions made by a school district is to:

Activity finds contain the following components:

The primary purpose of financial accounting for school districts is to maximize educational opportunities and increase equity for the enterprise.

Double-Entry Bookkeeping employs the following:

Fiscally independent school districts offer to the public K-12 grades that are free from charges for any form of educational services.

Enterprise Funds are designed to account for any activity for which a fee is charged to external users for their acquisition of goods or services.

The financial transactions of public school districts are usually recorded pursuant to the following method(s):

Public schools manage the flow of revenue receipts and expenditure of resources through a single central fund known as the General Fund.

There are two major types of fiscal resources, student activity and school district activity, contained in School District Activity Funds.

The Modified Accrual Accounting method is commonly used by school districts, and it combines the Accrual method with cash method of accounting.

Public entities, including school districts, rely upon the following accounting equation: Assets - Liabilities = Equity.

Fiscally dependent school districts are required by either the state constitution or statute to submit their budgets to an intervening local governing agency.

The primary purpose of financial accounting for school districts is to maximize educational opportunities and increase equity for the enterprise.

The primary purpose of public sector accounting is to:

Public schools manage the flow of revenue receipts and expenditure of resources through a single central fund known as the General Fund.

Non-Revenue Receipts are increases to assets which do not incur a liability or represent exchanges of property for cash.

The Nature and Theory of the Public School

Fundamental Rights and State School Finance Litigation

The System and Public Schools

Inequality of Opportunity

Education As an Investment in Human Capital

The Politics of School Finance

Fiscal Capacity and Tax Effort in the Funding of Public Schools

Taxation for Public Schools

The Federal Role in Financing Education

Teacher Compensation

Public Funding of Private Schools: Charter Schools and Vouchers

Education Production Functions: Whether Money Matters

Analyzing Equity and Adequacy of State School Finance

State School Funding Methods

Financing School Facilities

School Budget Development and Administration

Filters