Question 1

Which group of governmental financial statements reports all revenues and all costs of providing services each year?

Accepted Answer

A)  GAAP-Based Financial Statements. 
B)  Fund-Based Financial Statements. 
C)  Cost-Based Financial Statements. 
D)  Government-Wide Financial Statements. 
E)  General Fund Financial Statements. 
A)  GAAP-Based Financial Statements. 
B)  Fund-Based Financial Statements. 
C)  Cost-Based Financial Statements. 
D)  Government-Wide Financial Statements. 
E)  General Fund Financial Statements. D

Question 2

Bay City received a federal grant to provide health care services to low income mothers and children. When should the revenues be recognized?

Accepted Answer

A)  As health care services are provided. 
B)  When the awarding of the grant is announced. 
C)  When the grant money is received. 
D)  At the end of Bay City's fiscal year. 
E)  When the grant money is receivable. 
A)  As health care services are provided. 
B)  When the awarding of the grant is announced. 
C)  When the grant money is received. 
D)  At the end of Bay City's fiscal year. 
E)  When the grant money is receivable. A

Question 3

Governmental funds are

Accepted Answer

A)  Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B)  Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C)  Funds used to account for monies held by the government in a trustee capacity. 
D)  Funds used to account for all financial resources except those required to be accounted for in another fund. 
E)  Funds used to account for revenues that have been legally restricted as to expenditure. 
A)  Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B)  Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C)  Funds used to account for monies held by the government in a trustee capacity. 
D)  Funds used to account for all financial resources except those required to be accounted for in another fund. 
E)  Funds used to account for revenues that have been legally restricted as to expenditure. A

Question 4

Generally, annual budgets are recorded within the following funds:

Accepted Answer

A)  General fund and special revenue funds. 
B)  Capital projects funds and debt service fund. 
C)  Enterprise funds and internal service funds. 
D)  General Fund and Pension Trust Fund. 
E)  Agency Funds and General Fund. 
A)  General fund and special revenue funds. 
B)  Capital projects funds and debt service fund. 
C)  Enterprise funds and internal service funds. 
D)  General Fund and Pension Trust Fund. 
E)  Agency Funds and General Fund.

Question 5

Simple City has recorded the purchase order of two trucks for a total of $100,000.
Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000. This amount has been approved but not yet paid. Identify the fund in which the entries are recorded.

Accepted Answer

The answer of Simple City has recorded the purchase order...

Question 6

Which group of financial statements is prepared using the "modified accrual accounting" approach?

Accepted Answer

A)  GAAP-Based Financial Statements. 
B)  Fund-Based Financial Statements. 
C)  Cost-Based Financial Statements. 
D)  Government-Wide Financial Statements. 
E)  General Purpose Financial Statements. 
A)  GAAP-Based Financial Statements. 
B)  Fund-Based Financial Statements. 
C)  Cost-Based Financial Statements. 
D)  Government-Wide Financial Statements. 
E)  General Purpose Financial Statements.

Question 7

What is the definition of the term fund?

Accepted Answer

The term fund is defined as a

Question 8

Which of the following statements is false regarding government-wide financial statements?

Accepted Answer

A)  Government-wide financial statements report a government's activities and financial position as a whole. 
B)  The government-wide financial statement approach helps users make long-term evaluations of the financial decisions and stability of the government. 
C)  Government-wide financial statements focus on the short-term instead of the long-term. 
D)  Government-wide financial statements assess the finances of the government in its entirety, including the year's operating results. 
E)  The measurement focus of government-wide financial statements is on all economic resources and utilizes accrual accounting. 
A)  Government-wide financial statements report a government's activities and financial position as a whole. 
B)  The government-wide financial statement approach helps users make long-term evaluations of the financial decisions and stability of the government. 
C)  Government-wide financial statements focus on the short-term instead of the long-term. 
D)  Government-wide financial statements assess the finances of the government in its entirety, including the year's operating results. 
E)  The measurement focus of government-wide financial statements is on all economic resources and utilizes accrual accounting.

Question 9

When a city received a federal grant for books to be purchased for a library, the money should have been recorded in

Accepted Answer

A)  the Permanent Fund. 
B)  an Expendable Trust Fund. 
C)  a Capital Projects Fund. 
D)  an Agency Fund. 
E)  a Special Revenue Fund. 
A)  the Permanent Fund. 
B)  an Expendable Trust Fund. 
C)  a Capital Projects Fund. 
D)  an Agency Fund. 
E)  a Special Revenue Fund.

Question 10

What is the purpose of fund-based financial statements?

Accepted Answer

To show restrictions on the pl

Question 11

Special Revenue funds are

Accepted Answer

A)  Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B)  Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C)  Funds used to account for monies held by the government in a trustee capacity. 
D)  Funds used to account for all financial resources except those required to be accounted for in another fund. 
E)  Funds used to account for revenues that have been legally restricted as to expenditure. 
A)  Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B)  Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C)  Funds used to account for monies held by the government in a trustee capacity. 
D)  Funds used to account for all financial resources except those required to be accounted for in another fund. 
E)  Funds used to account for revenues that have been legally restricted as to expenditure.

Question 12

What is the purpose of government-wide financial statements?

Accepted Answer

To show longer-term focus beca

Question 13

Under modified accrual accounting, when are expenditures recorded?

Accepted Answer

Under modified accrual account

Question 14

What are the four fiduciary fund types?

Accepted Answer

Investment trust fun

Question 15

Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000. Identify the fund in which the entry is recorded.

Accepted Answer

The answer of Prepare the journal entry and identify the...

Question 16

The town council adopted an annual budget estimating general revenues of $2,000,000, approved expenditures of $1,700,000 and other financing for other funds of $130,000.
Required:
Record the journal entry to record the budget and identify the fund in which it is recorded.

Accepted Answer

The answer of The town council adopted an annual budget...

Question 17

What are the two groups of financial statements mandated by GASB Statement No. 34? For each group, what are the names of the individual statements that must be produced?

Accepted Answer

GASB No. 34 requires two groups of finan

Question 18

Fiduciary funds are

Accepted Answer

A)  Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B)  Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C)  Funds used to account for monies held by the government in a trustee capacity. 
D)  Funds used to account for all financial resources except those required to be accounted for in another fund. 
E)  Funds used to account for revenues that have been legally restricted as to expenditure. 
A)  Funds used to account for the activities of a government that are carried out primarily to provide services to citizens. 
B)  Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations. 
C)  Funds used to account for monies held by the government in a trustee capacity. 
D)  Funds used to account for all financial resources except those required to be accounted for in another fund. 
E)  Funds used to account for revenues that have been legally restricted as to expenditure.

Question 19

When should property taxes be recognized under modified accrual accounting?

Accepted Answer

Property taxes should be recog

Question 20

Which of the following statements is true about Fund Balance classifications for the governmental funds?

Accepted Answer

A)  A restricted fund balance is for monies the governing board has appropriated. 
B)  An assigned fund balance has been designated for a specific purpose and is restricted to use for only that purpose. 
C)  An unassigned fund balance has no restriction for use of the money and is only applicable to the General Fund. 
D)  A committed fund balance has been designated by an outside party for a particular use. 
E)  A nonspendable fund balance is designated only for Permanent Fund balances. 
A)  A restricted fund balance is for monies the governing board has appropriated. 
B)  An assigned fund balance has been designated for a specific purpose and is restricted to use for only that purpose. 
C)  An unassigned fund balance has no restriction for use of the money and is only applicable to the General Fund. 
D)  A committed fund balance has been designated by an outside party for a particular use. 
E)  A nonspendable fund balance is designated only for Permanent Fund balances.

Which group of governmental financial statements reports all revenues and all costs of providing services each year?

Bay City received a federal grant to provide health care services to low income mothers and children. When should the revenues be recognized?

Governmental funds are

Generally, annual budgets are recorded within the following funds:

Simple City has recorded the purchase order of two trucks for a total of $100,000. Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000. This amount has been approved but not yet paid. Identify the fund in which the entries are recorded.

Which group of financial statements is prepared using the "modified accrual accounting" approach?

What is the definition of the term fund?

Which of the following statements is false regarding government-wide financial statements?

When a city received a federal grant for books to be purchased for a library, the money should have been recorded in

What is the purpose of fund-based financial statements?

Special Revenue funds are

What is the purpose of government-wide financial statements?

Under modified accrual accounting, when are expenditures recorded?

What are the four fiduciary fund types?

Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000. Identify the fund in which the entry is recorded.

The town council adopted an annual budget estimating general revenues of $2,000,000, approved expenditures of $1,700,000 and other financing for other funds of $130,000. Required: Record the journal entry to record the budget and identify the fund in which it is recorded.

What are the two groups of financial statements mandated by GASB Statement No. 34? For each group, what are the names of the individual statements that must be produced?

Fiduciary funds are

When should property taxes be recognized under modified accrual accounting?

Which of the following statements is true about Fund Balance classifications for the governmental funds?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations-Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flo

Consolidated Financial Statements - Ownership Patterns and Income

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments

Accounting and Reporting for Private Not-For-Profit Organizations

Accounting for Estates and Trusts

Filters

Exam 16: Accounting for State and Local Governments

Which group of governmental financial statements reports all revenues and all costs of providing services each year?

Bay City received a federal grant to provide health care services to low income mothers and children. When should the revenues be recognized?

Governmental funds are

Generally, annual budgets are recorded within the following funds:

Simple City has recorded the purchase order of two trucks for a total of $100,000. Prepare the journal entries to reflect that the two trucks have been received with a voucher price of $105,000. This amount has been approved but not yet paid. Identify the fund in which the entries are recorded.

Which group of financial statements is prepared using the "modified accrual accounting" approach?

What is the definition of the term fund?

Which of the following statements is false regarding government-wide financial statements?

When a city received a federal grant for books to be purchased for a library, the money should have been recorded in

What is the purpose of fund-based financial statements?

Special Revenue funds are

What is the purpose of government-wide financial statements?

Under modified accrual accounting, when are expenditures recorded?

What are the four fiduciary fund types?

Prepare the journal entry and identify the fund to record the purchase order of two trucks owned by Simple City for $100,000. Identify the fund in which the entry is recorded.

The town council adopted an annual budget estimating general revenues of $2,000,000, approved expenditures of $1,700,000 and other financing for other funds of $130,000. Required: Record the journal entry to record the budget and identify the fund in which it is recorded.

What are the two groups of financial statements mandated by GASB Statement No. 34? For each group, what are the names of the individual statements that must be produced?

Fiduciary funds are

When should property taxes be recognized under modified accrual accounting?

Which of the following statements is true about Fund Balance classifications for the governmental funds?

The Equity Method of Accounting for Investments

Consolidation of Financial Information

Consolidations-Subsequent to the Date of Acquisition

Consolidated Financial Statements and Outside Ownership

Consolidated Financial Statements - Intra-Entity Asset Transactions

Variable Interest Entities, Intra-Entity Debt, Consolidated Cash Flo

Consolidated Financial Statements - Ownership Patterns and Income

Segment and Interim Reporting

Foreign Currency Transactions and Hedging Foreign Exchange Risk

Translation of Foreign Currency Financial Statements

Worldwide Accounting Diversity and International Standards

Financial Reporting and the Securities and Exchange Commission

Accounting for Legal Reorganizations and Liquidations

Partnerships: Formation and Operations

Partnerships: Termination and Liquidation

Accounting for State and Local Governments

Accounting and Reporting for Private Not-For-Profit Organizations

Accounting for Estates and Trusts

Filters