Advanced Financial Accounting Final Exam 100% Correct

Proprietary funds are 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 - ANSWERSB. Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations A state government is required to maintain custody of abandoned property such as unclaimed payroll checks, unclaimed security deposits, and contents of safe deposit boxes. They will accounting for these assets in which type of fund? A. General Fund B. Enterprise Fund C. Investment Trust Fund D. Private-Purpose Trust Fund - ANSWERSD. Private-Purpose Trust Fund Which of the following is a fiduciary fund? A. Pension Trust Fund B. Debt Service Fund C. Enterprise Fund D.Capital projects fund - ANSWERSA. Pension Trust Fund Governmental funds are 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 - ANSWERSA. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens A fund is A. a term used for money collected and spent by a governmental unit. B. an account used to accumulate donations by non-profit groups. C. a self-balancing set of accounts used to demonstrate fiscal accountability. D. always used when preparing government-wide financial statements. E. never used when preparing fund-based financial statements. - ANSWERSC. a self-balancing set of accounts used to demonstrate fiscal accountability. A city received a grant of $5,000,000 from a private agency. The money was to be used to build a new city library. In which fund should the money be recorded for the fund-based financial statements? A. the General Fund. B.an Expendable Trust Fund. C. a Capital Projects Fund. D. an Agency Fund. E. a Permanent Fund. - ANSWERSC. a Capital Projects Fund. Which of the following is a governmental fund? A. Enterprise fund B. Internal service fund C. Permanent fund D. Investment trust fund E. Agency fund - ANSWERSC. Permanent fund Special Revenue funds are 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 - ANSWERSE. Funds used to account for revenues that have been legally restricted as to expenditure What are the broad types or classifications of funds for a governmental entity such as a city? A. General, governmental and trust funds B. Governmental, proprietary and fiduciary funds C. Revenue, trust and governmental funds D. Enterprise, revenue and fiduciary funds E. Governmental, agency and en