CPACE questions with correct answers

What are categorical funds? CORRECT ANSWER 1. Restricted funds for specific purposes only. 2. State - Title I, Federal Government, child nutrition School Site Council CORRECT ANSWER -principal is member -50/50 between parents and employees -does not vote on federal/state budgets Define "audit" and state what information an audit provides about school district funds. CORRECT ANSWER An audit is an examination of documents, records and accounts. Confirms the fund balances as well as their distribution among restricted and unrestricted funds. What are the seven fields that must be included in the account codes of the CA School Accounting Manual? CORRECT ANSWER 1. Fund 2. Resource 3. Project Year 4. Goal 5. Function 6. Object 7. Account group