Ch. 2 Governmental Accounting Part 1
questions with actual answers.
To what does basis of accounting refer to? ANS -the timing of recognition of assets, liabilities, revenues,
and expenditures/expenses in financial statements.
Governmental accounting normally ANS -uses separate funds to account for various activities,
incorporates budgetary accounts into the accounting system, and focuses on flows of current financial
resources.
In governmental accounting, a fund is best defined as: ANS -a fiscal and accounting entity with a self-
balancing set of accounts
which of the following funds all use the current financial resources measurement focus? ANS -Debt
service, special revenue, and capital projects
The three broad categories of funds used by governmental entities are: ANS -Governmental,
Proprietary, and Fiduciary
Which category of funds is used to account for most of the day to day public services provided by the
government? ANS -Governmental type funds
Which category of funds focuses on financial resources available for current spending? ANS -
Governmental type funds
Within a fund, which of the following results from using the current financial resources measurement
focus? ANS -long-term assets and liabilities will not be recorded in the fund
which of the following set of funds use the economic resources measurement focus> ANS -Internal
service revenue, pension, and enterprise
questions with actual answers.
To what does basis of accounting refer to? ANS -the timing of recognition of assets, liabilities, revenues,
and expenditures/expenses in financial statements.
Governmental accounting normally ANS -uses separate funds to account for various activities,
incorporates budgetary accounts into the accounting system, and focuses on flows of current financial
resources.
In governmental accounting, a fund is best defined as: ANS -a fiscal and accounting entity with a self-
balancing set of accounts
which of the following funds all use the current financial resources measurement focus? ANS -Debt
service, special revenue, and capital projects
The three broad categories of funds used by governmental entities are: ANS -Governmental,
Proprietary, and Fiduciary
Which category of funds is used to account for most of the day to day public services provided by the
government? ANS -Governmental type funds
Which category of funds focuses on financial resources available for current spending? ANS -
Governmental type funds
Within a fund, which of the following results from using the current financial resources measurement
focus? ANS -long-term assets and liabilities will not be recorded in the fund
which of the following set of funds use the economic resources measurement focus> ANS -Internal
service revenue, pension, and enterprise
