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Master Set Governmental Accounting questions & answers 100%.

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Institution Governmental Accounting
Course Governmental Accounting
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Master Set Governmental Accounting questions & answers 100%.

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Master Set Governmental Accounting
questions & answers 100%.
Governmental Fund Balance = ANS -A + DO - L - DI



Other financing sources/ uses (governmental) ANS -OFS- Operating Transfer in

OFS- Bond Proceeds

OFS- Proceeds: Sale of Capital Lease

OFS- Proceeds: Sale of Fixed Asset

OFU- Operating Transfer out



How do...

Revenues

Expenditures

OFS

OFU

...effect change in fund balance ANS -Increase

Decrease

Increase

Decrease



Governmental funds use what type of accounting ANS -Modified Accrual



State & Local govt. organizations are overseen by? ANS -GASB



Proprietary and fiduciary funds have a ______, where governmental funds have a _______. ANS -Net
position, fund balance



Proprietary Funds change in net position is affected by? ANS -Revenues (I)

, Expenditures (D)

Operating Transfer in (I)

Operating Transfer out (D)



Governmental funds are made up of which funds? ANS -General Fund

Capital Project Funds

Debt Service Funds

Permanent Funds

Special Revenue Funds



Fiduciary Funds consist of which funds? ANS -Agency Funds

Trust Funds



What are the types of Fiduciary Trust Funds? ANS -Pension Trusts

Investment Trust Funds

Private Purpose Trust Funds



Proprietary Funds consist of which funds? ANS -Internal Service Funds

Enterprise Funds



Do governmental units earn revenue? ANS -NO



What is the purpose of governmental unit ANS -to collect funds and spend funds



Why is matching of revenue and expenses not possible? ANS -The person providing the revenue are not
the same persons receiving the services



What type of accounting is used for governmental units? ANS -Fund accounting

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