Governmental Accounting questions
rated with actual answers.
The private sector organization that has been given primary authority to set accounting and financial
reporting standards for the state and local government is the: ANS -Governmental Accounting Standards
Board
The private sector organization that has been given primary authority to set accounting and financial
reporting standards for private sector, not for profit organizations is the: ANS -Financial Accounting
Standards Board
The organization that has been given the primary authority to set accounting and financial reporting
standards for the federal government and its agencies is the: ANS -Federal Accounting Standards
Advisory Board
The hierarchy of GAAP for not-for-profit governmental entities is established by the: ANS -Governmental
Accounting Standards Board
Objectives of financial accounting and reporting have been established by the: ANS -Financial
Accounting Standards Board
Governmental Accounting Standards Board
Federal Accounting Standards Advisory Board
Who do Internal Service funds sell too?
Enterprise funds? ANS -Internal Service funds: sell predominately to other government departments
Enterprise Funds: sell predominately to external parties
The government wide financial statements include a : ANS -statement of net position and statement of
activities
Governmental Funds include: ANS -General, Special revenue, debt service, capital projects, and
permanent funds.
, Governmental funds use the: ANS -Current financial resources measurement focus and modified accrual
basis of accounting. (Spending focus)
Which of the following is true regarding accounting for fixed assets of state and local government units?
ANS -fixed assets are to be recorded at historical cost, fixed assets are to be reported and depreciated in
the government wide financial statements, fixed assets are to be reported and depreciated in the
proprietary fund financial statements but not in the governmental fund financial statements
Proprietary fund financial statements include: ANS -statement of net position; statement of revenues,
expenses, and changes in net position; and statement of cash flows.
Which of the following statements would not be prepared using full accrual accounting? ANS -
governmental fund statement of revenues, expenditures, and changes in fund balances.
Which of the following is NOT a governmental fund:
general
private purpose
special revenue
debt service ANS -private purpose
This fund type uses the same measurement focus and basis of accounting as the general fund: ANS -
Permanent
An example of a component unit? ANS -The DeKalb Public Library
What is true about the Management Discussion and Analysis section of the CAFR? ANS -it is considered
supplementary information
In the Government-wide statement of net position: ANS -Designations of net position may not be
presented
rated with actual answers.
The private sector organization that has been given primary authority to set accounting and financial
reporting standards for the state and local government is the: ANS -Governmental Accounting Standards
Board
The private sector organization that has been given primary authority to set accounting and financial
reporting standards for private sector, not for profit organizations is the: ANS -Financial Accounting
Standards Board
The organization that has been given the primary authority to set accounting and financial reporting
standards for the federal government and its agencies is the: ANS -Federal Accounting Standards
Advisory Board
The hierarchy of GAAP for not-for-profit governmental entities is established by the: ANS -Governmental
Accounting Standards Board
Objectives of financial accounting and reporting have been established by the: ANS -Financial
Accounting Standards Board
Governmental Accounting Standards Board
Federal Accounting Standards Advisory Board
Who do Internal Service funds sell too?
Enterprise funds? ANS -Internal Service funds: sell predominately to other government departments
Enterprise Funds: sell predominately to external parties
The government wide financial statements include a : ANS -statement of net position and statement of
activities
Governmental Funds include: ANS -General, Special revenue, debt service, capital projects, and
permanent funds.
, Governmental funds use the: ANS -Current financial resources measurement focus and modified accrual
basis of accounting. (Spending focus)
Which of the following is true regarding accounting for fixed assets of state and local government units?
ANS -fixed assets are to be recorded at historical cost, fixed assets are to be reported and depreciated in
the government wide financial statements, fixed assets are to be reported and depreciated in the
proprietary fund financial statements but not in the governmental fund financial statements
Proprietary fund financial statements include: ANS -statement of net position; statement of revenues,
expenses, and changes in net position; and statement of cash flows.
Which of the following statements would not be prepared using full accrual accounting? ANS -
governmental fund statement of revenues, expenditures, and changes in fund balances.
Which of the following is NOT a governmental fund:
general
private purpose
special revenue
debt service ANS -private purpose
This fund type uses the same measurement focus and basis of accounting as the general fund: ANS -
Permanent
An example of a component unit? ANS -The DeKalb Public Library
What is true about the Management Discussion and Analysis section of the CAFR? ANS -it is considered
supplementary information
In the Government-wide statement of net position: ANS -Designations of net position may not be
presented
