governmental accounting chapter 8
questions with actual answers 100%.
four types of ____ are agency funds, investment trust funds, private purpose trust funds, and pension
trust funds ANS -fiduciary funds
____ are fiduciary funds used to account for assets held by a government acting as an agent for one or
more other governments, for individuals, or for private organizations ANS -agency funds
____ that are held in an agency fund belong to the party or parties for which the government acts as an
agent ANS -assets
agency fund assets are offset by liabilities ____ in amount ANS -equal
fund net position does or does not exist? ANS -does not
a _____ may perform the functions of billing property owners for the assessments, collecting
installments of assessments and interest on the assessments, and from the collections paying interest
and principal on the special assessment debt ANS -government
In the example of a tax ____ fund, a count official collects all property taxes for property owned within
the county then distributes them to the appropriate fund or government such as library service, school
taxes, port authority, county operating, transit authority ANS -agency
in a tax agency fund, payments are received ______ _____ _____ ANS -at various times
a further complication of tax agency fund is that ____ may change from year to year ANS -tax rates
grants, entitlements, or shared revenues from the federal or a state government often _____
__________ one government before distribution to a secondary recipient ANS -pass through
, two types of involvement of _____ governments include direct financial involvement and administrative
involvement ANS -recipient
a recipient government has _____ involvement is it 1) monitors secondary recipients for compliance
with program specific requirements 2) determines eligibility of secondary recipients or projects even if
using grantor established criteria or 3) has the ability to exercise discretion in allocation of funds ANS -
administrative
When the criteria for administrative or direct financial involvement are met, the ____ recipient
government must recognize a revenue for the receipt and an expenditure or expense for the transfer in
a governmental fund, private purpose trust fund, or proprietary fund ANS -primary
if neither administrative nor financial involvement is deemed to exist, then a _______ _____________
agency fund must be used and no revenue or expenditure/expense is recognized ANS -pass through
Fiduciary activities are reported only in the ____ financial statements ANS -fiduciary fund
______ fund financial information is reported in a separate column of the statement of fiduciary net
position ANS -agency
only those assets held for _____ parties are reported by agency funds in the statement of fiduciary net
position ANS -external
_____ funds are not included in the statement of changes in fiduciary net position because they have no
net position and therefore cannot have changes in net position ANS -agency
Types of ____ funds;
investment, private purpose, pension ANS -trust
_____ benefits those other than the government's own programs or citizenry ANS -trust funds
____ benefits governments own programs or citizenry, only earnings can be spent ANS -permanent
fund
questions with actual answers 100%.
four types of ____ are agency funds, investment trust funds, private purpose trust funds, and pension
trust funds ANS -fiduciary funds
____ are fiduciary funds used to account for assets held by a government acting as an agent for one or
more other governments, for individuals, or for private organizations ANS -agency funds
____ that are held in an agency fund belong to the party or parties for which the government acts as an
agent ANS -assets
agency fund assets are offset by liabilities ____ in amount ANS -equal
fund net position does or does not exist? ANS -does not
a _____ may perform the functions of billing property owners for the assessments, collecting
installments of assessments and interest on the assessments, and from the collections paying interest
and principal on the special assessment debt ANS -government
In the example of a tax ____ fund, a count official collects all property taxes for property owned within
the county then distributes them to the appropriate fund or government such as library service, school
taxes, port authority, county operating, transit authority ANS -agency
in a tax agency fund, payments are received ______ _____ _____ ANS -at various times
a further complication of tax agency fund is that ____ may change from year to year ANS -tax rates
grants, entitlements, or shared revenues from the federal or a state government often _____
__________ one government before distribution to a secondary recipient ANS -pass through
, two types of involvement of _____ governments include direct financial involvement and administrative
involvement ANS -recipient
a recipient government has _____ involvement is it 1) monitors secondary recipients for compliance
with program specific requirements 2) determines eligibility of secondary recipients or projects even if
using grantor established criteria or 3) has the ability to exercise discretion in allocation of funds ANS -
administrative
When the criteria for administrative or direct financial involvement are met, the ____ recipient
government must recognize a revenue for the receipt and an expenditure or expense for the transfer in
a governmental fund, private purpose trust fund, or proprietary fund ANS -primary
if neither administrative nor financial involvement is deemed to exist, then a _______ _____________
agency fund must be used and no revenue or expenditure/expense is recognized ANS -pass through
Fiduciary activities are reported only in the ____ financial statements ANS -fiduciary fund
______ fund financial information is reported in a separate column of the statement of fiduciary net
position ANS -agency
only those assets held for _____ parties are reported by agency funds in the statement of fiduciary net
position ANS -external
_____ funds are not included in the statement of changes in fiduciary net position because they have no
net position and therefore cannot have changes in net position ANS -agency
Types of ____ funds;
investment, private purpose, pension ANS -trust
_____ benefits those other than the government's own programs or citizenry ANS -trust funds
____ benefits governments own programs or citizenry, only earnings can be spent ANS -permanent
fund
