ACCT 4421 - Exam 1 Questions with
Complete Solutions
current resources Correct Answ_measurement focus for Governmental Fund Statements
inter-period equity Correct Answ_GASB objective that is accomplished with a measurement
focus of all economic resources
budgetary compliance Correct Answ_GASB objective that is accomplished with a
measurement focus of current economic resources
general Correct Answ_operating fund, accounts for all unassigned resources, most
significant fund
general Correct Answ_fund that a govt can only have 1 of
general Correct Answ_only fund that can have a positive unassigned balance
,special revenue Correct Answ_fund that accounts for financial resources restricted or
committed (not assigned) to expenditure for specific purposes other than debt service or capital
projects
debt service Correct Answ_fund for restricted, committed, or assigned resources for the
payment of interest or principle on long term debt
capital project Correct Answ_fund for restricted, committed, or assigned resources for
expenditure of capital outlays
permanent Correct Answ_fund that is legally restricted so that only earnings, not principal,
may be used
proprietary Correct Answ_only funds that have a statement of cash flows
enterprise Correct Answ_fund that accounts for activities in which the goods/services are
provided to the general public for a charge
, internal service Correct Answ_fund that accounts for activities in which goods/services are
provided for a charge to other departments of the same govt or other govts
fiduciary Correct Answ_funds that are not included in government-wide financial statements
agency Correct Answ_fund for when the govt holds assets on behalf of another govt
agency Correct Answ_only fund to have assets = liabilities
general, special revenue, capital project, debt service, permanent (GRaSPP) Correct
Answ_governmental funds
enterprise, internal service (SE) Correct Answ_proprietary funds
pension trust, agency, private purpose, investment trust (PAPI) Correct Answ_fiduciary funds
current assets + deferred outflow - current liabilities - deferred inflow = fund balance Correct
Answ_governmental fund equation
Complete Solutions
current resources Correct Answ_measurement focus for Governmental Fund Statements
inter-period equity Correct Answ_GASB objective that is accomplished with a measurement
focus of all economic resources
budgetary compliance Correct Answ_GASB objective that is accomplished with a
measurement focus of current economic resources
general Correct Answ_operating fund, accounts for all unassigned resources, most
significant fund
general Correct Answ_fund that a govt can only have 1 of
general Correct Answ_only fund that can have a positive unassigned balance
,special revenue Correct Answ_fund that accounts for financial resources restricted or
committed (not assigned) to expenditure for specific purposes other than debt service or capital
projects
debt service Correct Answ_fund for restricted, committed, or assigned resources for the
payment of interest or principle on long term debt
capital project Correct Answ_fund for restricted, committed, or assigned resources for
expenditure of capital outlays
permanent Correct Answ_fund that is legally restricted so that only earnings, not principal,
may be used
proprietary Correct Answ_only funds that have a statement of cash flows
enterprise Correct Answ_fund that accounts for activities in which the goods/services are
provided to the general public for a charge
, internal service Correct Answ_fund that accounts for activities in which goods/services are
provided for a charge to other departments of the same govt or other govts
fiduciary Correct Answ_funds that are not included in government-wide financial statements
agency Correct Answ_fund for when the govt holds assets on behalf of another govt
agency Correct Answ_only fund to have assets = liabilities
general, special revenue, capital project, debt service, permanent (GRaSPP) Correct
Answ_governmental funds
enterprise, internal service (SE) Correct Answ_proprietary funds
pension trust, agency, private purpose, investment trust (PAPI) Correct Answ_fiduciary funds
current assets + deferred outflow - current liabilities - deferred inflow = fund balance Correct
Answ_governmental fund equation
