ACCT 4421 Governmental Accounting
Questions and Answers 100% Solved
when account for capital assets used in general government, a state or local government should
_____________ on the Government Wide financial statements
a. capitalize the asset and depreciate it over its useful life
b. capitalize the asset but not depreciate it
c. capitalize the asset and choose to use the standard approach or the modified approach
d. expense and the capital asset because capital assets are not reflected on the government wide
financial statements a. capitalize the asset and depreciate it over its useful life
true or false: when accounting for supplies or for prepaid, a local government can elect to use the
consumption method or the purchases method in its governmental funds financial statements, but
in the Government Wide financial statements they must use the consumption method true
one of our guest speakers mentions a marketing term that I told you needed to know because
people in the business world would assume you knew what it was and also because it would be
on the exam. The term refers to a measurement of customer loyalty and enthusiasm about the
company
, a. key performance indicator
b. infographic
c. net promoter score
d. likert scale c. net promoter score
this term refers to a federal requirement that any entity (business OR not for profit) that expends
$750,000 or more in a fiscal year must have an auditor review compliance with federal award
requirements on top of their audit of the financial statements. these rules are the results of the
____________ Act passed by Congress.
a. Single Audit
b. Omnibus Reconciliation
c. Balanced Budget Act
d. Sarbanes Oxlet a. Single Audit
True or false: very few local governments elect to use the modified approach to capital assets and
depreciation, but close to a third of state governments use this method true
Questions and Answers 100% Solved
when account for capital assets used in general government, a state or local government should
_____________ on the Government Wide financial statements
a. capitalize the asset and depreciate it over its useful life
b. capitalize the asset but not depreciate it
c. capitalize the asset and choose to use the standard approach or the modified approach
d. expense and the capital asset because capital assets are not reflected on the government wide
financial statements a. capitalize the asset and depreciate it over its useful life
true or false: when accounting for supplies or for prepaid, a local government can elect to use the
consumption method or the purchases method in its governmental funds financial statements, but
in the Government Wide financial statements they must use the consumption method true
one of our guest speakers mentions a marketing term that I told you needed to know because
people in the business world would assume you knew what it was and also because it would be
on the exam. The term refers to a measurement of customer loyalty and enthusiasm about the
company
, a. key performance indicator
b. infographic
c. net promoter score
d. likert scale c. net promoter score
this term refers to a federal requirement that any entity (business OR not for profit) that expends
$750,000 or more in a fiscal year must have an auditor review compliance with federal award
requirements on top of their audit of the financial statements. these rules are the results of the
____________ Act passed by Congress.
a. Single Audit
b. Omnibus Reconciliation
c. Balanced Budget Act
d. Sarbanes Oxlet a. Single Audit
True or false: very few local governments elect to use the modified approach to capital assets and
depreciation, but close to a third of state governments use this method true
