ACCT 4421 Becker Questions
comprehensive Questions and Answers
with Verified Solutions
Question 1:
In which of the following fund types of a city government are revenues
and expenditures recognized on the same basis of accounting as the
general fund? A. Fiduciary B. Internal service C. Enterprise D. Debt
service
Answer:
D. Debt service
Question 2:
In complying with GASB 34, a government will present separate fund
financial statements for its governmental and proprietary funds. The
purpose of this presentation is to: a. Demonstrate compliance with legal,
regulatory or other budgetary compliance features of the government's
administration of its finances. b. Report additional and detailed
information about the primary government. c. Provide internal transfer
pricing data regarding individual internal service funds. d. Document the
prioritization of general revenue allocations.
Answer:
b. Report additional and detailed information about the primary
government.
, Question 3:
The economic resources measurement focus and accrual basis of
accounting would be most appropriate for which fund as used in the fund
financial statements A. Internal service fund B. General fund
Answer:
A. Internal service fund
Question 4:
Which of the following use the current financial resources measurement
focus? a. enterprise fund b. internal service fund c. special revenue fund
d. private-purpose fund
Answer:
c. special revenue fund
Question 5:
Select the description below which best describes a characteristic of the
modified accrual accounting method used for government entities
including the general fund A. Gov fund revenues are recorded on accrual
basis if measurable B. Expenditures for capital items are always
depreciated C. Expenditures is on flow of current financial resources,
similar to cash flow D. Net income is always the primary focus
Answer:
C. Expenditures is on flow of current financial resources, similar to cash
flow
comprehensive Questions and Answers
with Verified Solutions
Question 1:
In which of the following fund types of a city government are revenues
and expenditures recognized on the same basis of accounting as the
general fund? A. Fiduciary B. Internal service C. Enterprise D. Debt
service
Answer:
D. Debt service
Question 2:
In complying with GASB 34, a government will present separate fund
financial statements for its governmental and proprietary funds. The
purpose of this presentation is to: a. Demonstrate compliance with legal,
regulatory or other budgetary compliance features of the government's
administration of its finances. b. Report additional and detailed
information about the primary government. c. Provide internal transfer
pricing data regarding individual internal service funds. d. Document the
prioritization of general revenue allocations.
Answer:
b. Report additional and detailed information about the primary
government.
, Question 3:
The economic resources measurement focus and accrual basis of
accounting would be most appropriate for which fund as used in the fund
financial statements A. Internal service fund B. General fund
Answer:
A. Internal service fund
Question 4:
Which of the following use the current financial resources measurement
focus? a. enterprise fund b. internal service fund c. special revenue fund
d. private-purpose fund
Answer:
c. special revenue fund
Question 5:
Select the description below which best describes a characteristic of the
modified accrual accounting method used for government entities
including the general fund A. Gov fund revenues are recorded on accrual
basis if measurable B. Expenditures for capital items are always
depreciated C. Expenditures is on flow of current financial resources,
similar to cash flow D. Net income is always the primary focus
Answer:
C. Expenditures is on flow of current financial resources, similar to cash
flow
