Essentials of Accounting for Governmental.pdf

1) Governmental funds include: A) Special revenue funds. B) Internal service funds. C) Enterprise funds. D) Custodial funds. Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Fund Structure for State and Local Government Accounting and Reporting 2) Which of the following has established a "Hierarchy of GAAP": A) Financial Accounting Standards Board. B) Federal Accounting Standards Advisory Board. C) Governmental Accounting Standards Board. D) All of the choices have established a hierarchy. Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-03 Identify the sources of authoritative accounting standards for various pub Topic : Sources of GAAP 3) The term "proprietary funds" applies to: Version 1 3 A) all funds that use accrual accounting. B) enterprise and internal service funds only. C) enterprise, internal service, and private-purpose trust funds. D) none of the choices are correct. Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Fund Structure for State and Local Government Accounting and Reporting 4) The term "fiduciary funds" applies to: A) enterprise and internal service funds. B) private-purpose trust, investment trust, pension trust and custodial funds. C) pension, investment trust and enterprise funds. D) enterprise, internal service, and private-purpose trust funds. Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Fund Structure for State and Local Government Accounting and Reporting 5) The GASB sets accounting standards for all of the following except: A) State and local governments. B) Component units owned or controlled by governments. C) Governmentally related not-for-profit universities. D) Nongovernmental not-for-profit hospital. Version 1 4 Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-03 Identify the sources of authoritative accounting standards for various pub Topic : Sources of GAAP 6) Which of the following fund types is present in every general-purpose government? A) Permanent B) Special revenue C) General D) Capital projects Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Fund Structure for State and Local Government Accounting and Reporting 7) Which of the following is a proprietary fund? A) Internal service B) Investment trust C) Permanent D) Special revenue Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Fund Structure for State and Local Government Accounting and Reporting Version 1 5 8) Which of the following is not a fiduciary fund? A) Private-purpose trust B) Custodial C) Pension trust D) Permanent Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Fund Structure for State and Local Government Accounting and Reporting 9) Which of the following is a governmental fund? A) Internal service B) Custodial C) Enterprise D) Special revenue Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Fund Structure for State and Local Government Accounting and Reporting 10) Which of the following is not one of the objectives of Federal Financial Reporting, as outlined in SFFAC 1, which was issued by the FASAB? Version 1 6 A) Financial reporting should enable evaluation of the success rate of programs. B) Financial reporting should enable evaluation of the service efforts, costs and accomplishments of the reporting entity. C) Financial reporting should reveal whether financial systems and controls are adequate. D) Financial reporting should demonstrate accountability with regard to raising and expending money. Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-03 Identify the sources of authoritative accounting standards for various pub Topic : Objectives of Financial Reporting by the Federal Government 11) The FASAB has the authority to establish accounting and financial reporting standards for: A) State and local governments. B) Investor owned business. C) Federal government agencies. D) Public not-for-profits. Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-03 Identify the sources of authoritative accounting standards for various pub Topic : Sources of GAAP 12) The FASB has the authority to establish accounting and financial reporting standards for: Version 1 7 A) Federal government. B) Private not-for-profits. C) Public not-for-profits. D) State and local governments. Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-03 Identify the sources of authoritative accounting standards for various pub Topic : Sources of GAAP 13) The GASB has the authority to establish accounting and financial reporting standards for: A) State governments. B) Private not-for-profits. C) Federal government. D) None of the choices are correct. Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Sources of GAAP 14) In order for a fund to exist, there must be: A) A fiscal entity; assets set aside for a specific purpose. B) A double-entry accounting entity. C) Both are optional and not required D) Both options are required Version 1 8 Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Fund Structure for State and Local Government Accounting and Reporting 15) Which fund category must change from modified accrual to accrual basis when preparing government-wide financial statements? A) Governmental B) Proprietary C) Fiduciary D) Governmental & Proprietary only Question Details Accessibility : Keyboard Navigation Accessibility : Screen Reader Compatible Learning Objective : 01-04 Define the 11 fund types used by state and local governments. Topic : Measurement Focus and Basis of Accounting Answer Key Test name: Chapter 01 1) A 2) D 3) B 4) B 5) D 6) C 7) A 8) D 9) D 10) A 11) C 12) B 13) A 14) D 15) A