Governmental Accounting Exam 1
questions & answers.
What are the categories of governmental activities? ANS -Governmental, business, fiduciary
What are governmental type activities? ANS -core services (police, fire, roads, social services) and admin
support
What are business type activities? ANS -activities comparable to private enterprise (utilities, bus, golf
courses)
What are fiduciary activities? ANS -government acts as a trustee or agent with private purpose
What are the two government-wide financial statements? ANS -net position and activities
What are the fund statements? ANS -governmental; balance sheet and operating statements;
proprietary; net position; operating and cash flows; fiduciary; net position and changes in net position
What does the GASB reporting principle state? ANS -the Govt acct system must generally a) allow fair
presentation and full disclosure under governmental GAAP and b) comply with state law and contract
provisions
A _____ is defined as a separate fiscal and accounting entity with self-balancing accounts ANS -fund
What does dual fund reporting allow? ANS -recording of transactions usable for both fund basis and
govt wide reporting
What are the governmental type fund categories? ANS -General fund, special revenue fund, capital
projects fund, debt service fund, permanent fund
questions & answers.
What are the categories of governmental activities? ANS -Governmental, business, fiduciary
What are governmental type activities? ANS -core services (police, fire, roads, social services) and admin
support
What are business type activities? ANS -activities comparable to private enterprise (utilities, bus, golf
courses)
What are fiduciary activities? ANS -government acts as a trustee or agent with private purpose
What are the two government-wide financial statements? ANS -net position and activities
What are the fund statements? ANS -governmental; balance sheet and operating statements;
proprietary; net position; operating and cash flows; fiduciary; net position and changes in net position
What does the GASB reporting principle state? ANS -the Govt acct system must generally a) allow fair
presentation and full disclosure under governmental GAAP and b) comply with state law and contract
provisions
A _____ is defined as a separate fiscal and accounting entity with self-balancing accounts ANS -fund
What does dual fund reporting allow? ANS -recording of transactions usable for both fund basis and
govt wide reporting
What are the governmental type fund categories? ANS -General fund, special revenue fund, capital
projects fund, debt service fund, permanent fund
