Governmental Accounting Chapter 7
questions with actual answers.
There are two types of Proprietary funds: ___ and ___ ANS -internal service fund and enterprise fund
_____ are used to account for the acquisition or production and the distribution of centralized goods
and services that provided to departments or agencies of the government, or to other governments, on
a cost reimbursement basis ANS -internal service funds
Departments such as Purchasing and Information Systems are examples of components of a ____ fund
ANS -internal service
most _____ are required by GASB to be reported on the governmental activities section of the
government wide statements while few are required to be reported on the business activities section
ANS -internal service fund
______ account for activities that produce goods or services to be sold to the general public. These
activities are referred to as business type activities. ANS -enterprise funds
____ funds focus on the flow of economic resources recognized on the accrual basis of accounting ANS -
proprietary
proprietary funds accounts for ____ assets and liabilities related to their operations ANS -all short and
long term
____ are established to improve financial management of government resources ANS -internal service
funds
The ordinance or other legislative action that _____ the establishment of an internal service fund should
also specify the source or sources of financial resources to be used for fund operations ANS -establis
questions with actual answers.
There are two types of Proprietary funds: ___ and ___ ANS -internal service fund and enterprise fund
_____ are used to account for the acquisition or production and the distribution of centralized goods
and services that provided to departments or agencies of the government, or to other governments, on
a cost reimbursement basis ANS -internal service funds
Departments such as Purchasing and Information Systems are examples of components of a ____ fund
ANS -internal service
most _____ are required by GASB to be reported on the governmental activities section of the
government wide statements while few are required to be reported on the business activities section
ANS -internal service fund
______ account for activities that produce goods or services to be sold to the general public. These
activities are referred to as business type activities. ANS -enterprise funds
____ funds focus on the flow of economic resources recognized on the accrual basis of accounting ANS -
proprietary
proprietary funds accounts for ____ assets and liabilities related to their operations ANS -all short and
long term
____ are established to improve financial management of government resources ANS -internal service
funds
The ordinance or other legislative action that _____ the establishment of an internal service fund should
also specify the source or sources of financial resources to be used for fund operations ANS -establis