CPFO ACCOUNTING EXAM - FINAL - CONSOLIDATED -
PART 2 - CHAPTERS 8-17
Property Tax is classified as which of the following resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = D -
Imposed nonexchange revenue]
Property taxes are an assessment that does not involve an underlying exchange
transaction.
Source: 2021 eGAAFR 1.8 Exercises
Sales of electricity to utility customers is classified as which of the following resource
inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = A Exchange
Transaction]
A sale of electricity to utility customers involves the giving and receiving of equal value.
Source: 2021 eGAAFR 1.8 Exercises
Motor fuel tax is classified as which of the following resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = C Derived
tax revenue]
A motor fuel tax is generated by an underlying exchange transaction.
,Source: 2021 eGAAFR 1.8 Exercises
Ad valorem tax on personal property (vehicles) is classified as which of the following
resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = D Imposed
nonexchange revenues]
Ad valorem taxes on personal property (vehicles) are an assessment that does not
involve an underlying exchange transaction.
Source: 2021 eGAAFR 1.8 Exercises
Capital contribution to establish an endowment is classified as which of the following
resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = F Voluntary
nonexchange transaction]
A capital contribution to establish an endowment is a nonexchange transaction that
does not qualify as (1) a derived tax revenue, (2) an imposed nonexchange revenue, or
(3) a government-mandated nonexchange transaction.
Source: 2021 eGAAFR 1.8 Exercises
Fines and forfeitures are classified as which of the following resource inflow
transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = D Imposed
nonexchange revenues]
,Fines and forfeitures are assessments that do not involve underlying exchange
transactions.
Source: 2021 eGAAFR 1.8 Exercises
A sale of land to a related party is classified as which of the following resource inflow
transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = B
Exchange-like transaction]
A sale of land to a related party typically would involve the giving and receiving of values
that are similar, but not quite equal.
Source: 2021 eGAAFR 1.8 Exercises
State-mandated bilingual education grant is classified as which of the following resource
inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = E
Government-mandated nonexchange transaction]
A state-mandated bilingual education grant is a funded mandate.
Source: 2021 eGAAFR 1.8 Exercises
Income tax is classified as which of the following resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = C Derived
tax revenue]
, An income tax is generated by an underlying exchange transaction.
Source: 2021 eGAAFR 1.8 Exercises
Competitive grant is classified as which of the following resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = F Voluntary
nonexchange transaction]
A competitive grant is a nonexchange transaction that does not qualify as (1) a derived
tax revenue, (2) an imposed nonexchange revenue, or (3) a government-mandated
nonexchange transaction.
Source: 2021 eGAAFR 1.8 Exercises
In what way does an exchange-like transaction differ from an exchange transaction?
A. The values exchanged may not be quite equal.
B. A portion of the value exchanged may benefit a third party.
C. Either A or B - Answers - [Correct response = C]
An exchange-like transaction can differ from an exchange transaction either because of
the amount exchanged or because of the beneficiary of the exchange.
Source: 2021 eGAAFR 1.8 Exercises
Which of the following is a true statement about nonexchange transactions?
A. A nonexchange transaction cannot take place between a primary government and its
component unit.
B. It is never permissible to recognize revenue from a government-mandated
nonexchange transaction prior to a government having an enforceable legal claim to the
assets.
C. If all requirements, except for purpose restrictions, have been met for a voluntary
nonexchange transaction, a governmental fund should record a deferred inflow of
resources until eligible expenditures have been made.
D. If all requirements, including purpose restrictions been met for a voluntary
nonexchange transaction, a governmental fund should record a deferred inflow of
resources until the resources become available. - Answers - [Correct response = D]
PART 2 - CHAPTERS 8-17
Property Tax is classified as which of the following resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = D -
Imposed nonexchange revenue]
Property taxes are an assessment that does not involve an underlying exchange
transaction.
Source: 2021 eGAAFR 1.8 Exercises
Sales of electricity to utility customers is classified as which of the following resource
inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = A Exchange
Transaction]
A sale of electricity to utility customers involves the giving and receiving of equal value.
Source: 2021 eGAAFR 1.8 Exercises
Motor fuel tax is classified as which of the following resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = C Derived
tax revenue]
A motor fuel tax is generated by an underlying exchange transaction.
,Source: 2021 eGAAFR 1.8 Exercises
Ad valorem tax on personal property (vehicles) is classified as which of the following
resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = D Imposed
nonexchange revenues]
Ad valorem taxes on personal property (vehicles) are an assessment that does not
involve an underlying exchange transaction.
Source: 2021 eGAAFR 1.8 Exercises
Capital contribution to establish an endowment is classified as which of the following
resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = F Voluntary
nonexchange transaction]
A capital contribution to establish an endowment is a nonexchange transaction that
does not qualify as (1) a derived tax revenue, (2) an imposed nonexchange revenue, or
(3) a government-mandated nonexchange transaction.
Source: 2021 eGAAFR 1.8 Exercises
Fines and forfeitures are classified as which of the following resource inflow
transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = D Imposed
nonexchange revenues]
,Fines and forfeitures are assessments that do not involve underlying exchange
transactions.
Source: 2021 eGAAFR 1.8 Exercises
A sale of land to a related party is classified as which of the following resource inflow
transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = B
Exchange-like transaction]
A sale of land to a related party typically would involve the giving and receiving of values
that are similar, but not quite equal.
Source: 2021 eGAAFR 1.8 Exercises
State-mandated bilingual education grant is classified as which of the following resource
inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = E
Government-mandated nonexchange transaction]
A state-mandated bilingual education grant is a funded mandate.
Source: 2021 eGAAFR 1.8 Exercises
Income tax is classified as which of the following resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = C Derived
tax revenue]
, An income tax is generated by an underlying exchange transaction.
Source: 2021 eGAAFR 1.8 Exercises
Competitive grant is classified as which of the following resource inflow transactions:
A. ET Exchange transaction
B. ELT Exchange-like transaction
C. DER Derived tax revenue
D. IMP Imposed nonexchange revenues
E. GOV Government-mandated nonexchange transaction
F. VOL Voluntary nonexchange transaction - Answers - [Correct response = F Voluntary
nonexchange transaction]
A competitive grant is a nonexchange transaction that does not qualify as (1) a derived
tax revenue, (2) an imposed nonexchange revenue, or (3) a government-mandated
nonexchange transaction.
Source: 2021 eGAAFR 1.8 Exercises
In what way does an exchange-like transaction differ from an exchange transaction?
A. The values exchanged may not be quite equal.
B. A portion of the value exchanged may benefit a third party.
C. Either A or B - Answers - [Correct response = C]
An exchange-like transaction can differ from an exchange transaction either because of
the amount exchanged or because of the beneficiary of the exchange.
Source: 2021 eGAAFR 1.8 Exercises
Which of the following is a true statement about nonexchange transactions?
A. A nonexchange transaction cannot take place between a primary government and its
component unit.
B. It is never permissible to recognize revenue from a government-mandated
nonexchange transaction prior to a government having an enforceable legal claim to the
assets.
C. If all requirements, except for purpose restrictions, have been met for a voluntary
nonexchange transaction, a governmental fund should record a deferred inflow of
resources until eligible expenditures have been made.
D. If all requirements, including purpose restrictions been met for a voluntary
nonexchange transaction, a governmental fund should record a deferred inflow of
resources until the resources become available. - Answers - [Correct response = D]
