Governmental Accounting Final Exam
questions n answers graded A+
General Fund - correct answer ✔✔Unrestricted
Special Revenue - correct answer ✔✔Legally restricted for a specific purpose
Debt Service - correct answer ✔✔Resources used for payment of interest and principal on long
term debt
Capital Projects Funds - correct answer ✔✔Resources used for construction of major capital
facilities
Permanent Funds - correct answer ✔✔Endowment in which beneficiary is government itself
Enterprise Fund - correct answer ✔✔Accounts for services provided to public at large
Internal Service Funds - correct answer ✔✔Accounts for provision of goods to other
departments within the same government
Trust Funds - correct answer ✔✔Held for benefit of individual, private organizations, or other
government
Imposed Nonexchange Revenues = when to recognize revenue - correct answer ✔✔Recognize
revenue in the period in which the revenue is intended to be used
, Imposed Nonexchange Transaction - correct answer ✔✔Assessments imposed on individuals
and business
Example of an imposed nonexchange transaction - correct answer ✔✔Property taxes and fines
When to recognize derived taxes revenue - correct answer ✔✔In the period of the underlying
transaction
Derived Taxes - correct answer ✔✔Result from assessments on exchange transactions of the
taxpayer
Example of derived taxes - correct answer ✔✔sales tax
When to recognized government mandated nonexchange transactions - correct answer
✔✔When all eligibility requirements have been met
Government mandated nonexchange transactions - correct answer ✔✔Government at one
level provides resources to government at another level and requires recipient to use resources
for a specific purpose
When to recognize Voluntary Nonexchange Transactions - correct answer ✔✔When all eligibility
requirements have been met
Voluntary Nonexchange Transactions - correct answer ✔✔Legislative or contractual agreements
entered into willingly by two or more parties
When to recognize exchange transactions - correct answer ✔✔When cash is received
questions n answers graded A+
General Fund - correct answer ✔✔Unrestricted
Special Revenue - correct answer ✔✔Legally restricted for a specific purpose
Debt Service - correct answer ✔✔Resources used for payment of interest and principal on long
term debt
Capital Projects Funds - correct answer ✔✔Resources used for construction of major capital
facilities
Permanent Funds - correct answer ✔✔Endowment in which beneficiary is government itself
Enterprise Fund - correct answer ✔✔Accounts for services provided to public at large
Internal Service Funds - correct answer ✔✔Accounts for provision of goods to other
departments within the same government
Trust Funds - correct answer ✔✔Held for benefit of individual, private organizations, or other
government
Imposed Nonexchange Revenues = when to recognize revenue - correct answer ✔✔Recognize
revenue in the period in which the revenue is intended to be used
, Imposed Nonexchange Transaction - correct answer ✔✔Assessments imposed on individuals
and business
Example of an imposed nonexchange transaction - correct answer ✔✔Property taxes and fines
When to recognize derived taxes revenue - correct answer ✔✔In the period of the underlying
transaction
Derived Taxes - correct answer ✔✔Result from assessments on exchange transactions of the
taxpayer
Example of derived taxes - correct answer ✔✔sales tax
When to recognized government mandated nonexchange transactions - correct answer
✔✔When all eligibility requirements have been met
Government mandated nonexchange transactions - correct answer ✔✔Government at one
level provides resources to government at another level and requires recipient to use resources
for a specific purpose
When to recognize Voluntary Nonexchange Transactions - correct answer ✔✔When all eligibility
requirements have been met
Voluntary Nonexchange Transactions - correct answer ✔✔Legislative or contractual agreements
entered into willingly by two or more parties
When to recognize exchange transactions - correct answer ✔✔When cash is received
