Advanced Accounting Exam with verified question and detailed answers

Advanced Accounting Exam with verified question and detailed answers 1. D. (Government-wide financial statements): which group of governmental fi- nancial statements reports all revenues and all costs of providing services each year? A. GAAP-based financial statements B. fund-based financial statements C. cost-based financial statements D. government-wide financial statements E. general fund financial statements 2. B.: proprietary funds are: A. funds used to account for the activities of a government that are carried out primarily to provide services to citizens B. funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations C. funds used to account for monies held by the government in a trustee capacity D. funds used to account for all financial resources except those required to be accounted for in another fund E. funds used to account for revenues that have been legally restricted as to expenditure