- Study guides, Class notes & Summaries

ACCT 4421 BECKER ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS What basis of accounting should be used when preparing a governmental funds statement of revenues, expenditures, and changes in fund balances? - Answer -Modified accrual basis of accounting. Which of the following is not an accounting characteristic or focus of proprietary funds? - Answer -Budgetary accounts are reported in internal service funds. The measurement focus of governmental-type funds is on the determinati...

ACCT 4421 CH. 2 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS In governmental and NFP Accounting, a _____ is a fiscal and an accounting entity, used to account for their resources and activities. - Answer -fund(s) What is the accounting equation for the fund balance? - Answer -A = L + Fund Balance or A - L = Net Assets (Fund Balance What is GASB's Fund Balance Hierarchy? - Answer -1. Nonspendable 2. RestrictedNeed assistance on Online classes, Exams & Assignments? Reach out ...

ACCT 4421- CH 1 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS The traditional business model of accounting is inadequate for governments and not-for-profit organizations primarily because businesses differ from governments and not-for-profit organizations in that - Answer -They have different missions If businesses are "governed by the marketplace" governments are governed by - Answer -Budgets The primary objective of a not-for-profit organization or a government is to

ACCT 4421 FINAL STUDY ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Main objective of GASB - Answer -Accountability Accountability: Inter-period equity - Answer -- Financial reporting should provide info to determine whether current year revenues were sufficient to pay for current year services - Make sure people pay for servic

ACCT 4421 MIDTERM REVIEW ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS When Capitol City makes its annual lease payment on an unpaid lease obligation, the journal entry for the debt service fund accounts will include: - Answer -A debit to Expenditures - Principal of Lease Obiligation Premiums received on tax-supported bonds are generally transferred to what fund? - Answer -Debt Service A liability is recorded in governmental funds w

ACCT 4421 EXAM 3 REVIEW ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Ch. 9, 10, 11, 12 In both the fund statements and the government-wide statements, business-type activities and internal service funds are on a full accrual basis, and their measurement focus is on all economic resources - Answer -T The operating statement required as one of the three basic financial statements for proprietary funds is called the statement of revenues, expenditures, and changes in net position ...

ACCT 4421 EXAM 1 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Government-Wide Financial Statements - Answer -Statement of Net Position Statement of Net Activities Governmental Fund Financial Statements - Answer -Governmental Fund Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balance Proprietary Fiduciary

ACCT 4421 EXAM 2 REVIEW ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Ch. 4, 6, 7, 8 If an entity elects to focus on all economic resources, then it should adopt a modified accrual basis of accounting - Answer -F The budgetary measurement focus of governments is determined by applicable state or local laws - Answer -T The revenue-recognition issues facing governments are generally focused on the exchange transaction earning process, similar to those of businesses - Answer -FNe...

ACCT 4421 EXAM 2 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS The concurrent purchase and sale of the same or an equivalent security in order to profit from differences in interest rates. Generally, as it relates to state and local governments, the issuance of debt at relatively low, tax-exempt rates of interest and the investment of the proceeds in taxable securities yielding a higher rate of return - Answer -Arbitrage The issuance of new bonds to replace bonds already outstandin...

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