Gov-t & Non-Profit Accounting Exam 2 questions with answers.

Gov't & Non-Profit Accounting Exam 2
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questions with answers |\ |\




The Statement of Cash Flows for a proprietary fund would include
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which of the following? - CORRECT ANSWERS ✔✔Operating,
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investing, capital and related financing and noncapital related
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financing.


Governmental units use which fund type to account for services
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provided to the general public on a user-charge basis? -
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CORRECT ANSWERS ✔✔Enterprise fund.
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Centralized purchasing, computer services, and janitorial services
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are examples of activities that are commonly reported in: -
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CORRECT ANSWERS ✔✔Internal service funds.
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Which financial statements are required for a proprietary fund? -
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CORRECT ANSWERS ✔✔Statement of Revenues, Expenses and
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Changes in Fund Net Position, Statement of Net Position and
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Statement of Cash Flows. |\ |\ |\




Which of the following statements is true regarding proprietary
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funds? - CORRECT ANSWERS ✔✔Accruals and deferrals common
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to business accounting are recorded in proprietary funds.
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, GASB requires the ____ method to report cash flows from
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operating activities in the Statement of Cash Flows. - CORRECT
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ANSWERS ✔✔direct. |\




An internal service fund provided services to a General Fund
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department. At the time of billing, the credit entry in the internal |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


service fund would be: - CORRECT ANSWERS ✔✔Operating
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Revenues--Charges for Sales and Services |\ |\ |\ |\




Restricted Net Position for a proprietary fund is: - CORRECT
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ANSWERS ✔✔net resources whose use is restricted by creditors,
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grantors or laws or regulations of other governments.
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Revenue bonds sold by a water utility fund, upon sale, would be
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recorded in an enterprise fund as: - CORRECT ANSWERS ✔✔A
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liability.


Capital assets of an enterprise fund should be reported in the: -
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CORRECT ANSWERS ✔✔Government-Wide Statement of Net |\ |\ |\ |\ |\ |\


Position and Proprietary Funds Statements of Net Position.
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In an agency fund, assets are equal to: - CORRECT ANSWERS
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✔✔Liabilities.


A fund that exists when a government is the trustee for a defined
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benefit pension plan, or a defined contribution pension plan is a:
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- CORRECT ANSWERS ✔✔Pension Trust Fund.
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