 |
| 1 | |
A fund is: |
| | A) | a term used for money collected and spent by a governmental unit. |
| | B) | an account used to accumulate donations by non-profit groups. |
| | C) | a self-balancing set of accounts used to record data generated by an identifiable governmental unit. |
| | D) | not used when preparing government-wide financial statements. |
| | E) | not used when preparing fund-based financial statements. |
|
|
|
| 2 | |
Which of the following group of funds uses the current financial resources measurement focus for the fund-based financial statements? |
| | A) | Donated Funds |
| | B) | Proprietary Funds |
| | C) | Fiduciary Funds |
| | D) | Charitable Funds |
| | E) | Governmental Funds |
|
|
|
| 3 | |
Which of the following statements would show an account called Expenditures? |
| | A) | Fund-Based Balance Sheet |
| | B) | Fund-Based Statement of Revenues, Expenditures, and Changes in Fund Balance |
| | C) | Government-Wide Statement of Net Assets |
| | D) | Government-Wide Statement of Activities |
| | E) | Government-Wide Statement of Revenues, Expenditures and Changes in Fund Balance |
|
|
|
| 4 | |
Which of the following statements would show an account called Expenses? |
| | A) | Fund-Based Balance Sheet |
| | B) | Fund-Based Statement of Revenues, Expenditures, and Changes in Fund Balance |
| | C) | Government-Wide Statement of Net Assets |
| | D) | Government-Wide Statement of Activities |
| | E) | Government-Wide Statement of Revenues, Expenditures and Changes in Fund Balance |
|
|
|
| 5 | |
When preparing fund-based financial statements, what account should be debited when office equipment is ordered? |
| | A) | Expenditures |
| | B) | Vouchers Payable |
| | C) | Fund Balance |
| | D) | Encumbrances |
| | E) | Appropriations |
|
|
|
| 6 | |
Fines and penalties are classified as what kind of revenues? |
| | A) | Derived Revenues |
| | B) | Imposed Nonexchange Revenues |
| | C) | Voluntary Nonexchange Transactions |
| | D) | Government-Mandated Nonexchange Transactions |
| | E) | Earned Revenues |
|
|
|
| 7 | |
Sales taxes are classified as what kind of revenues? |
| | A) | Derived Revenues |
| | B) | Imposed Nonexchange Revenues |
| | C) | Voluntary Nonexchange Transactions |
| | D) | Government-Mandated Nonexchange Transactions |
| | E) | Earned Revenues |
|
|
|
| 8 | |
When preparing government-wide financial statements, what account is debited when funds are transferred from the Capital Projects Fund to the General Fund? |
| | A) | No entry is required, because transfers to the General Fund are not allowed. |
| | B) | Revenue |
| | C) | Fund Balance |
| | D) | No entry is required, because transfers between these funds are viewed as intra-activity not requiring recognition when preparing government-wide financial statements. |
| | E) | No entry is required, because the Capital Projects Fund is not included in government-wide financial statements. |
|
|
|
| 9 | |
Statements that show restrictions on the planned use of the resources, or measure the revenues and expenditures arising from certain activities are called: |
| | A) | Government-wide financial statements. |
| | B) | Fund-based financial statements. |
| | C) | Changes in fund balances. |
| | D) | Statement of activities. |
| | E) | Income statement. |
|
|
|
| 10 | |
Statements that have a longer-term focus and are used to report all revenues and all costs of providing services each year are called: |
| | A) | Government-wide financial statements. |
| | B) | Statement of revenues, expenditures, and changes in fund balances. |
| | C) | Fund-based financial statements. |
| | D) | Budget comparison schedule. |
| | E) | Income statement. |
|
|
|
| 11 | |
Any government operation that is financed by outside user charges is classified as: |
| | A) | Special revenue fund. |
| | B) | Capital projects funds. |
| | C) | Fiduciary funds. |
| | D) | Private-purpose trust funds. |
| | E) | Enterprise funds. |
|
|
|
| 12 | |
A fund that accounts for assets contributed to the government by an external donor with a stipulation to not spend principle and only use the income within the government is classified as: |
| | A) | Special revenue fund. |
| | B) | Internal service fund. |
| | C) | Agency funds. |
| | D) | Capital project funds. |
| | E) | Permanent fund. |
|
|
|
| 13 | |
Government-wide financial statements would not include activities from: |
| | A) | Internal service funds. |
| | B) | Proprietary funds. |
| | C) | Enterprise funds. |
| | D) | Fiduciary funds. |
| | E) | Special revenue funds. |
|
|
|
| 14 | |
In fund-based financial statements, the proceeds from bond issuance are credited to: |
| | A) | Derived revenues. |
| | B) | Government-mandated non-exchange transactions. |
| | C) | Other Financing Sources. |
| | D) | Bonds Payable. |
| | E) | Proceeds from bond issuance. |
|
|
|
| 15 | |
The accounting for special assessments: |
| | A) | Is the same for both government-wide and fund-based financial statements for all special assessments. |
| | B) | Requires debt and subsequent construction entries that are similar to a for-profit enterprise for fund-based financial statements. |
| | C) | Does not require the recording of the infrastructure or long-term debt for government-wide financial statements. |
| | D) | Requires the recognition of derived tax revenues in fund-based financial statements. |
| | E) | Requires no reportable impact in government-wide financial statements if the government facilitates a project but has no legal obligation for it. |
|
|
.