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Test bank For Advanced Accounting Final Exam 15th Edition by Joe Ben Hoyle
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Test bank For Advanced AccountingFinal Exam 15th Edition by Joe Ben
Hoyle
D. (Government-wide financial statements) - ANSwhich group of governmental financial
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
B. - ANSproprietary 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
C. - ANSFiduciary 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 governments 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
A. - ANSgovernmental 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
E. - ANSSpecial revenue 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
B (monetary assets that are available to meet the government's needs) - ANSthe term "current
financial resources" refers to:
A. those assets that can quickly be converted into cash
B. monetary assets that are available to meet the government's needs
C. the government's current assets and current liabilities
D. the current value of all net assets owned by the governmental unit
E. financial resources used to provide electricity to local citizens
D. (in the period for which they are required or permitted to be used) - ANSRevenue from
property taxes should be recorded in the General Fund:
A. when received
B. when there is an enforceable legal claim
C. when they are available for recognition
D. in the period for which they are required or permitted to be used
E. in the period in which the tax bills are mailed
E (permanent fund) - ANSwhich of the following funds is most likely created with an endowed
gift?
A. enterprise fund
B. internal service fund
C. debt service fund
D. capital projects fund
E. permanent fund
C. (a Capital Projects fund) - ANSa city received a grant of $5,000,000 from a private agency.
The money was to be used to build a new city library. In which fund should the money be
recorded for the Fund-Based Financial Statements?
A. the General Fund
B. An expendable Trust fund
C. a capital projects fund
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