Exam (elaborations)
CPFO ACCOUNTING AND FINANCIAL REPORTING PRACTICE EXAM QUESTIONS AND ANSWERS
- Course
- Institution
CPFO ACCOUNTING AND FINANCIAL REPORTING PRACTICE EXAM QUESTIONS AND ANSWERS...
[Show more]
Content preview
CPFO ACCOUNTING AND FINANCIALREPORTING PRACTICE EXAM
QUESTIONS AND ANSWERS
Which of the following is a correct statement with respect to the public sector
environment relevant to accounting and financial reporting?
A. Various activities of a government may have different financial goals
B. There is a heightened focus on accountability
C. Both A and B
D. Neither A nor B
C. Both A and B
For which of the following would individuals normally pay based upon the
quantity they individually consume?
A. Governmental activities
B. Business-type activities
C. Both A and B
D. None of the above
B. Business-type operations
Brainpower
Read More
Which of the following is concerned primarily with the near-term impact of
events and transactions?
A. Governmental operations
,B. Business-type operations
C. Both A and B
D. None of the above
A. Governmental operations
Which of the following could serve as a basis for a special revenue fund?
A. Grant proceeds
B. Dedicated tax increment
C. Earmarked fund balance from the general fund
D. All of the above
E. Both A and B
E. Both A and B
Which of the following might be used to report resources that are available to
support the government's own programs?
A. Permanent funds
B. Private-purpose trust funds
C. Custodial funds
D. All of the above
E. Both A and B
A. Permanent funds - only principal is restricted, earnings can be used on
governments own programs.
Which of the following would most likely be reported in a proprietary fund?
A. Taxes
,B. Grants
C. Fees and charges
D. Resources held in trust
C. Fees and charges
The only significant difference between an enterprise fund and an internal
service fund relates to who the customers are. For enterprise funds, the
customers lie outside the enterprise. For internal service funds, the customers
are internal.
A. True
B. False
B. False - internal service funds are required to break even over time in addition
to the identity of the customers enterprise funds DO NOT have to break even
over time
Which measurement focus would more assets and liabilities be reported under a
statement of financial position?
A. Economic resources measurement focus
B. Current financial resources measurement focus
C. Neither A nor B
A. Economic resources measurement focus
Which of the following would appear in a statement of resource flows prepared
using the current financial resources measurement focus?
, A. Debt proceeds received
B. Capital outlays
C. Debt service principal payments
D. All of the above
E. None of the above
D. All of the above
Which of the following would appear in a statement of resource flows prepared
using the economic resources measurement focus?
A. Debt proceeds received
B. Capital outlays
C. Debt service principal payments
D. All of the above
E. None of the above
E. None of the above
Which of the following terms could be used in a statement of resource flows
prepared using the current financial resources measurement focus?
A. Revenue
B. Gain
C. Expense
D. Loss
E. All the above
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller luzlinkuz. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now