ACCT 4421 Bundled Exam Questions WITH CORRECT Answers

ACCT 4421 Exam 2 Review UPDATED ACTUAL Exam Questions and CORRECT Answers If an entity elects to focus on all economic resources, then it should adopt a modified accrual basis of accounting - CORRECT ANSWER - F The budgetary measurement focus of governments is determined by applicable ...

ACCT 4421 Exam 2 ACTUAL Exam Questions and CORRECT Answers A town receives from the state its share of gas tax that was collected last month. Which fund balance classification would best reflect the constraint on the use of this money? (the gas tax was passed by the legislature and the proc...

ACCT 4421 Exam 2 UPDATED Exam Questions and CORRECT Answers Basis of Accounting - CORRECT ANSWER recognized Measurement Focus - CORRECT ANSWER - When transactions and other events are - What is being reported upon Measurement focus of modified accrual basis accounting - CORRECT ANSW...

ACCT 4421 Exam 2 UPDATED ACTUAL Exam Questions and CORRECT Answers 1. compensated absences 2. Pensions 3. Claims/Judgements 4. Inventories 5. Prepayments 6. Capital Assets 7. Interest and Principal - CORRECT ANSWER expenses - CORRECT ANSWER - List the 7 GASB allowed ex...

ACCT 4421 Ch 11 & 12 SB UPDATED ACTUAL Exam Questions and CORRECT Answers True or false: Only CPAs can be required to follow Generally Accepted Auditing Standards for the audits they conduct. - CORRECT ANSWER - False [Reason: State and federal auditors may also be required to follow GA...

ACCT 4421 Ch 13-14 SB UPDATED ACTUAL Exam Questions and CORRECT Answers Accountants and auditors play a critical role in assuring stakeholders that all NFS have ______. - CORRECT ANSWER - - effectively and efficiently used the assets with which they were entrusted - complied with appli...

ACCT 4421 CH 13-14 Quiz UPDATED ACTUAL Exam Questions and CORRECT Answers Which of the following would not be required under not-for-profit incorporation laws? A. Application for 501(c)(3) status. B. A clearly stated purpose for the organization. C. Establishment of by-laws. D. Appoin...

ACCT 4421 Exam 1: ch 3 UPDATED ACTUAL Exam Questions and CORRECT Answers T - CORRECT ANSWER construction of fixed assets F - CORRECT ANSWER - Capital budgets focus on plans for the acquisition and - the accounting cycle for most governments is 2 to 3 years, consistent w the terms ...

ACCT 4421 Exam 1: ch 4 UPDATED ACTUAL Exam Questions and CORRECT Answers F - CORRECT ANSWER - if an entity elects to focus on all economic resources, then it should adopt a modified accrual basis of accounting T - CORRECT ANSWER - the budgetary measurement focus of governments is ...

ACCT 4421 Exam 1 LSU Briggs UPDATED ACTUAL Exam Questions and CORRECT Answers -often same product produced -using similar resources -using scarce resource to produce a product or service -using managements' systems to report relevant and timely results -same economic system -control and eval...

ACCT 4421 Exam 1 UPDATED ACTUAL Exam Questions and CORRECT Answers which statement required 2 sets of financial statements - CORRECT ANSWER #34 what is a fund - CORRECT ANSWER funding/spending - - keeps track of specific sources of - allows govts. and NFPs to adhere to restrictions ...

ACCT 4421 Ch 11 & 12 HW UPDATED ACTUAL Exam Questions and CORRECT Answers Under the hierarchy of GAAP for a state and local government, which of the following has the highest level of authority? A. AICPA literature if specifically made applicable to state and local governments by the AICP...

ACCT 4421 Ch 9-10 SB UPDATED ACTUAL Exam Questions and CORRECT Answers The Bureau of the Census defines ______ as "all organized local entities (other than counties, municipalities, townships, or school districts) authorized by state law to provide only one or a limited number of desig...

ACCT 4421 Ch 7 & 8 UPDATED ACTUAL Exam Questions and CORRECT Answers Which of the following is true of proprietary funds? - CORRECT ANSWER operate on user charges. - They Financial reporting requirements for proprietary funds are reported on the ______ basis of accounting - CORRECT ANS...

ACCT 4421 Chapter 5 UPDATED ACTUAL Exam Questions and CORRECT Answers who reports expenses? - CORRECT ANSWER - proprietary - fiduciary expenses focus - CORRECT ANSWER - - government wide - full accrual expenses result from: - CORRECT ANSWER - decreases in net economic resources

ACCT 4421- CH 5 UPDATED ACTUAL Exam Questions and CORRECT Answers Nolanville's payroll for one of its departments is $15K per week. It pays its employees on the Thursday of the week following that in which the wages & salaries are earned. In 2012, December 31 fell on a Wednesday. For th...

ACCT 4421- CH 4 UPDATED ACTUAL Exam Questions and CORRECT Answers Under the modified accrual basis of accounting, revenues cannot be recognized - CORRECT ANSWER - Until they are measurable and available "Available" (as in "measurable and available") means - CORRECT ANSWER ...

ACCT 4421 Exam 2 UPDATED ACTUAL Exam Questions and CORRECT Answers Arbitrage - CORRECT ANSWER - 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 issua...

ACCT 4421 Ch 1 & 2 UPDATED ACTUAL Exam Questions and CORRECT Answers Governments that provide a wide range of services to their residents are ______ purpose governments. - CORRECT ANSWER - general Characteristics that distinguish governmental and not-for-profit business entities from bus...

ACCT 4421- CH 1 UPDATED ACTUAL Exam Questions and 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 - CORRECT ANSWER - T...

ACCT 4421 - Exam 1 UPDATED ACTUAL Exam Questions and CORRECT Answers internal - CORRECT ANSWER for governments? assets - CORRECT ANSWER presently controls liabilities - CORRECT ANSWER has little or no discretion to avoid - which financial statement users are the most important...

ACCT 4421 - Exam 1 UPDATED Exam Questions and CORRECT Answers 1. Which of the following is not an overriding objective of financial reporting by state and local governments? a. Reliability b. Service Efforts and Cost Accomplishments c. Budgetary and Fiscal Compliance d. Inter-period Eq...