Governmental Accounting (1-17 Questions With 100% Correct Answers)
1 view 0 purchase
Course
ACCT 4633 (ACCT4633)
Institution
University Of Arkansas - Monticello
Governmental Accounting (1-17 Questions With 100% Correct Answers)
-Which of the following is a special purpose government?
{{{Answer}}} (Minneapolis Public Schools.)
-Which of the following statements is true for both governmental organizations and for-profit organizations?
{{{Answer}}} ...
governmental accounting 1 17 questions with 100 correct answers
which of the following is a special purpose government answer minneapolis public schools
which of the following statements
Written for
University Of Arkansas - Monticello
ACCT 4633 (ACCT4633)
All documents for this subject (2)
Seller
Follow
Bestmaxsolutions
Reviews received
Content preview
Governmental Accounting (1-17
Questions With 100% Correct Answers)
-Which of the following is a special purpose government?
{{{Answer}}} (Minneapolis Public Schools.)
-Which of the following statements is true for both governmental organizations and for-
profit organizations?
{{{Answer}}} (Revenue may be earned through exchange transactions)
-Which of the following statements regarding primary sources of accounting and
financial reporting standards is false?
{{{Answer}}} (The FASB sets standards for all business and not-for-profit entities.)
-James Black is reviewing his city's financial reporting because he wants to run for the
city council. He is concerned that the city is not using its resources effectively. James is
primarily interested in:
{{{Answer}}} (Operational accountability)
-The concept of interperiod equity refers to whether
{{{Answer}}} (Current year revenues were sufficient to pay for current year services)
-What are the components that are included in the minimum requirements for general
purpose external financial reporting?
{{{Answer}}} (MD&A, government-wide financial statements, fund financial statements,
notes to the financial statements, and RSI.)
-Under GASB standards, financial information useful for assessing operational
accountability is primarily reported in which financial statements?
{{{Answer}}} (Yes- Gov't wide fin. stmt
No-Fund Fin. Stmt)
-Which of the following is not a required section of a federal agency or department's
performance and accountability report (PAR)?
{{{Answer}}} (A statement of nonparticipation in political matters)
-The basic financial statements of a not-for-profit include all of the following except
{{{Answer}}} (Statement of changes in functional expenses.)
,-The primary reason that not-for-profit (NFP) organizations should report expenses
incurred for program purposes separately from those for supporting services such as
management and general and fund-raising is that
{{{Answer}}} (Donors, potential donors, oversight bodies, and others need to know what
percentage of total expenses are being incurred for carrying out the NFP's programs.)
-Which of the following statements is true regarding the definition of a fund?
{{{Answer}}} (A fund is a fiscal entity that is designed to provide reporting that
demonstrates conformance with finance-related legal and contractual provisions)
-Which of the following statements is true regarding the basic financial statements of a
state or local government?
{{{Answer}}} (All these answer choices are correct.)
-Which of the following sets of elements are common to both governmental financial
statements and for-profit financial statements?
{{{Answer}}} (Assets and liabilities.)
-The measurement focus and basis of accounting that should be used for the
governmental fund financial statements are:
{{{Answer}}} (Measurement Focus: Current Financial Resources
Basis of Accounting: Modified Accural)
-Which of the following amounts that are identified at the end of the fiscal year would be
classified as a restricted fund balance?
{{{Answer}}} (A federal grant that is to be used for playground equipment)
-Separate reporting for major funds is needed because
{{{Answer}}} (Users of government financial statements need to be able to examine
funds that represent large dollar amounts of a government's resources and activities.)
-Assets and liabilities of activities for which the government is acting in either a custodial
or trustee capacity for individuals, organizations, or other governments should be
reported in
{{{Answer}}} (The fiduciary fund financial statements)
-Under the modified accrual basis of accounting
{{{Answer}}} (Revenues are recognized when current financial resources become
measurable and available to pay current-period obligations.)
-Financial information about an internal service fund should be reported in the
proprietary fund financial statements and the:
{{{Answer}}} (Either governmental activities or business-type activities column of the
government-wide financial statements, depending on whether the internal service fund
predominantly serves governmental activities or business-type activities.)
, -Based on this information, which funds should be reported as major funds?
{{{Answer}}} (General Fund and Library Fund.)
-Which of the following is not an information characteristic that the GASB identifies as
important in government financial reports?
{{{Answer}}} (Conciseness.)
-How should an item of information that helps explain the riskiness of the Investments
account reported on the balance sheet be communicated in the financial report?
{{{Answer}}} (Report as a note disclosure.)
-How does the GASB recommend governments report budgetary information?
{{{Answer}}} (As required supplementary information.)
-Where should a deferred inflow of resources be reported on the financial statements?
{{{Answer}}} (After the liabilities section on the statement of net position.)
-Which of the following fund(s) will generally be the only fund(s) that can report a
positive unassigned fund balance?
{{{Answer}}} (General Fund)
-Which of the following best describes the recommended format for the government-
wide statement of activities?
{{{Answer}}} (Expenses minus program revenues equals net (expense) revenue. Net
(expense) revenue plus general revenues equals change in net position.)
-Which of the following is an acceptable method of reporting depreciation expense for
depreciable assets used by governmental activities?
{{{Answer}}} (Either report as a direct expense of the function or program with which the
related depreciable assets are identified or report as an indirect expense on a separate
line if the depreciable assets benefit all functions or programs.)
-Which of the following accounts neither increases nor decreases the fund balance of
the General Fund during the fiscal year?
{{{Answer}}} (Encumbrances.)
-When determining taxable property for the purpose of the property tax levy, which of
the following would likely be excluded from the calculation?
{{{Answer}}} (All these answer options are correct.)
-Which of the following statements is true for other financing uses but is not true for
expenditures?
{{{Answer}}} (Arise from interfund transfers out.)
-An internal allocation of funds on a periodic basis, which is often used to regulate the
use of appropriations over a budgetary period, is called
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 Bestmaxsolutions. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
