Principal Accountant Civil Service Test || All Questions Answered Correctly.
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Course
Principal Accountant Civil Service
Institution
Principal Accountant Civil Service
Accumulated Depreciation correct answers Accumulated Depreciation is a contra asset, or negative asset, which has a normal credit balance. Accumulated Deprecation decreases upon the sale or donation of a fixed asset and increases when the company recognizes depreciation. The balance can only increa...
Principal Accountant Civil Service Test || All Questions
Answered Correctly.
Accumulated Depreciation correct answers Accumulated Depreciation is a contra asset, or
negative asset, which has a normal credit balance. Accumulated Deprecation decreases upon the
sale or donation of a fixed asset and increases when the company recognizes depreciation. The
balance can only increase when the company recognizes depreciation.
GAAP correct answers Generally Accepted Accounting Principles (GAAP) are uniform
minimum standards of and
guidelines to financial accounting and reporting. They are the framework within which financial
transactions are recorded and reported resulting in financial statements that provide
comparability
between governmental entities, consistency between accounting periods and reliability for
internal and external users of financial statements.
Fund correct answers A fund is defined as a fiscal and accounting entity with a self-balancing set
of accounts recording cash and other financial resources, together with all related liabilities and
residual equity or balances, and changes therein, which are segregated for the purpose of
carrying on specific activities or attaining certain objectives in accordance with special
regulations, restrictions or limitations. There are three categories of funds used in governmental
accounting: Governmental Funds, Proprietary Funds and Fiduciary Funds.
Internal Service Funds correct answers Internal Service Funds account for the financing of goods
or services provided by one department
or agency to other departments or agencies of the governmental unit, or to other governmental
units, on a cost-reimbursement basis.
Internal Serivce Funds correct answers Internal Service Funds account for the financing of goods
or services provided by one department
or agency to other departments or agencies of the governmental unit, or to other governmental
units, on a cost-reimbursement basis.
Measurement Focus and Basis of Accounting correct answers Financial statements for
governmental funds should be presented using the current financial
resources measurement focus and the modified accrual basis of accounting. Revenues should
be recognized in the accounting period in which they become available and measurable.
Expenditures should be recognized in the accounting period in which the fund liability is
incurred, if measurable, except for unmatured interest on general long-term liabilities, which
should be recognized when due.
Modified Accrual correct answers Under the modified accrual basis of accounting, revenues and
other financial resources are
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