accy 161 final

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  1. Which of the following is not a characteristic
    of a fund as defined by GASB standards?
    A. an accounting entity
    B. a segregated quantity of cash and other financial resources on deposit with a designated trustee.
    C. a fiscal entity
    D. A self balancing set of accounts'
    a segregated quantity of cash and other financial resources on deposit with a designated trustee.
  2. The GASB has identified which of the following as the "cornerstone" of all financial reporting in government?
    A Understandability
    B. Representational faithfulness
    C. Accountability
    D. Visibility
    C. Accountability
  3. the types of funds that may be used in governmental accounting are classified into the categories of activities performed by governments.
    A. governmental, proprietary, and fiduciary
    B. governmental activities, business type activities.
    C. governmental, business-type, and fiduciary
    A. governmental, proprietary, and fiduciary
    (this multiple choice question has been scrambled)
  4. The government-wide financial statements are intended to report on___________
    A. fiscal accountability
    B. financial resources and operational accountability
    C. financial resources
    D. operational accountability
    B. financial resources and operational accountability
    (this multiple choice question has been scrambled)
  5. The dual track includes
    A. the fund track
    B. fund track and the gov.-wide track
    C. the government-wide track
    D. the modified accrual track
    B. fund track and the gov.-wide track
    (this multiple choice question has been scrambled)
  6. An example of other financing sources would be
    A Grants for capital improvements
    B. Proceeds of the sale of bonds
    C. Sales of tax anticipation notes
    B. Proceeds of the sale of bonds
  7. In governmental financial reporting the internal service fund is included in
    A business types activities
    B Governmental activities
    C Governmental funds
    D. Governmental activities and Governmental funds
    D. Governmental activities and Governmental funds
  8. The measurement focus of economic resources is related to
    A. governmental activities financial statements
    B, Business-type activities financial statements
    C. fiduciary funds financial statements
    D. governmental activities financial statements and Business-type activities financial statements
    D. governmental activities financial statements and Business-type activities financial statements
  9. When equipment that  to be used by an activity accounted for by the General Fund of a government is received should be recorded in the General Fund as

    A. appropriation
    B. expenditure
    C. Capital Asset
    D. encumbrances
    B. expenditure
    (this multiple choice question has been scrambled)
  10. In governmental financial reporting the fiduciary funds are included in the

    A. both are correct
    B. governmental activities statement
    C. fund financial statements
    C. fund financial statements
    (this multiple choice question has been scrambled)
  11. The inancial results of blended components are include in

    A. the government wide statements
    B. both
    C. the governmental fund statements
    B. both
    (this multiple choice question has been scrambled)
  12. The section of the comprehensive annual financial report that presets tables and charts showing social and economic data in addition to financial trends and the fiscal capacity o the government is the

    A. statistical section
    B. introductory section
    C. financial section
    D. management discussion and analysis section
    D. management discussion and analysis section
    (this multiple choice question has been scrambled)
  13. ___________ refers to the concept that current-year revenues are sufficient to pay for services provided that year, so that future taxpayers will not be required to assume the burden or services previously provided

    A. interperiod equity
    B. responsibility accounting
    C. budgetary control
    A. interperiod equity
    (this multiple choice question has been scrambled)
  14. Recognizing revenues when measurable and available for paying current obligations and expenditures when incurred describes which basis of accounting

    A. budgetary
    B. modified accrual
    C. accrual
    D. fund
    E. modified cash
    B. modified accrual
    (this multiple choice question has been scrambled)
  15. estimated revenues has a
    a. credit balance
    b. debit balance
    a. credit balance
  16. when a vehicle is ordered by a government, the purchase order should be recorded I the General Fund as a debit to
    A. appropriations
    B. equipment
    C. encumbrances
    D. expenditures
    C. encumbrances
    (this multiple choice question has been scrambled)
  17. In accounting for state and local governments the modified accrual basis is recommended for

    A. proprietary funds only
    B. all funds
    C. proprietary and fiduciary funds
    D. governmental fund only
    D. governmental fund only
    (this multiple choice question has been scrambled)
  18. when the budget of a government is adopted and Estimated Revenues exceed Appropriations, the excess is

    A. debited to reserve for encumbrances
    B. credited to fund balance
    C. debited to fund balance
    D. credited to reserve for encumbrances
    B. credited to fund balance
    (this multiple choice question has been scrambled)
  19. which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund occurs first

    A. expenditure
    B. encumbrance
    C. appropriation
    D. disbursement
    C. appropriation
    (this multiple choice question has been scrambled)
  20. An example of a proprietary fund is an

    A. special revenue fund
    B. investment trust fund
    C. internal service fund
    D. debt service
    C. internal service fund
    (this multiple choice question has been scrambled)
  21. When the budget of a government is recorded and Appropriations exceed Estimated Revenues, the Fund Balance account is

    A. Debited at the beginning of the year and credited at the end of the year.
    B. credited a the beginning of the yea and no entry is made at the end of the year
    C. credited at the beginning of the year and debted at the end of the year
    D. debited at the beginning of the year and no entry is made at the end of the year
    A. Debited at the beginning of the year and credited at the end of the year.
    (this multiple choice question has been scrambled)
  22. The expenditures control account of a government is debited when

    A. supplies are ordered
    B. The invoice is paid
    C. The budget is recorded
    D. supplies previously encumbered are received
    D. supplies previously encumbered are received
    (this multiple choice question has been scrambled)
  23. The General Fund has transferred cash to the appropriate fund for eventual retirement of term bonds maturing in 10 years. Which funds would record this transaction

    A. General Fund: yes; Capital Projects Fund: No; Debt Service Fund: Yes
    B. General Fund: yes; Capital Projects Fund: No; Debt Service Fund: no
    C. General Fund: no; Capital Projects Fund: No; Debt Service Fund: Yes
    A. General Fund: yes; Capital Projects Fund: No; Debt Service Fund: Yes
    (this multiple choice question has been scrambled)
  24. When supplies ordered for use in an activity accounted for in the General Fund of a government are received at an actual price that is more than the estimated price on the purchase order, the Encumbrance account is

    a.Debited for the estimated price on the purchase order.
    b. Credited for the actual price for the supplies received
    b. Credited for the actual price for the supplies received
  25. The responsibility of governments to justify that their actions in the current period have complied with public decisions concerning the raising and spending of public monies in the short-term is know as

    A. Fiscal accountability
    B. Legal accountability
    C. Operational accountability
    D. Fiduciary responsibility
    A. Fiscal accountability
    (this multiple choice question has been scrambled)
  26. General capital assets used by departments accounted for by the General Fund of a governmental unit should be capitalized in

    A. The business-type activities journal
    B. The General Fund
    C. The governmental activities journal
    D. The general capital assets fund
    C. The governmental activities journal
    (this multiple choice question has been scrambled)
  27. Which of the following funds is a governmental fund-type

    A. Permanent fund
    B. Internal service fund
    C. Private-purpose trust fund
    D. Enterprise fund
    A. Permanent fund
    (this multiple choice question has been scrambled)
  28. In accounting for state and local governments the modified accrual basis is recommended for

    A. Proprietary and fiduciary funds
    B. Governmental funds only
    C. All funds
    D. Proprietary funds only
    A. Proprietary and fiduciary funds
    (this multiple choice question has been scrambled)
  29. The modified accrual basis of accounting applicable to governmental fund types requires that revenues be recognized when

    A. Earned
    B. Measurable and available
    C. Collected in cash
    D. Authorized by the budget ordinance
    B. Measurable and available
    (this multiple choice question has been scrambled)
  30. Which of the following is not a characteristic of a fund as defined by GASB standards

    A. A segregated quantity of cash and other financial resources on deposit with a designated trustee
    B. All are characteristics of a fund
    C. A fiscal entity
    D. An accounting entity
    A. A segregated quantity of cash and other financial resources on deposit with a designated trustee
    (this multiple choice question has been scrambled)
  31. The correct term for the liabilities in a governmental fund statement would be

    A. Current liabilities
    B. Legal liabilities
    C. All are correct
    D. Fund liabilities
    D. Fund liabilities
    (this multiple choice question has been scrambled)
  32. The accounting system used by a state or local government must make it possible

    A. To prepare consolidated accrual basis statements for the government as a whole.
    B. To present fairly the financial position and results of financial operations of the government as a whole, as well as fund financial activity in conformity with GAAP, and to demonstrate compliance with finance-related legal and contractual provisions.
    C. To prepare financial statements as required by the Financial Accounting Standards Board
    d. All of the above
    B. To present fairly the financial position and results of financial operations of the government as a whole, as well as fund financial activity in conformity with GAAP, and to demonstrate compliance with finance-related legal and contractual provisions.
    (this multiple choice question has been scrambled)
  33. On what should the government-wide financial statement report?

    a. Net assets and results of financial operations of the government as a whole
    b. Operational accountability
    c. The cost of government services
    d. All of the above
    d. All of the above
  34. The fund financial statements funds should include a

    A. Statement of revenues, expenses, and changes in fund net assets
    B. Balance sheet for governmental funds
    C. Statement of cash flows
    D. A schedule of fixed assets by class
    B. Balance sheet for governmental funds
    (this multiple choice question has been scrambled)
  35. Government-wide financial statements present the government's financial position using

    A. Current financial resources measurement focus/modified accrual basis of accounting
    B. Economic resources measurement focus/accrual basis of accounting
    C. Current financial resources measurement focus/cash basis of accounting.
    D. Total financial resources measurement focus/accrual basis of accounting
    B. Economic resources measurement focus/accrual basis of accounting
    (this multiple choice question has been scrambled)
  36. Which of the following are reported in the functions/programs section of the statement of activities at the government-wide level where they reduce the net expense of each function or program to produce a net revenue?
    A. General revenues
    B. Program revenues
    C. Indirect revenues
    d. None of the above
    B. Program revenues
    (this multiple choice question has been scrambled)
  37. Which of the following steps in the acquisition of goods and services by an activity accounted for by the General Fund occurs first

    A. Disbursement
    B. Encumbrance
    C. Expenditure
    D. Appropriation
    E. Expense
    D. Appropriation
    (this multiple choice question has been scrambled)
  38. Accountability for capital assets used by departments accounted for by the governmental funds of a government should be established in

    A. Departmental memorandum records
    B. The governmental activities accounts at the government-wide level.
    C. The appropriate governmental funds
    D. The property, plant, and equipment fund.
    B. The governmental activities accounts at the government-wide level.
    (this multiple choice question has been scrambled)
  39. Which of the following funds of a government uses the modified accrual basis of accounting

    A. Enterprise
    B. Private-purpose trust fund
    C. Capital projects
    D. Internal service
    C. Capital projects
    (this multiple choice question has been scrambled)
  40. Which of the following is not true for capital projects funds

    A. GASB standards require that construction work in progress be capitalized in the capital projects funds until the project is completed.
    B. Cash or receivables from special assessments to finance construction projects should be recorded as assets of capital projects funds
    C. Encumbrance accounting is generally used
    D. Capital projects funds may account for financial resources provided by federal grants as well as for bond proceeds.
    A. GASB standards require that construction work in progress be capitalized in the capital projects funds until the project is completed.
    (this multiple choice question has been scrambled)
  41. Interest expenditures on bonds payable should be recorded in a debt service fund

    A. When legally payable
    B. At the end of the fiscal period if the interest due date does not coincide with the end of the fiscal period
    C. When bonds are issued
    D. When paid
    A. When legally payable
    (this multiple choice question has been scrambled)
  42. The liability for general obligation bonds should be recorded in

    A. Capital projects fund
    B. Governmental activities journal
    C. General Fund
    B. Governmental activities journal
    (this multiple choice question has been scrambled)
  43. Proceeds from general obligation bonds should be recorded in the

    A. General obligation bond fund
    B. Capital project fund
    C. Debt service fund
    D. Permanent fund
    B. Capital project fund
    (this multiple choice question has been scrambled)
  44. Debt service funds are used to account for which of the following

    A. Payment of principal and interest on all debt of the government, including that of enterprise funds
    B. Payment of principal only on general long-term debt
    C. Payment of interest only on general long-term debt
    D. Payment of principal and interest on general long-term debt
    D. Payment of principal and interest on general long-term debt
    (this multiple choice question has been scrambled)
  45. Which of the following funds of a government would account for depreciation in the accounts of the fund

    A. Internal service
    B. General
    C. Special revenue
    D. Capital project
    A. Internal service
    (this multiple choice question has been scrambled)
  46. Under utility regulatory accounting principles (RAP), the account "Utility Plant Acquisition Adjustment" reflects

    A. The difference between the amount paid for utility plant and the amount originally paid by the utility that first placed the plant into public service, less accumulated depreciation
    B. The difference between the fair market value of the utility plant and the amount paid for it, less accumulated depreciation
    C. The difference between the amount paid for the utility plant less the fair market value of its tangible plant assets
    D. The difference between the amount paid for the utility plant less its current replacement cost
    A. The difference between the amount paid for utility plant and the amount originally paid by the utility that first placed the plant into public service, less accumulated depreciation
    (this multiple choice question has been scrambled)
  47. For which of the following assets can the "modified approach" be elected in lieu of depreciation

    A. Building and equipment
    B. All general capital assets
    C. All capital assets.
    D. Eligible infrastructure assets.
    D. Eligible infrastructure assets.
    (this multiple choice question has been scrambled)
  48. Government-wide financial statements present the government's financial position using

    A. Current financial resources measurement focus/modified accrual basis of accounting
    B. Economic resources measurement focus/accrual basis of accounting
    C. Current financial resources measurement focus/cash basis of accounting
    D. Total financial resources measurement focus/accrual basis of accounting
    B. Economic resources measurement focus/accrual basis of accounting
    (this multiple choice question has been scrambled)
  49. The term that is defined as determining whether current- year revenues are sufficient to pay for the services provided that year and whether future taxpayers will be required to assume burdens for services previously provided

    A. None of these terms
    B. Interperiod equity
    C. Financial position
    D. Financial condition
    B. Interperiod equity
    (this multiple choice question has been scrambled)
  50. The measurement focus for the governmental funds is _________

    A. Fiscal accountability
    B. Current financial resources
    C. Generally accepted governmental auditing standards
    D. Modified accrual
    E. Economic resources
    B. Current financial resources
    (this multiple choice question has been scrambled)
  51. The GASB reporting model requires, among other characteristic, that account system

    A. provide an ability to show compliance with finance-related laws and regulation
    B. provide budgetary accounting
    C. be on the fund basis
    D. a. and b. and c.
    E. only b and c
    D. a. and b. and c.
    (this multiple choice question has been scrambled)
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253027
Card Set
accy 161 final
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accy 161final
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