ACCY161 Final 2

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Author:
emach532
ID:
253031
Filename:
ACCY161 Final 2
Updated:
2013-12-13 18:13:42
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Lunblad
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Final Exam
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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 fiscal entity
    C. A self balancing set of accounts
    D. a segregated quantity of cash and other financial resources on deposit with a designated trustee.
    D. a segregated quantity of cash and other financial resources on deposit with a designated trustee.
    (this multiple choice question has been scrambled)
  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
    (this multiple choice question has been scrambled)
  3. the types of funds that may be used in governmental accounting are classified into the categories of activities performed by governments.
    A. governmental, business-type, and fiduciary
    B. governmental, proprietary, and fiduciary
    C. governmental activities, business type activities.
    B. governmental, proprietary, and fiduciary
    (this multiple choice question has been scrambled)
  4. The government-wide financial statements are intended to report on___________
    A. financial resources
    B. financial resources and operational accountability
    C. fiscal accountability
    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. the modified accrual track
    C. the government-wide track
    D. fund track and the gov.-wide track
    D. 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. Sales of tax anticipation notes
    C. Proceeds of the sale of bonds
    C. Proceeds of the sale of bonds
    (this multiple choice question has been scrambled)
  7. In governmental financial reporting the internal service fund is included in
    A. Governmental activities
    B. Governmental funds
    C. Governmental activities and Governmental funds
    D. business types activities
    C. Governmental activities and Governmental funds
    (this multiple choice question has been scrambled)
  8. The measurement focus of economic resources is related to
    A. Business-type activities financial statements
    B. governmental activities financial statements and Business-type activities financial statements
    C. fiduciary funds financial statements
    D. governmental activities financial statements
    B. governmental activities financial statements and Business-type activities financial statements
    (this multiple choice question has been scrambled)

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