accy 161 final.txt

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SusanneS28
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accy 161 final.txt
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2013-12-14 10:00:10
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accy 161 final.txt
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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 activities, business type activities.
    B. governmental, business-type, and fiduciary
    C. governmental, proprietary, and fiduciary
    C. 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 and operational accountability
    B. operational accountability
    C. fiscal accountability
    D. financial resources
    A. 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 modified accrual track
    D. the government-wide 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. Capital Asset
    B. appropriation
    C. expenditure
    D. encumbrances
    C. expenditure
    (this multiple choice question has been scrambled)
  10. In governmental financial reporting the fiduciary funds are included in the

    A. governmental activities statement
    B. both are correct
    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. both
    B. the governmental fund statements
    C. the government wide statements
    A. 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. introductory section
    B. statistical section
    C. management discussion and analysis section
    D. financial section
    C. 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. modified accrual
    B. accrual
    C. fund
    D. budgetary
    E. modified cash
    A. 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. expenditures
    D. encumbrances
    D. encumbrances
    (this multiple choice question has been scrambled)
  17. In accounting for state and local governments the modified accrual basis is recommended for

    A. all funds
    B. governmental fund only
    C. proprietary and fiduciary funds
    D. proprietary funds only
    B. 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. credited to reserve for encumbrances
    B. debited to reserve for encumbrances
    C. debited to fund balance
    D. credited to fund balance
    D. 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. disbursement
    B. encumbrance
    C. expenditure
    D. appropriation
    D. appropriation
    (this multiple choice question has been scrambled)
  20. An example o a proprietary fund is an

    A. internal service fund
    B. investment trust fund
    C. special revenue fund
    D. debt service
    A. 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 at the beginning of the year and debted at the end of the year
    C. credited a the beginning of the yea and no entry is made 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 previously encumbered are received
    B. The budget is recorded
    C. The invoice is paid
    D. supplies are ordered
    A. 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)

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