1. Which standard issued by the Governmental Accounting Standards Board
in 1999 required two distinct sets of financial statements for state and local
governments?
2. Which group of governmental financial statements reports all revenues
and all costs of providing services each year?
3.
Proprietary funds
are
4.
Fiduciary funds
are
5.
Governmental funds
are
6.
Special Revenue funds
are
7. The term “current financial resources” refers to
8. What are the broad types or classifications of funds for a governmental
entity such as a city?
9. Which group of financial statements is prepared using the “modified
accrual accounting” approach?
10. Under
modified accrual accounting
, revenues should be recognized when
they are
11. Under
modified accrual accounting
, when should an expenditure be
recorded to recognize interest on long-term debt?
12. Which of the following funds is most likely created with an endowed gift?
13. Revenue from property taxes should be recorded in the General Fund
14. Which type of fund is not included in the Government-Wide Financial
Statements?
15. A city received a grant of $5,000,000 from a private agency. The money
was to be used to build a new city library. In which fund should the money be
recorded for the Fund Financial Statements?
16. When a city received a federal grant for providing food and other
assistance to the homeless, the money should have been recorded in
17. Bay City received a federal grant to provide health care services to low
income mothers and children. When should the revenues be recognized?
18. Trapper City issued 30-year bonds for the purpose of building a new City
Hall. The proceeds of the bonds are deposited in the General Fund. For the Fund
Financial Statements, in what fund will Bonds Payable appear?
19. Which of the following is a governmental fund?
20. Which of the following is a fiduciary fund?
21. According to
GASB Concepts Statement No. 1
, what are the three groups
of primary users of external state and local governmental financial reports?
22. Which of the following statements is true regarding fund financial
statements?
23. Which of the following statements is false regarding government-wide
financial statements?
24. How do the balance sheet and statement of revenues, expenditures, and
changes in fund balances of governmental funds differ from the financial
statement presentation for the governmental activities in the government-wide
statement of net assets and statement of activities?
(1) Internal service funds are not included in the fund financial statements of
governmental funds but could be reported in the governmental activities of
government-wide financial statements.
(2) The economic resources measurement basis is used for fund financial
statements of governmental funds and the current financial resources
measurement basis is used for governmental activities in the government-wide
financial statements.
(3) Modified accrual accounting is used for fund financial statements of
governmental funds to time revenues and expenditures and accrual accounting is
used for governmental activities of government-wide financial statements.
(4) The financial statements of governmental funds for fund financial statements
are the same as governmental activities in government-wide financial statements
but with different titles of the financial statements.
25. Which of the following is not a classification of non-exchange
transactions?
26.
GASB
Codification Section N50.104 divides all eligibility requirements into
four general classifications including all of the following except: