Josh Rondestvedt
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Accounting Quiz on Chapter 16 Gov't Acct, created by Josh Rondestvedt on 06/09/2016.

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Josh Rondestvedt
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Chapter 16 Gov't Acct

Question 1 of 22

1

What is the most significant single fund maintained by all state and local governments?

Select one of the following:

  • Special Revenue Fund

  • General Fund

  • Debt Service Fund

  • Permanent Fund

Explanation

Question 2 of 22

1

How many general funds does the government have?

Select one of the following:

  • 1

  • 2

  • 3

  • 4

Explanation

Question 3 of 22

1

Other than general purpose local governments, what is the largest local government?

Select one of the following:

  • Municipal ties

  • Special districts

  • Towns/townships

  • School districts

Explanation

Question 4 of 22

1

In accounting terms, what is the main goal of a government and NFP?

Select one of the following:

  • Maximize profit

  • Provide services

  • Provide jobs

  • Provide rules

Explanation

Question 5 of 22

1

What is the governments main source of revenue?

Select one of the following:

  • Voluntary taxes

  • Involuntary taxes

  • Foreign currency

  • Foreign aid

Explanation

Question 6 of 22

1

For the government, what is the most important financial document?

Select one of the following:

  • Annual Report

  • 10-K

  • Budget report

  • Top Secret documents

Explanation

Question 7 of 22

1

State and local government are able to spend more money than the budget dictates.

Select one of the following:

  • True
  • False

Explanation

Question 8 of 22

1

In terms of ownership like owning a business, the Government has owners.

Select one of the following:

  • True
  • False

Explanation

Question 9 of 22

1

NFP are able to issue stocks in which four states?

Select one of the following:

  • Minnesota, Wisconsin, Michigan, Oregon

  • California, New York, Texas, Florida

  • Kansas, Michigan, Wisconsin, Pennsylvania

  • Kansas, New York, Michigan, California

Explanation

Question 10 of 22

1

In government accounting, the difference between assets and liabilities cannot be termed "stockholder's equity".

Select one of the following:

  • True
  • False

Explanation

Question 11 of 22

1

There are three primary standard-setting authorities. Who are they?

Select one of the following:

  • FASB, GASB, FASAB

  • GASB, FASB, AICPA

  • GASB, AICPA, ACC

  • SEC, FASB, GGG

Explanation

Question 12 of 22

1

Who are the 3 basic users of governmental accounting information?

Select one of the following:

  • Citizenry, Legislative and oversight boards, and Investors and Creditors

  • Citizenry, other governments, companies

  • Investors, Creditors, Corporations, Users

  • Oversight Boards, Investors, Foreign Governments

Explanation

Question 13 of 22

1

According to GASB, how many financial statements do governments need to prepare?

Select one of the following:

  • 1

  • 2

  • 3

  • 4

Explanation

Question 14 of 22

1

Government-Wide statements are presented on what type of basis?

Select one of the following:

  • Full accrual basis

  • Modified accrual basis

Explanation

Question 15 of 22

1

Government-wide statements do not include fiduciary funds.

Select one of the following:

  • True
  • False

Explanation

Question 16 of 22

1

In fund financial statements, what are the 3 main types?

Select one of the following:

  • Governmental, Proprietary, and Fiduciary funds

  • Governmental, Fiduciary, State funds

  • State funds, foreign, and Proprietary funds

  • Local, State, and Government funds

Explanation

Question 17 of 22

1

Governmental funds use:

Select one of the following:

  • Modified Accrual basis

  • Full Accrual basis

Explanation

Question 18 of 22

1

In government funds, the primary measurement focus is

Select one of the following:

  • Current financial resources

  • Long term resources

Explanation

Question 19 of 22

1

Proprietary and fiduciary funds use:

Select one of the following:

  • Modified Accrual basis

  • Full accrual basis

Explanation

Question 20 of 22

1

Government-Wide statements focus all economic resources of a government have a long term focus.

Select one of the following:

  • True
  • False

Explanation

Question 21 of 22

1

Governmental fund statements focus on short-term fiscal accountability.

Select one of the following:

  • True
  • False

Explanation

Question 22 of 22

1

A government can have several special revenue funds. Also, they are treated as a separate accounting entity.

Select one of the following:

  • True
  • False

Explanation

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