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Chapter 2

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State & Local Govt - Accounting and Financial Reporting

Pregunta 1 de 28

1

Which of the following is a difference between financial reporting for internal service and enterprise funds?

Selecciona una de las siguientes respuestas posibles:

  • Internal service funds are reported in the governmental fund financial statements.

  • Internal service funds are reported in the proprietary fund financial statements.

  • Internal service funds are generally reported in the Business-type Activities column of the government-wide financial statements.

  • Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.

Explicación

Pregunta 2 de 28

1

Which of the following funds should be used if resources provided by a federal grant must be segregated and used for counseling of youthful offenders?

Selecciona una de las siguientes respuestas posibles:

  • Private-purpose trust fund.

  • Enterprise fund.

  • Internal service fund.

  • Special revenue fund.

Explicación

Pregunta 3 de 28

1

In which of the following funds would it not be appropriate to record depreciation of capital assets?

Selecciona una de las siguientes respuestas posibles:

  • Special revenue fund.

  • Enterprise.

  • Internal service.

  • Pension trust.

Explicación

Pregunta 4 de 28

1

Capital assets used by an enterprise fund should be accounted for in the

Selecciona una de las siguientes respuestas posibles:

  • Enterprise fund and depreciation on the capital assets should be recorded.

  • Business-type activities journal but no depreciation on the capital assets should be recorded.

  • Governmental activities journal and depreciation on the capital assets should be recorded.

  • Enterprise fund but no depreciation on the capital assets should be recorded.

Explicación

Pregunta 5 de 28

1

A major governmental fund is one that has one or more elements (e.g., assets, liabilities, revenues, or expenditures) that is at least:

Selecciona una de las siguientes respuestas posibles:

  • Five percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.

  • Ten percent of the corresponding element(s) of total governmental funds and 10 percent of the corresponding element(s) of total governmental and enterprise funds combined.

  • Five percent of the corresponding element(s) of total governmental funds and five percent of the corresponding element(s) of total governmental and enterprise funds combined.

  • Ten percent of the corresponding element(s) of total governmental funds and 5 percent of the corresponding element(s) of total governmental and enterprise funds combined.

Explicación

Pregunta 6 de 28

1

Which of the following must be reported as a major fund?

Selecciona una de las siguientes respuestas posibles:

  • The General Fund.

  • A fund having total assets, liabilities, revenues, or expenditures/expenses equaling at least 10 percent of the total governmental or enterprise fund amount for the same element (assets, liabilities, and so forth), as applicable, and at least 5 percent of the combined governmental and enterprise fund total amount for the same element.

  • Both of the answers.

  • None of the answers.

Explicación

Pregunta 7 de 28

1

Which of the following is a fiduciary fund?

Selecciona una de las siguientes respuestas posibles:

  • Investment trust fund.

  • Special revenue fund.

  • Debt service fund.

  • Enterprise fund.

Explicación

Pregunta 8 de 28

1

Generally accepted accounting principles applicable to state and local governments require that

Selecciona una de las siguientes respuestas posibles:

  • Only governmental funds and proprietary funds should be established.

  • Only those funds required by law, GASB standards, and sound financial administration should be established.

  • Only those funds required by law should be established.

  • All categories of funds must be established.

Explicación

Pregunta 9 de 28

1

Which of the following funds is a governmental fund-type?

Selecciona una de las siguientes respuestas posibles:

  • Private-purpose trust fund.

  • Internal service fund.

  • Permanent fund.

  • Enterprise fund.

Explicación

Pregunta 10 de 28

1

Under the modified accrual basis of accounting, revenues should be recognized when

Selecciona una de las siguientes respuestas posibles:

  • Earned.

  • Collected in cash.

  • Authorized by the budget ordinance.

  • Measurable and available.

Explicación

Pregunta 11 de 28

1

Which of the following is not an activity category in which general purpose governments typically engage?

Selecciona una de las siguientes respuestas posibles:

  • Fiduciary.

  • Contractual.

  • Business-type.

  • Governmental.

Explicación

Pregunta 12 de 28

1

All of the following are part of the basic financial statements except:

Selecciona una de las siguientes respuestas posibles:

  • Management's discussion and analysis.

  • The government-wide statement of net position.

  • The statement of revenues, expenditures, and changes in fund balances—governmental funds.

  • All of the answers are part of the basic financial statements.

Explicación

Pregunta 13 de 28

1

Which of the following is a basic fund financial statement?

Selecciona una de las siguientes respuestas posibles:

  • Statement of revenues, expenditures, and changes in fund balances.

  • Statement of fiduciary net position.

  • Statement of cash flows.

  • All of the answers are correct statements.

Explicación

Pregunta 14 de 28

1

Which of the following financial statements is required at the government-wide level?

Selecciona una de las siguientes respuestas posibles:

  • Statement of activities.

  • Statement of revenues, expenditures, and changes in fund balances.

  • Statement of cash flows.

  • All of the listed financial statements are required at the government-wide level.

Explicación

Pregunta 15 de 28

1

GASB's first accounting and reporting principle requires that the accounting system used by a state or local governments must make it possible:

Selecciona una de las siguientes respuestas posibles:

  • To prepare consolidated modified accrual basis statements for the governmental unit as a whole.

  • To present fairly and with full disclosure the funds and activities of the governmental unit in conformity with GAAP.

  • To demonstrate compliance with finance-related legal and contractual provisions.

  • Both to present fairly and with full disclosure funds and activities, and to demonstrate compliance with legal and contractual provisions.

Explicación

Pregunta 16 de 28

1

A fiscal and accounting entity with a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances and changes therein, which are segregated for the purpose of carrying on specific activities or attaining certain objectives, is known as a:

Selecciona una de las siguientes respuestas posibles:

  • Public corporation.

  • Fund.

  • Activity.

  • Accounting system.

Explicación

Pregunta 17 de 28

1

Which of the following basic financial statements is most useful in assessing fiscal accountability?

Selecciona una de las siguientes respuestas posibles:

  • Statement of activities.

  • Statement of cash flows—proprietary funds.

  • Balance sheet—governmental funds.

  • Statement of fiscal accountability.

Explicación

Pregunta 18 de 28

1

The basis of accounting under which revenues are recognized when measurable and available is the:

Selecciona una de las siguientes respuestas posibles:

  • Modified accrual basis of accounting.

  • Accrual basis of accounting.

  • Cash basis of accounting.

  • Modified cash basis of accounting.

Explicación

Pregunta 19 de 28

1

Depreciation expense for depreciable general capital assets should be reported on the:

Selecciona una de las siguientes respuestas posibles:

  • Statement of revenues, expenditures, and changes in fund balances.

  • Statement of activities.

  • Statement of general capital assets.

  • All answers are correct.

Explicación

Pregunta 20 de 28

1

Which of the following fund types focuses on the measurement of current financial resources and flows thereof?

Selecciona una de las siguientes respuestas posibles:

  • General fund.

  • Capital projects fund.

  • Permanent fund.

  • All of the answers are correct.

Explicación

Pregunta 21 de 28

1

The accrual basis of accounting is used in accounting for financial transactions that affect:

Selecciona una de las siguientes respuestas posibles:

  • Governmental activities at the government-wide level.

  • Proprietary funds.

  • Fiduciary funds.

  • All of the answers are correct.

Explicación

Pregunta 22 de 28

1

General capital assets, such as buildings and equipment, would be recorded in the accounts of:

Selecciona una de las siguientes respuestas posibles:

  • Governmental activities at the government-wide level.

  • Capital projects funds.

  • Permanent funds.

  • All of the answers are correct.

Explicación

Pregunta 23 de 28

1

If a capital projects fund borrows $500,000 by issuing a 5-year note payable, how does this transaction affect the accounts of the capital projects fund?

Selecciona una de las siguientes respuestas posibles:

  • Cash is increased by $500,000.

  • Fund balance is increased by $500,000.

  • Long-term liabilities are increased by $500,000.

  • Both cash increased by $500,000 and fund balance increase by $500,000.

Explicación

Pregunta 24 de 28

1

Which of the following is not a fiduciary fund type?

Selecciona una de las siguientes respuestas posibles:

  • Private-purpose trust fund.

  • Investment trust fund.

  • Permanent fund.

  • Pension trust fund.

Explicación

Pregunta 25 de 28

1

Financial reporting for internal service funds differs from that for enterprise funds in which of the following ways?

Selecciona una de las siguientes respuestas posibles:

  • Internal service funds use the accrual basis of accounting.

  • Internal service fund financial information is generally reported in the governmental activities column of the government-wide financial statements.

  • Major fund reporting is used for internal service funds.

  • Both major fund reporting used for internal service, and generally reported in governmental activities column of government-wide financial statements.

Explicación

Pregunta 26 de 28

1

The establishment of a fiduciary fund is warranted when:

Selecciona una de las siguientes respuestas posibles:

  • Any trust or agency relationship exists.

  • The government needs to segregate resources for future construction purposes.

  • A trust or agency relationship exists in which the beneficiary is a private party (individuals, organizations, or other governments).

  • All of the answers are correct.

Explicación

Pregunta 27 de 28

1

Capital assets, including depreciation on those assets, would appropriately be reported in which of the following funds?

Selecciona una de las siguientes respuestas posibles:

  • Capital projects.

  • Enterprise.

  • Pension Trust.

  • Both Enterprise and Pension Trust.

Explicación

Pregunta 28 de 28

1

Which of the following is always reported in a separate column of a governmental fund financial statement?

Selecciona una de las siguientes respuestas posibles:

  • The General Fund.

  • Special revenue funds.

  • Permanent funds.

  • All of the answers are correct.

Explicación

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