6245357
Description
Quiz by Josh Rondestvedt, updated more than 1 year ago
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Created by Josh Rondestvedt
over 7 years ago
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Question 1
Question
What is the most significant single fund maintained by all state and local governments?
Answer
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Special Revenue Fund
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General Fund
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Debt Service Fund
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Permanent Fund
Question 2
Question
How many general funds does the government have?
Answer
-
1
-
2
-
3
-
4
Question 3
Question
Other than general purpose local governments, what is the largest local government?
Answer
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Municipal ties
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Special districts
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Towns/townships
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School districts
Question 4
Question
In accounting terms, what is the main goal of a government and NFP?
Answer
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Maximize profit
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Provide services
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Provide jobs
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Provide rules
Question 5
Question
What is the governments main source of revenue?
Answer
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Voluntary taxes
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Involuntary taxes
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Foreign currency
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Foreign aid
Question 6
Question
For the government, what is the most important financial document?
Answer
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Annual Report
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10-K
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Budget report
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Top Secret documents
Question 7
Question
State and local government are able to spend more money than the budget dictates.
Answer
- True
- False
Question 8
Question
In terms of ownership like owning a business, the Government has owners.
Answer
- True
- False
Question 9
Question
NFP are able to issue stocks in which four states?
Answer
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Minnesota, Wisconsin, Michigan, Oregon
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California, New York, Texas, Florida
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Kansas, Michigan, Wisconsin, Pennsylvania
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Kansas, New York, Michigan, California
Question 10
Question
In government accounting, the difference between assets and liabilities cannot be termed "stockholder's equity".
Answer
- True
- False
Question 11
Question
There are three primary standard-setting authorities. Who are they?
Answer
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FASB, GASB, FASAB
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GASB, FASB, AICPA
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GASB, AICPA, ACC
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SEC, FASB, GGG
Question 12
Question
Who are the 3 basic users of governmental accounting information?
Answer
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Citizenry, Legislative and oversight boards, and Investors and Creditors
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Citizenry, other governments, companies
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Investors, Creditors, Corporations, Users
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Oversight Boards, Investors, Foreign Governments
Question 13
Question
According to GASB, how many financial statements do governments need to prepare?
Answer
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1
-
2
-
3
-
4
Question 14
Question
Government-Wide statements are presented on what type of basis?
Answer
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Full accrual basis
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Modified accrual basis
Question 15
Question
Government-wide statements do not include fiduciary funds.
Answer
- True
- False
Question 16
Question
In fund financial statements, what are the 3 main types?
Answer
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Governmental, Proprietary, and Fiduciary funds
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Governmental, Fiduciary, State funds
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State funds, foreign, and Proprietary funds
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Local, State, and Government funds
Question 17
Question
Governmental funds use:
Answer
-
Modified Accrual basis
-
Full Accrual basis
Question 18
Question
In government funds, the primary measurement focus is
Answer
-
Current financial resources
-
Long term resources
Question 19
Question
Proprietary and fiduciary funds use:
Answer
-
Modified Accrual basis
-
Full accrual basis
Question 20
Question
Government-Wide statements focus all economic resources of a government have a long term focus.
Answer
- True
- False
Question 21
Question
Governmental fund statements focus on short-term fiscal accountability.
Answer
- True
- False
Question 22
Question
A government can have several special revenue funds. Also, they are treated as a separate accounting entity.
Answer
- True
- False
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