Quiz
Chapter 16 Gov't Acct
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Questions in this quiz (22)
1What is the most significant single fund maintained by all state and local governments?
- ASpecial Revenue Fund
- BGeneral Fund
- CDebt Service Fund
- DPermanent Fund
2How many general funds does the government have?
- A1
- B2
- C3
- D4
3Other than general purpose local governments, what is the largest local government?
- AMunicipal ties
- BSpecial districts
- CTowns/townships
- DSchool districts
4In accounting terms, what is the main goal of a government and NFP?
- AMaximize profit
- BProvide services
- CProvide jobs
- DProvide rules
5What is the governments main source of revenue?
- AVoluntary taxes
- BInvoluntary taxes
- CForeign currency
- DForeign aid
6For the government, what is the most important financial document?
- AAnnual Report
- B10-K
- CBudget report
- DTop Secret documents
7State and local government are able to spend more money than the budget dictates.
- ATrue
- BFalse
8In terms of ownership like owning a business, the Government has owners.
- ATrue
- BFalse
9NFP are able to issue stocks in which four states?
- AMinnesota, Wisconsin, Michigan, Oregon
- BCalifornia, New York, Texas, Florida
- CKansas, Michigan, Wisconsin, Pennsylvania
- DKansas, New York, Michigan, California
10In government accounting, the difference between assets and liabilities cannot be termed "stockholder's equity".
- ATrue
- BFalse
11There are three primary standard-setting authorities. Who are they?
- AFASB, GASB, FASAB
- BGASB, FASB, AICPA
- CGASB, AICPA, ACC
- DSEC, FASB, GGG
12Who are the 3 basic users of governmental accounting information?
- ACitizenry, Legislative and oversight boards, and Investors and Creditors
- BCitizenry, other governments, companies
- CInvestors, Creditors, Corporations, Users
- DOversight Boards, Investors, Foreign Governments
13According to GASB, how many financial statements do governments need to prepare?
- A1
- B2
- C3
- D4
14Government-Wide statements are presented on what type of basis?
- AFull accrual basis
- BModified accrual basis
15Government-wide statements do not include fiduciary funds.
- ATrue
- BFalse
16In fund financial statements, what are the 3 main types?
- AGovernmental, Proprietary, and Fiduciary funds
- BGovernmental, Fiduciary, State funds
- CState funds, foreign, and Proprietary funds
- DLocal, State, and Government funds
17Governmental funds use:
- AModified Accrual basis
- BFull Accrual basis
18In government funds, the primary measurement focus is
- ACurrent financial resources
- BLong term resources
19Proprietary and fiduciary funds use:
- AModified Accrual basis
- BFull accrual basis
20Government-Wide statements focus all economic resources of a government have a long term focus.
- ATrue
- BFalse
21Governmental fund statements focus on short-term fiscal accountability.
- ATrue
- BFalse
22A government can have several special revenue funds. Also, they are treated as a separate accounting entity.
- ATrue
- BFalse
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- Description
- Accounting Quiz on Chapter 16 Gov't Acct, created by Josh Rondestvedt on 06/09/2016.
- Author
- Josh Rondestvedt
- Language
- English
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