Gov't Final Chapter 1

8 Questions | By Jweisz2 | Last updated: Apr 24, 2013 | Total Attempts: 85

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1.

Under the modified accrual basis of accounting, revenues should be recognized when they are:
- A.
  
  Authorized by the budget ordinance.
- B.
  
  Measurable and available to finance expenditures of the current period.
- C.
  
  Realizable and earned.
- D.
  
  Realized through collection.
2.

Under GASB Statement 34, accrual accounting is used for:
- A.
  
  Government-wide and all fund financial statements
- B.
  
  Government-wide financial statements and proprietary fund financial statements only.
- C.
  
  Government-wide financial statements only.
- D.
  
  Government-wide, proprietary fund, and fiduciary fund financial statements only.
3.

Notre Dame University, a private institution, has level 1 GAAP established by the:
- A.
  
  American Institute of Certified Public Accountants.
- B.
  
  Financial Accounting Standards Board.
- C.
  
  Governmental Accounting Standards Board.
- D.
  
  National Association of College and University Business Officers
4.

Which of the following are the governmental funds?
- A.
  
  General, special revenue, debt service, capital projects, internal service.
- B.
  
  General, special revenue, debt service, capital projects, permanent.
- C.
  
  General, special revenue, debt service, capital projects, private purpose.
- D.
  
  None of the above.
5.

The Governmental Accounting Standards Board sets financial reporting standards for all units of government: federal, state and local.
- A.
  
  True
- B.
  
  False
6.

Common measurement focus and basis of measurement is an important feature of government-wide financial statements.
- A.
  
  True
- B.
  
  False
7.

Governmental activities fund statements must be changed to the accrual basis from the modified accrual basis when preparing government-wide financial statements.
- A.
  
  True
- B.
  
  False
8.

All funds of a governmental unit use the current financial resources measurement focus and modified accrual basis of accounting.
- A.
  
  True
- B.
  
  False

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