Gov't Final Chapter 1
- 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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