Gov't Final Chapter 1

8 Questions | Total Attempts: 85

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Government Quizzes & Trivia

Questions and Answers
  • 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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