Financial information questions trivia quiz. Different transactions calls for different ways of reporting and this quiz is designed to not only test your vocabulary knowledge when it comes to financial information but to also how to treat some transactions when recording them in financial statements. Do give it a try and get to polish up on your skills and add See moreon to them as well. All the best and keep practicing!
Revenues are recognized at the time an exchange transaction occurs
Expenditures are recognized as the cost of an asset expires or is used up in providing governmental services
Revenues are recognized when current financial resources become measurable and available to pay current-period obligations
Expenses are recognized when an obligation occurs for costs incurred in providing services
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Earned.
Collected in cash.
Authorized by the budget ordinance.
Measurable and available.
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A fund is a fiscal and accounting entitiy
A fund has a self-balancing set of accounts recording cash and other financial resources, together with all related liabilities and residual equities or balances and changes therein
Resources, related liabilities, and residual equities or balances and changes therein are segregated for the purpose of carrying out specific activities or attaining certain objectives.
All of the above
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The fiduciary column of the government-wide financial statements
The fiduciary fund financial statements
Both government-wide and fiduciary fund statements
Neither government-wide nor fiduciary fund statements
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Investment trust fund.
Enterprise fund.
Internal service fund.
Special revenue fund.
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Government-wide financial statements
Governmental fund financial statements
Both fund and government-wide financial statements
Neither fund nor government-wide financial statements
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An accounting entity.
A fiscal entity.
A segregated quantity of cash and other financial resources on deposit with a designated trustee.
A self-balancing set of accounts.
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Proprietary and fiduciary funds.
Governmental funds only.
 Proprietary funds only.
All funds.
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Information about business-type activities should be reported in both the government-wide and proprietary fund financial statements using the same basis of accounting for both
Information about governmental activities should be reported in both the government-wide and governmental fund financial statements using the same basis of cost accounting for both
Information about fiduciary activities should be reported in both the government-wide and fiduciary fund financial statements, using the same basis of accounting for both.
All of the above
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The General Fund.
A fund having total assets, liabilities, revenues, or expenditures/expenses equaling at least 10% of the total governmental or enterprise fund amount for the same element (assets, liabilities, and so forth), as applicable, and at least 5% of the combined governmental and enterprise fund total amount for the same element.
Both A and B above.
Neither A nor B above.
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Governmental fund financial statements only
Government-wide financial statements only
Neither governmental fund nor government-wide financial statements
Both governmental fund and government-wide financial statements
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General fund, special revenue funds, capital projects funds, debt service funds, and private-purpose trust funds.
General fund, special revenue funds, and private-purpose trust funds.
General fund, special revenue funds, capital projects funds, debt service funds, and permanent funds.
General fund, special revenue funds, capital projects funds, debt service funds, and internal service funds.
General Fund only
General Fund and Library Fund
General Fund and Debt Service Fund
All three funds should be reported as major funds
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Separate columns should be provided in the government-wide financial statements for governmental activities and business-type activities
Governmental fund and proprietary fund financial statements should provide a separate column for each major fund
Aggregate information about all non-major governmental funds or non-major enterprise funds should be reported in a single column of the governmental fund or proprietary fund financial statements
All of the above
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Governmental Activities column of the government-wide financial statements
Business-type Activities column of the government-wide financial statements
Either A or B, depending on whether the internal service fund predominantly serves governmental activities or business-type activites
None of the above
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Special revenue fund
Enterprise fund.
Internal service fund.
Pension trust fund.
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Means that only those funds that meet the GASB's 10% and 5% rules are reported in separate columns.
Is optional under GAAP, but is generally required by state laws for governments.
Is the same manner of reporting used by business organizations.
Is required by GAAP for state and local governments.
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