Governmental Accounting Quizzes, Questions & Answers

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This quiz titled 'Chapter 9 Multiple Choice' assesses knowledge on accounting and financial reporting for capital assets, including scenarios of loss, transfer, and valuation of donated assets. It is tailored for learners in...

Questions: 8 | Attempts: 261 | Last updated: Mar 20, 2023

Sample Question 1
Which of the following statements concerning the accounting and financial reporting for capital assets is false?

Capitalization thresholds differ among governments and often within governments among classes of assets.

All capital assets are reported as assets of the purchasing fund.

Proprietary fund capital assets are reported as assets in both the fund financial statements and the government- wide financial statements.

Governments may choose the method of depreciation used for its capital assets.

Governments may choose to use the modified approach in lieu of reporting depreciation for qualifying infrastructure assets.

Sample Question 2
Donated capital assets are valued by the recipient government at:

Fair market value at the date of donation.

The original cost of the donated asset per the donor’s records.

The net book value of the asset at the date of donation.

The assessed valuation at the date of donation.

The value of any tax deduction to be claimed by the donor.

Sample Question 3
Assume that a building used by Carter County’s police department is totally destroyed by a fire. It is then discovered that the building was not properly insured and that its current net book value was $ 170,000. The controller, Austin Miller, estimated that it will cost $ 350,000 to replace the building. The loss that would be reported in the General Fund for the reporting period in which the fire occurred would be:

$ 170,000 ( current net book value).

$ 350,000 ( estimated replacement cost).

$ 180,000 ( the difference between the net book value and the estimated replacement cost).

$ 0.

None of the above.

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Ch. 12 - Nfp

Ch. 12 - NFP

Explore key aspects of budgeting in public sector through 'Ch. 12 - NFP'. Assess your understanding of budgetary principles, steps in the budgeting process, and performance-based budgeting in state and local governments. This...

Questions: 20 | Attempts: 538 | Last updated: Mar 22, 2023

Sample Question
Public sector budgets:

Are integrated with the financial accounting system

Enable governments to demonstrate compliance with laws and to communicate performance effectiveness

Are adopted by governments after required public hearings

All of the above

Accounting & Reporting For The Federal Gov't Nfp

Accounting & Reporting for the Federal Gov't NFP

Different organizations have different reporting styles and ways to account for their periodic activities. Find out more about accounting and reporting for the Federal government Nfp through the quiz below.

Questions: 19 | Attempts: 237 | Last updated: Mar 20, 2023

Sample Question
Federal statutes assign responsibility for establishing and maintaining a sound financial structure for the federal government to which of the following:

Congress

Comptroller General, Secretary of the Treasure, and Director of the Office of Management and Budget

Office of Management and Budget

Federal Financial Accounting Standards Board

Governmental Accounting Quizzes, Questions & Answers

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