Question

In: Accounting

According to the GASB definition, which of the following represents an inflow of resources? A) Expenditures....

According to the GASB definition, which of the following represents an inflow of resources?

A) Expenditures.

B) Revenues.

C) Assets.

D) Deferred inflows.

Which of the following is true regarding financial reporting for internal service funds?

A) Internal service funds are reported in the governmental fund financial statements.

B) Internal service funds are aggregated and reported as a major fund in the proprietary fund financial statements.

C) Internal service funds are generally reported in the Business-type Activities column of the government-wide financial statements.

D) Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.

Which of the following is not a characteristic of a fund as defined by GASB standards?

A) An accounting entity.

B) A fiscal entity.

C) A reporting entity.

D) A self-balancing set of accounts.

In accounting for state and local governments the modified accrual basis is required for

A) Proprietary and fiduciary funds.

B) Governmental funds.

C) Governmental and fiduciary funds.

D) Governmental and internal service funds.

Under the modified accrual basis of accounting, revenues should be recognized when

A) Earned.

B) Collected in cash.

C) Authorized by the budget ordinance.

D) Measurable and available.

Which of the following funds is a governmental fund-type?

A) Private-purpose trust fund.

B) Internal service fund.

C) Permanent fund.

D) Enterprise fund.

Which of the following funds would be most appropriate when accounting for an activity that provides goods or services to the public for a fee that is intended to make the activity self-supporting?

A) Investment trust fund.

B) Enterprise fund.

C) Internal service fund.

D) Special revenue fund.

Solutions

Expert Solution

According to the GASB definition, which of the following represents an inflow of resources?

B) Revenues.

Which of the following is true regarding financial reporting for internal service funds?

D) Internal service funds are generally reported in the Governmental Activities column of the government-wide financial statements.

Which of the following is not a characteristic of a fund as defined by GASB standards?

C) A reporting entity.

In accounting for state and local governments the modified accrual basis is required for

B) Governmental funds.

Under the modified accrual basis of accounting, revenues should be recognized when

D) Measurable and available.

Which of the following funds is a governmental fund-type?

B) Internal service fund.

Which of the following funds would be most appropriate when accounting for an activity that provides goods or services to the public for a fee that is intended to make the activity self-supporting?

B) Enterprise fund.

ekkarill92 answered 1 year ago

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