multiple choice 1 to what does basis of accounting refer a whether an entity is tryi 4312072

multiple choice 1 to what does basis of accounting refer a whether an entity is tryi 4312072

Multiple Choice

1.To what does basis of accounting refer?

a.whether an entity is trying to measure the excess of inflows over outflows

b.how much cash an entity received in a particular reporting period

c.the timing of recognition of assets, liabilities, revenues, and expenditures/expenses in financial statements

d.the ownership of the assets, liabilities, and equities reported in a balance sheet

2.Governmental accounting normally does not

a.use separate funds to account for various activities

b.incorporate budgetary accounts into the accounting system

c.measure the amount of profit earned during a fiscal year

d.focus on flows of current financial resources

3.In governmental accounting, a fund is best defined as:

a.a sum of cash set aside to attain certain objectives

b.a fiscal entity that has both financial and capital resources

c.a fiscal entity that has cash resources only

d.a fiscal and accounting entity with a self-balancing set of accounts

4.Which of the following funds all use the current financial resources measurement focus?

a.Debt Service Fund, Special Revenue Fund, and Capital Projects Fund

b.General Fund, Debt Service Fund, and Internal Service Fund

c.Debt Service Fund, Investment Trust Fund, and Capital Projects Fund

d.General Fund, Debt Service Fund, and Pension Trust Fund

5.The three broad categories of funds used by governmental entities are:

a.Governmental, Proprietary, and Fiduciary

b.Unrestricted, Partially Restricted, and Fully Restricted

c.General, Special, and Fiduciary

d.General, Enterprise, and Agency

6.Which category of funds is used to account for most of the day-to-day public services provided by a government?

a.Fiduciary-type funds

b.Enterprise-type funds

c.Proprietary-type funds

d.Governmental-type funds

7.Which category of funds focuses on financial resources available for current spending?

a.Enterprise-type funds

b.Proprietary-type funds

c.Governmental-type funds

d.Fiduciary-type funds

8.The broad categories of funds used in government accounting do  include which one of the following?

a.revolving

b.governmental

c.proprietary

d.fiduciary

9.Within a fund, which of the following results from using the current financial resources measurement focus?

a.capital assets will be depreciated

b.property taxes will be recognized on the cash basis of accounting

c.a liability must be reported for unsettled claims, provided payment ultimately will be made

d.long-term assets and liabilities will not be recorded in the fund

10.Which of the following set of funds use the economic resources measurement focus?

a.Enterprise Fund, Special Revenue Fund, and General Fund

b.Internal Service Fund, Pension Trust Fund, and Enterprise Fund

c.Debt Service Fund, Internal Service Fund, and Pension Trust Fund

d.Enterprise Fund, Internal Service Fund, and Capital Projects Fund

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