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2 Pages
Chapter 1 Quiz
Course: ACCT 2302 2302, Spring 2011School: HCCS
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Word Count: 331
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of Which the following fund types does not use modified accrual accounting? A.Debt Service B.Special Revenue C.Agency D.Permanent Which of the following is not a fiduciary fund type? A.Agency B.Expendable trust C.Private-purpose trust D.Investment trust Government-wide statements use the: A.current financial resources measurement focus and accrual basis of accounting. B.economic resources measurement focus and...
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of Which the following fund types does not use modified accrual accounting?
A.Debt Service
B.Special Revenue
C.Agency
D.Permanent
Which of the following is not a fiduciary fund type?
A.Agency
B.Expendable trust
C.Private-purpose trust
D.Investment trust
Government-wide statements use the:
A.current financial resources measurement focus and accrual basis of accounting.
B.economic resources measurement focus and accrual basis of accounting
C.economic resources measurement focus and modified accrual basis of accounting
D.none of the above, the fiduciary funds have no revenues.
Which of the following is not one of the objectives of Federal Financial Reporting, as outlined in SAFAC 1, which was issued by the FASAB?
A. Financial reporting should enable evaluation of the service efforts, costs and accomplishments of the reporting entity.
B.Financial reporting should enable evaluation of the success rate of programs
C.Financial reporting should reveal whether financial systems and controls are adequate
D.Financial reporting should demonstrate accountability regarding raising and expending according money to budgetary process and laws and regulations
Governmental funds include:
A.Special revenue funds
B.Internal service funds
C.Debt service funds
D.A and C
The GASB sets accounting standards for all of the following except:
A.State and local governments
B. Libraries owned or controlled by governments
C.Governmentally related not-for-profit universities
D.Nongovernmental not-for-profit hospital
Which of the following is a governmental fund?
A.Special revenue
B.Enterprise
C.Agency
D.Internal Service
Which of the following is a fiduciary fund?
A.Internal service
B.Permanent
C.Enterprise
D.Investment trust
Which of the following is true regarding fund classifications?
A.Governmental funds include the General, special revenue, debt service, capital projects, and permanent.
B.Proprietary funds include enterprise, internal service, and private-purpose.
C.Both of the above
D.None of the above.
The ______ Funds are used to account for situations in which the government is acting as a collecting/disbursing agent.
A.Special Revenue
B.General
C.Enterprise
D.Agency
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