MID TERM ANSWERS - 1 Multiple Choice 2 points Question A...

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1 Multiple Choice 2 points
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Question A primary characteristic that distinguishes governmental entities from business entities is Answer Th e ne ed to ge ne rat e re ve nu es eq ua l to or in ex ce ss of ex pe nd itu re s/ ex pe ns es . Th e im po rta nc e of th e bu dg et in th
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2 Multiple Choice 2 points
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Question Which of the following statements is true? Answer G ov er n m en ts m ay en ga ge in ac tiv iti es si mi lar to ac tiv iti es en ga ge d in by for - pr ofi t en titi es . Th er e ar e a li mi te
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3 Multiple Choice 2 points
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Question To obtain a comprehensive understanding of a government’s fiscal health, a financial analyst should obtain an understanding of which of the following? Answer All of th e re so ur ce s o w ne d by th e go ve rn m en tal en tit y. All of th e re so ur ce s w hi ch m ay be su m m on ed by a
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4 Multiple Choice 2 points
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Question Which of the following is NOT generally considered a main user of government and not-for-profit entity external financial statements? Answer In ve st or s an d cr ed ito rs. Ta xp ay er s. D on or s. Int er na l m an ag er s.
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5 Multiple Choice 2 points
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Question Which of the following objectives is considered to be the cornerstone of financial reporting by a governmental entity? Answer Ac co un ta bil ity . B ud ge tar y co m pli an ce . Int er pe rio d eq uit y. S er vi ce eff ort s an d ac co m
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6 Multiple Choice 2 points
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Question The Governmental Accounting Standards Board is the primary standard-setting body for: Answer All go ve rn m en ts. All st at e an d lo ca l go ve rn m en ts. All go ve rn m en ts an d all no t- for - pr ofi t en titi es .
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7 Multiple Choice 2 points
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Question As used by GASB, interperiod equity refers to which of the following? Financial reporting should: Answer D e m on str at e co m pli an ce wi th fin an ce - rel at ed co ntr ac tu al re qu ire m en ts. Pr ov id e inf or m ati on to de ter mi ne w he th
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8 Multiple Choice 2 points
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Question Which of the following is NOT a purpose of external financial reporting by governments? External financial reports should allow users to Answer As se ss fin an ci al co nd iti on . C o m pa re ac tu al re su lts wi th th e bu dg et. As se ss th e ab ilit y of el ec te d
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9 Multiple Choice 2 points
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Question What is the primary reason that governmental entities use fund accounting? Answer Fu nd ac co un tin g is re qu ire d by la w. Fu nd ac co un tin g is re qu ire d by G A A P. Fu nd ac co un tin g pr o m ot es
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10 Multiple Choice 2 points
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Question Which of the following funds is a fiduciary fund? Answer P er m an en t fu nd . A ge nc y fu nd . C ap ita l pr oj ec t fu nd . D eb t se rvi ce fu nd .
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11 Multiple Choice 2 points
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A city receives a donation from a citizen who specifies that the principal must be invested and the earnings must be used to support operations of a city-owned recreational facility. The principal of this gift should be accounted for in which of the following funds? Answer
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MID TERM ANSWERS - 1 Multiple Choice 2 points Question A...

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