Final 2 - ACC 460 Final Exam Please provide answers only...

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ACC 460 Final Exam. Please provide answers only. Multiple Choice (3 percent each) 1. A primary characteristic that distinguishes governmental entities from business entities is a) the need to generate revenues equal to or in excess of expenditures/expenses. b) the importance of the budget in the governing process. c) the need to provide goods or services. d) the correlation between revenues generated and demand for goods or services. 2. Which of the following is NOT a purpose of external financial reporting by governments? External financial reports should allow users to a) Assess financial condition. b) Compare actual results with the budget. c) Assess the ability of elected officials to effectively manage people. d) Evaluate efficiency and effectiveness. 3. Basis of accounting determines which of the following? 4. A fund is 5. __________ is governments’ responsibility to report the extent to which they have met their operating objectives efficiently and effectively, using all resources available for that purpose, and whether they can continue to meet their objectives for the foreseeable future. 6. In addition to government-wide statements, GASB Statement No. 34 requires fund financial statements be included in the government’s basic set of financial statements. The basic fund financial statements that should be included for governmental funds are a) the Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balance. b ) the Statement of Nets Assets, the Statement of Revenues, Expenses, and Changes in Fund Net Assets, and the Statement of Cash Flows. c) the Statement of Fiduciary Net Assets, and
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the Statement of Changes in Fiduciary Net Assets. d) the Balance Sheet, the Income Statement, the Statement of Cash Flows, and the Statement of Retained Earnings. 7. The modified accrual basis of accounting is used in presenting the fund financial statements of the governmental funds because
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