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Ch17 - Ch17 Student 1 Under the modified accrual basis of...

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Ch17 Student: ___________________________________________________________________________ 1. Under the modified accrual basis of accounting, revenue should be recognized when it is A. measurable and earned B. received in cash C. available and earned D. measurable and available 2. Which of the following statements is(are) correct about the funds used by governmental entities? I. Funds are fiscal entities. II. Funds are accounting entities. 3. On July 25, 2008, the city of Pullman, which reports on a calendar year basis, ordered five police cars at an estimated cost of $200,000. On August 26, 2008, the police cars were received, and the actual cost amounted to $197,000. Pullman encumbered the appropriation for police cars in its general fund when the cars were ordered. When the police cars were received, the general fund of Pullman should 4. Which of the following funds should use the accrual basis of accounting? 5. Which of the following funds should use the modified accrual basis of accounting? A. Capital projects and special revenue funds. B. Nonexpendable trust and agency funds. C. Internal service and enterprise funds. D. Debt service and nonexpendable trust funds. 6. Which of the following funds are classified as fiduciary funds?
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7. Which of the following funds are classified as proprietary funds? 8. Which of the following funds are classified as governmental funds? 9. Which organization has the authority to establish generally accepted accounting principles for state and local government entities? A. The National Council on Governmental Accounting. B. The Governmental Accounting Standards Board. C. The Financial Accounting Standards Board. D. The Municipal Officers Finance Organization.
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