ACCY161_Final_Fa08_KEY - ACCY 161 Final Exam Fall 2008 1....

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ACCY 161 – Final Exam - KEY Fall 2008 1. Which of the following is not a characteristic of a fund as defined by GASB standards? a. An accounting entity. b. A segregated quantity of cash and other financial resources on deposit with a designated trustee. c. A fiscal entity. d. A self-balancing set of accounts 2. The GASB has identified which of the following as the "cornerstone" of all financial reporting in government? a. Understandability. b. Representational faithfulness. c. Accountability. d. Visibility e. Both c. and d. 3. The types of funds that may be used in governmental accounting are classified into the categories of activities performed by governments: a. governmental activities, business type activities b. governmental, business-type, and fiduciary c. governmental, proprietary, and fiduciary d. none of the above 4. The government-wide financial statements are intended to report on ____________________ : a. financial resources b. fiscal accountability c. operational accountability d. both a. and c. e. both b. and c. 5. The dual track includes a. The fund track b. The modified accrual track c. The government-wide track d. both a. and c. e. a. and b. and c. are all correct terminology 6. An example of other financing sources would be: a. Grants for capital improvements b. Proceeds of the sale of bonds c. Sales of tax anticipation notes d. both a. and b. are correct e. a. and b. and c. are all correct 7. In governmental financial reporting the internal service fund is included in a. Business types activities b. Governmental activities c. Governmental funds d. Both b and c. e. None of the above – reported separately 8. The measurement focus of economic resources is related to: a. Governmental activities financial statements b. Business-type activities financial statements c. Fiduciary funds financial statements d. both a. and b. are correct e. a. and b. and c. are all correct 5b624a74dca5f05a446e50b90e2e8b14a514459d Page 1 of 4
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ACCY 161 – Final Exam - KEY Fall 2008 9. When equipment that is to be used by an activity accounted for by the General Fund of a
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 401 taught by Professor Jeter during the Spring '12 term at Kaplan University.

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ACCY161_Final_Fa08_KEY - ACCY 161 Final Exam Fall 2008 1....

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