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ACCT266 Public Admin Fund Accounting CH1

ACCT266 Public Admin Fund Accounting CH1 - Question 1 1 out...

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Question 1 1 out of 1 points What basis of accounting would the Enterprise Fund use? Answer Selected Answer: Accrual Correct Answer: Accrual Question 2 0 out of 1 points In order for a fund to exist, there must be: Answer Selected Answer: A fiscal entity; assets set aside for a specific purpose Correct Answer: Both A & B are required Question 3 0 out of 1 points Long-term debt of a governmental unit would be reported in the: Answer Selected Answer: government-wide financial statements only. Correct Answer: government-wide financial statements and proprietary fund financial statement Question 4 1 out of 1 points
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Governmental funds are to use the: Answer Selected Answer: current financial resources measurement focus and modified accrual basis of accounting. Correct Answer: current financial resources measurement focus and modified accrual basis of accounting. Question 5 1 out of 1 points Under the modified accrual basis of accounting, revenues should be recognized when they are: Answer Selected Answer: measurable and available to finance expenditures of the current period.
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