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1) Which can be affected by GAAP from the following?

a. Claims and judgments settled.
b. Amount reported as employee pension plan contributions.
c. Ability to balance the budget.
d. Legal ability to issue bonds.

2) Which of the given is common to both governments and not-for-profit entities but differentiates these entities from for-profit entities?

a. There are no defined ownership interests.
b. Revenues are usually indicative of demand for goods or services.
c. There is direct matching of revenues and expenses.
d. The budget is a legal, financial document.

3) Which of the following is the purpose of financial reporting by governmental entities as established by GASB?

a. Financial reporting should aid users in assessing the management skills of top management.
b. Financial reporting should aid users in determining if current-period revenues were sufficient to pay for corrent-period services.
c. Financial reporting should aid users in evaluating the cash management operations of the governmental entity for the year.
d. Financial reporting must aid users in assessing whether government provided suitable services to its constituents in the present year.

4) Which of the given funds is a fiduciary fund?

a) Debt service fund.
b) Agency fund.
c) Capital project fund.
d) Permanent fund.

5) Which of the given accounts would you least expect to see in the debt service fund?

a) Principal payments.
b) Interest charges.
c) Interest earned.
d) Outstanding balance of debt being serviced.

Accounting Basics, Accounting

  • Category:- Accounting Basics
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