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N9
1. Difference between capital project and special revenue fund.
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- 7) Explain the government fund financial statement?Ch4 9 Which of the following accounts would not be closed at the end of each fiscal year? Multiple Choice Fund balance. Estimated revenues. Interfund transfers out. Expenditures. 10 An interfund transfer in should be reported in a governmental fund operating statement as a(an): Multiple Choice Revenue. Due from other funds. Other financing source. Other financing use.6 Which of the following should not be reported on the balance sheet of the General Fund? Multiple Choice Equipment. Vouchers payable. Tax anticipation notes payable. Due from federal government.
- Ch3 5 Which of the following items would not appear in a statement of revenues, expenditures, and changes in fund balances prepared for a governmental fund? Multiple Choice Depreciation expense. Interfund transfers in. Revenues from property taxes. Expenditures for employee salaries. 6. At the end of the fiscal year Encumbrances is closed to Budgetary Fund Balance with a credit. True or FalseCh4 5 Whenever a significant revenue source is restricted for a specific operating purpose, a special revenue fund should be established. True or False 6 Which of the following should not be reported on the balance sheet of the General Fund? Multiple Choice Equipment. Vouchers payable. Tax anticipation notes payable. Due from federal government.H5. Discuss why the concept of fiduciary responsibilities is so important for trustees of superannuation funds.
- 5-3. What are the major sources of funds for capital project and debt service funds, and how are the sources classified in the Statement of Revenues, Expenditures and Changes in Fund Balance?What type of the fund is alloted to capital project?Select one:a. Special revenue fundb. Government fundc. General fundd. None of the other pointsCh2 9 In accounting for state and local governments the modified accrual basis is required for Multiple Choice Proprietary and fiduciary funds. Governmental funds. Governmental and fiduciary funds. Governmental and internal service funds. 10 Under the modified accrual basis of accounting, revenues should be recognized when Multiple Choice Earned. Collected in cash. Authorized by the budget ordinance. Measurable and available.
- 3. Define Government Grants?(5) The focus of governmental funds in fund accounting is a(n): a. Economic Resource Measurement Focus. b. Financial Resources Measurement Focus. c. Cash Flow Measurement Focus. d. Accrual Measurement Focus.8 The basis of accounting that should be used in preparing fund financial statements is: Governmental funds Proprietary funds Fiduciary funds A) Modified accrual Accrual Modified accrual B) Modified accrual Modified accrual Modified accrual C) Modified accrual Accrual Accrual D) Accrual Accrual Accrual Multiple Choice Choice A Choice B Choice C Choice D