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- 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.Ch2 1 Activities a local government can engage in are classified as governmental, business-type, or fiduciary. True or False 2 Only those governmental and proprietary funds that meet the GASB size criteria for major funds are reported in separate columns of the governmental and proprietary fund financial statements. True or False(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.
- QUESTION 8 Match the following options - Debt Services - Permanent Fund - Current financial resources - Statement of net assets -Government-wide - Statement of net assets - Proprietary funds 1. Principal and interest payments on general long-term debt. 2. Gifts in which the principal must be invested and preserved but the investment earnings can be used for public purposes. 3. Modified Accrual Accounting 4. Economic Resources 5. Accrual Accounting8 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 DCh3 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 False
- 12) Internal Service Funds differ from Enterprise Funds because Internal Service Funds A) are a proprietary fund. B) are intended to show a profit. C) charge for their services. D) provide goods and services primarily to other government agencies.What are the differences between a cash flows statement prepared for a governmental electric utility versus one prepared for an investor-owned utility? What are five types of information must be presented in Management’s Discussion and Analysis (MD&A)? Which financial statement is each type of information derived from, if any? GASB Statement No. 34 mandates that the government reconcile total governmental fund balances per the fund balance sheet with net assets of governmental activities per the government-wide statements. What are likely to be the two largest reconciling items for most major cities? Why?E 19-4 Multiple choice Which of the following is not a governmental fund? Special revenue fund Debt service fund Trust fund General fund Which of these funds generally follows the accrual basis of accounting? General fund Internal service fund Debt service fund Special revenue fund Which of the following funds will report fixed assets in the fund financial statements? General fund Special revenue fund Debt service fund None of the above Which of the following funds would not be included in governmental fund financial statements? Debt service fund General fund Pension trust fund Permanent fund Which of the following funds would be used to account for an activity that provides goods or services to other funds? General fund Enterprise fund Debt service fund Internal service fund
- 8) Governmental fund financial statements are prepared on the ________ basis of accounting. Proprietary fund financial statements are prepared on the ________ basis of accounting. A) modified accrual; modified accrual B) accrual; fund C) modified accrual; accrual D) blended; discretePlease answer questions CASH BASIS VS ACCRUAL BASIS The IPSASB developed the IPSASs for government entities and departments who use the fund or cash accounting in recording and reporting transactions. Using the principles, concepts and definitions set out by the IPSASB explain in details the differences between Cash Basis and Accrual Basis (where applicable, use examples to support your answers), and the reasons why there is a move from the Cash Basis to the Accrual Basis.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.