Question 1   Similar to for-profit entities, net income serves as a good measure of a government's performance

Question 1  

Similar to for-profit entities, net income serves as a good measure of a government's performance.

Question 2  

Under GASB standards, Revenues must be credited for the total amount of the property tax levy.

Question 3                                                                                          

Which of the following best describes the recommended format for the government-wide statement of activities?

Question 4  

Both the GASB and the FASB require entities to include a management discussion and analysis in the financial reports.

Question 5  

If a governmental fund issues debt to finance a capital acquisition, how should the proceeds of the debt be recorded?

Question 6  

Property tax revenue is an example of a nonexchange revenue—one in which the government receives value without directly giving equal value in exchange.

Question 7  

Which of the following accounts is not closed at the end of the reporting period?

Question 8  

The Revenues account of a government is debited when:

Question 9  

The General Fund is the only fund that can have a positive unassigned fund balance.

Question 10  

The account "Interfund Transfers In" would be classified in a General Fund statement of revenues, expenditures, and changes in fund balance as a(an):

Question 11  

The GASB concept statements indicate that an asset that is going to be converted to cash should be reported at a remeasured amount at the financial statement date.

Question 12  

The fund classification system used by public schools follows the GASB standards.

Question 13  

Which of the following would properly be reported in the operating statement of a governmental fund?

Question 14  

In accordance with GASB standards, a deferred inflow of resources is reported on the financial statements the same as an unearned revenue.

Question 15  

Which of the following is not a characteristic of a fund as defined by GASB standards?

Question 16 

Which of the following funds would record depreciation of capital assets?

Question 17

Describe the comprehensive annual financial report (CAFR). What are the sections of the report and which components of the organization should it include? Is a CAFR required?

Question 18

In your own words state the primary uses the GASB believes external users have for financial reports of state and local governments. For contrast, state the uses the FASB believes external users have for the financial reports of not-for-profit organizations.