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1. If a government is obligated to legally report information in a manner that differs from GAAP a. GAAP take precedence over the legal requirements. b. Legal requirements take precedence over GAAP. c. Both GAAP requirements and legal requirements must be met. d. Information should be presented ...

1. Which of the following statements is true concerning accounting and financial reporting practices related to capital asset acquisitions? a. Routine capital purchases such as vehicles and equipment often may be financed and accounted for in a General Fund. b. Most capital lease transactions re...

1. Which of the following is not a characteristic of the General Fund? a. Is used to account for all financial resources that are not required to be accounted for in another fund. b. Is used by all governments that report governmental fund activities. c. May require combining statement at year-e...

1. When preparing external financial statements that are in accordance with generally accepted accounting principles, the minimum financial report will include a. Basic financial statements, management's discussion and analysis, and other required supplementary information. b. A comprehensive a...

Which of the following is not considered to be part of the basic financnial statements? - Management's Discussion and Analysis Governmental funds financial statements typically include the following except? - A Statement of Cash Flows Which of the following statements concerning reporting detai...

1. Under the modified accrual basis, revenues are considered susceptible to accrual if a. Available to finance current period expenditures. b. Objectively measurable. c. Collected during the current period. d. Both available to finance current period expenditures and objectively measurable. - Bo...

1. A city's General Fund general ledger includes accounts called Estimated Revenues, Appropriations, and Encumbrances. This indicates that the city a. Formally integrates its budget into its accounts b. Uses a cash plus encumbrances basis of accounting c. Maintains its accounts on an accrual b...

1. The use of an Enterprise Fund is required by generally accepted accounting principles in each of the following situations except a. When user fees are charged for the majority of the activity's operations. b. When an activity is financed with debt that is secured solely by the pledge of reven...

1. Which types of funds are classified as fiduciary funds? a. Pension trust, private-purpose trust, and Investment Trust Funds. b. Pension trust, permanent trust, and Agency Funds. c. Pension trust, private-purpose trust, investment trust, and Agency Funds. d. Expendable trust, nonexpendable tru...

Which Activity is aligned with the actions of a governing body of a governmental and nonprofit organization? A) Resolving differences quickly for dissatisfied constituents B) Ensuring the constituents receive value for their equity shares C) Making decisions based on majority vote of the state l...

The primary authoritative body for determining the measurement focus and basis of accounting standards for governmental fund operating statements is: A Governmental Accounting Standards Board (GASB) B Financial Accounting Standards Board (FASB) C Government Accounting and Auditing Committee of t...