Chapter 8 Goverment

Question 1

What is the purpose of presenting separate fund financial statements for government and proprietary funds?

Answer 1

Fund financials statements are displayed to report additional and detailed information about the primary government.

Question 2

What focus do governmental funds use?

Answer 2

They use the current financial resources measurement focus and modified accrual basis of accounting in their fund financial statements

Question 3

What focus do proprietary and fiduciary funds use?

Answer 3

Proprietary and fiduciary funds use the economic resources measurement focus and accrual basis of accounting.

Question 4

What focus would the internal service funds financial statement use?

Answer 4

economic resources measurement focus and the accrual basis of accounting

Question 5

Government funds such as general fund, permanent fund, and capital projects fund use which focus?

Answer 5

current financial resource measurement focus and the modified accrual basis accounting

Question 6

What type of accounting does special revenue funds use?

Answer 6

Special revenue funds are governmental funds, which use the modified accrual basis of accounting.

Question 7

When does a General fund revenue become available?

Answer 7

Recognizes revenues in the accounting period in which they become available and measurable

Question 8

When does an enterprise fund s revenue become available?

Answer 8

in the accounting period in which they are earned.