CPA FAR Section 4 State & Local Gov.

Question 1

Government wide financial statements use what basis of accounting

Answer 1

Accrual basis for governmental and business type activites

Question 2

Accumulated Depreciation is not recorded in any

Answer 2

Governmental Fund

Question 3

Providing good & services “on a cost reimbursement basis” applies to which fund

Answer 3

Internal Service

Question 4

Enterprise Fund activities and services are usaully from

Answer 4

Fees and Charges

Question 5

Fiduciary Funds do not report

Answer 5

Fund Balance

Question 6

A change in net position is calculated as the difference between

Answer 6

Additions and Deductions

Question 7

If an entity is _________ it may not be a governmental organization

Answer 7

Exempt from Federal Taxation

Question 8

Private- Purpose Trust Funds

Answer 8

Hold monies in a trust for benefit of parties outside of government

Question 9

__________ supports interperiod equity as a financial reporting objective of a governmental unit

Answer 9

Adopting a balanced budget

Question 10

Fund used for tracking financial resources used to acquire or construct major capital assets

Answer 10

Capital Projects Fund

Question 11

Fund to account for revenues from specific taxes to finance certain governmental activites

Answer 11

Special Revenue Fund

Question 12

Fund set up to account for payment of principal / interest on both short / long term debt for governmental entities

Answer 12

Debt Service Fund