Deck31

Question 1

At the end of the year, significant outstanding encumbrances should be reported where:

Answer 1

The notes to the financial statements.

Question 2

Amount intended for a specific purpose but neither committed or restrained.

Answer 2

Assigned Fund Balance

Question 3

What are the three sections of CAFR?

Answer 3

Introductory, Financial, Statistical

Question 4

The Statement of Activities of the Govt-Wide Financial Statement is designed to provide info to assess:

Answer 4

Operational Accountability

Question 5

Which fund is used to account for financial resources used for construction or purchase of Assets (Other than those for Fiduciary or Trusts)

Answer 5

Capital Projects Fund

Question 6

Transfers between funds are classified as:

Answer 6

Other Financing Sources and Uses

Question 7

The Government Fund use which basis of accounting?

Answer 7

Modified Accrual Basis

Question 8

Under Modified Accrual Basis of Accounting, when are Revenues recorded?

Answer 8

When they are Available and Measurable

Question 9

Shared Revenues received by a Proprietary Fund should be recorded as:

Answer 9

Non-Operating Revenues

Question 10

Short-term interfund loans are recorded in accounts titled:

Answer 10

Due From

Question 11

Which type of interfund transfer results from doing business with one another?

Answer 11

Reciprocal

Question 12

Are buildings an infrastructure Asset?

Answer 12

No

Question 13

Which type of interfund transfers are regular, routine transfers?

Answer 13

Operating Transfers

Question 14

Nonexchange Revenues that are based on Exchange Transactions are called:

Answer 14

Derived Taxes

Question 15

The term “Expenditure” is used only for funds that use which basis of accounting?

Answer 15

Modified Accrual Basis

Question 16

When common stock dividends are received by a company, how are they recorded?

Answer 16

As a Memorandum, which reduces the price per share of stock.

Question 17

Is income ever affected by treasury stock transactions?

Answer 17

No. When a firm transacts with owners, it can not profit or have negative income.

Question 18

For Acquisition accounting the consolidated stockholder’s equity will equal the ________ stockholder’s equity on the date of acquisition.

Answer 18

Parent’s

Question 19

What is the Present Value of all unpaid future retirement benefits attributed by the pension benefit formula, rendered prior to that date only?

Answer 19

Accumulated Benefit Obligation