Governmental Accounting Basics and Not-for-Profit Accounting

Question 1

Expenses classification by function for a NFP

Answer 1

(1) management and general
(2) fundraising
(3)Program services

Question 2

Special Revenue Fund is used to finance

Answer 2

anything other than debt and capital projects

Question 3

Capital Project fund is used to

Answer 3

finance major capital projects

Question 4

Debt service fund is used to pay back

Answer 4

debt(interest and principal)

Question 5

Permanent fund can use earnings but not

Answer 5

the principal

Question 6

General Fund is used for governments’ ordinary

Answer 6

operations

Question 7

Current resources measurement focus will only recognize current

Answer 7

assets and liabilities

Question 8

Modified Accrual Basis of Accounting will recognize income

Answer 8

when it is measurable and available

Question 9

Govermental fund will apply

Answer 9

Modified Accrual basis of Accounting and current resources measurement focus

Question 10

Governmental Funds include

Answer 10

General Fund
Special Revenue Fund
Capital Project Funds
Debt Service Funds
Permanent Funds

Question 11

Proprietary Funds

Answer 11

Enterprise Funds
Internal Service Funds

Question 12

Fiduciary Funds

Answer 12

Pension and other employee benefit trust funds
Investment trust funds
Private-purpose Trust fund
Custodial Funds