Measurement Focus/Basis of Accounting (Governmental)

Question 1

Transfer of sources between and among funds are reported as?

Answer 1

Other Financing Source or Other Financing Use

Question 2

Expenditure Accrual rules do not apply in the case of

Answer 2

Principal and Interest on Debt

Question 3

What are the measurement focus and basis for Government Wide Financial Statements?

Answer 3

Economic Resources and Accrual Basis

Question 4

What is the Journal entry for Property Taxes collected in advance?

Answer 4

DR Cash

CR Deferred Revenue

Question 5

The measurement Focus of a governmental type fund is

Answer 5

Flow of Financial Resources-(changes in financial position)

Financial Position

Question 6

What should the journal entry be credited for when Taxpayers are billed for Property Taxes?

Answer 6

Revenues