25. The primary focus of the Statement of Activities of a not-for-profit organization is on determining the net increase/decrease in which of the following? a) Unrestricted Net Assets. b) Temporarily Restricted Net Assets. c) Permanent Net Assets. d) Net Assets of the entity taken as a whole. 26. Under the GASB Statement No. 34 reporting model for governmental entities, which of the following is required? a) Only one set of financial statements, prepared on the full accrual basis of accounting. b) Only one set of financial statements, prepared on the modified accrual basis of accounting. c) Two sets of financial statements, one that views the government as a collection of separate funds and reports using the current financial resources measurement focus and modified accrual basis of accounting for governmental funds and one that views the government as a whole by combining all governmental activities in one column and all business-type activities in another column using the full accrual basis of accounting for both columns. d) Two sets of financial statements, one that views the government as a whole using the current financial resources measurement focus and modified accrual basis of accounting and one that views the government by function and combines all governmental activities in one column and all business-type activities in another column using the full accrual basis of accounting for both columns. 27. Under the GASB Statement No. 34 reporting model for governmental entities, the government-wide Statement of Net Assets will display which of the following? a) Assets, Liabilities, and Net Assets. b) Assets, Liabilities, and Fund Balances. c) Assets, Liabilities, and Fund Equity. d) Assets, Liabilities, and Owner’s Equity. 28. Under the GASB Statement No. 34 reporting model for governmental entities, the focus of the government-wide Statement of Activities is on which of the following? a) Program revenues and general revenues. b) Program revenues and expenses. c) Net income. d) The net cost of each of the government’s main functions and programs. 29. A not-for-profit entity Statement of Net Assets will NOT report which of the following? a) Net assets invested in capital assets net of related debt. b) Capital assets. c) Temporarily restricted net assets. d) Permanently restricted net assets. 30. Which of the following funds of Chessie City would be consolidated to form the governmental activities column in the City’s government-wide financial statements? a) Its general fund, special revenue fund, and agency fund. b) Its general fund, debt service fund, and capital projects fund. c) Its general fund, enterprise fund, and fiduciary fund. d) Its enterprise fund and internal service fund. 31. Which fund type would all governments normally include in their fund financial statements? a) Capital projects funds b) Special revenue funds c) General fund d) Fiduciary funds 32. Under the GASB Statement No. 34 reporting model for governmental entities, fund financial statements include separate sets of financial statements for: a) Each major function of the government. b) Governmental funds, proprietary funds, and fiduciary funds. c) Governmental funds, enterprise funds, and internal service funds. d) Governmental funds, special revenue funds, and debt service funds. 33. When a fax machine purchased by a governmental unit is received, it should be recorded in the general fund as a(n) a) Expense b) Encumbrance c) Expenditure d) General Capital Asset 34. Which of the following is not included in the financial section of the Comprehensive Annual Financial Report? a) Required supplementary information b) Letter of transmittal c) Financial Statements d) Notes to the statements 35. During the current fiscal year, Mountain View City’s water utility, an enterprise fund, rendered billings for water supplied to the general fund. Which of the following accounts should be debited by the general fund? a) Transfer-out to enterprise fund b) Due to water utility enterprise fund c) Appropriations d) Expenditures
25. The primary focus of the Statement of Activities of a
not-for-profit organization is on determining the net increase/decrease in
which of the following?
a) Unrestricted
Net Assets.
b) Temporarily
Restricted Net Assets.
c) Permanent
Net Assets.
d) Net
Assets of the entity taken as a whole.
26. Under the GASB
Statement No. 34 reporting model for governmental entities, which of the
following is required?
a) Only one
set of financial statements, prepared on the full accrual basis of accounting.
b) Only one
set of financial statements, prepared on the modified accrual basis of
accounting.
c) Two sets
of financial statements, one that views the government as a collection of
separate funds and reports using the current financial resources measurement
focus and modified accrual basis of accounting for governmental funds and one
that views the government as a whole by combining all governmental activities
in one column and all business-type activities in another column using the full
accrual basis of accounting for both columns.
d) Two sets
of financial statements, one that views the government as a whole using the
current financial resources measurement focus and modified accrual basis of
accounting and one that views the government by function and combines all
governmental activities in one column and all business-type activities in
another column using the full accrual basis of accounting for both columns.
27. Under the GASB
Statement No. 34 reporting model for governmental entities, the government-wide
Statement of Net Assets will display which of the following?
a) Assets,
Liabilities, and Net Assets.
b) Assets,
Liabilities, and Fund Balances.
c) Assets,
Liabilities, and Fund Equity.
d) Assets,
Liabilities, and Owner’s Equity.
28. Under the GASB
Statement No. 34 reporting model for governmental entities, the focus of the
government-wide Statement of Activities is on which of the following?
a) Program
revenues and general revenues.
b) Program
revenues and expenses.
c) Net
income.
d) The net
cost of each of the government’s main functions and programs.
29. A
not-for-profit entity Statement of Net Assets will NOT report which of the
following?
a) Net
assets invested in capital assets net of related debt.
b) Capital
assets.
c) Temporarily
restricted net assets.
d) Permanently
restricted net assets.
30. Which of the
following funds of Chessie City would be consolidated to form the governmental
activities column in the City’s government-wide financial statements?
a) Its
general fund, special revenue fund, and agency fund.
b) Its
general fund, debt service fund, and capital projects fund.
c) Its
general fund, enterprise fund, and fiduciary fund.
d) Its
enterprise fund and internal service fund.
31. Which fund type
would all governments normally include in their fund financial statements?
a) Capital
projects funds
b) Special
revenue funds
c) General
fund
d) Fiduciary
funds
32. Under the
GASB Statement No. 34 reporting model for governmental entities, fund financial
statements include separate sets of financial statements for:
a) Each
major function of the government.
b) Governmental
funds, proprietary funds, and fiduciary funds.
c) Governmental
funds, enterprise funds, and internal service funds.
d) Governmental
funds, special revenue funds, and debt service funds.
33. When a fax
machine purchased by a governmental unit is received, it should be recorded in
the general fund as a(n)
a) Expense
b) Encumbrance
c) Expenditure
d) General
Capital Asset
34. Which of
the following is not included in the financial section of the Comprehensive Annual Financial Report?
a) Required
supplementary information
b) Letter of
transmittal
c) Financial
Statements
d) Notes to
the statements
35. During the
current fiscal year, Mountain View City’s water utility, an enterprise fund, rendered billings for water supplied to the
general fund. Which of the following
accounts should be debited by the general
fund?
a) Transfer-out
to enterprise fund
b) Due to
water utility enterprise fund
c) Appropriations
d) Expenditures
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