ACC 492 (407) Pre-Test 100% Guaranteed pass Questions and Answers
1) Proprietary funds use the:
A) current financial resources measurement focus and modified accrual basis of accounting.
B) economic resources measurement focus and modified accrual basis of accounting.
C) economic resources measurement focus and accrual basis of accounting.
D) current financial resources measurement focus and accrual basis of accounting.
economic resources measurement focus and accrual basis of accounting.
2) Capitalized fixed assets are reported in which of the following fund-basis statements?
A) Proprietary fund
B) Governmental fun
C) Fiduciary fund
D) Agency fund
Proprietary fund
3) Governmental funds do not include:
A) Agency funds.
B) Debt service funds.
C) Special revenue funds.
D) The General fund.
Agency funds.
4) Which of the following does not use the economic resources measurement focus?
A) Governmental funds
B) Fiduciary funds
C) Proprietary funds
D) Government-wide funds
Governmental funds
5) In addition to a Statement of Net Position, Proprietary Fund level financial statements
include which of the following?
A) Both Statement of Revenues, Expenses, and Changes in Fund Net Position and Statement
of Cash Flows.
B) Statement of Cash Flows.
C) Neither Statement of Revenues, Expenses, and Changes in Fund Net Position nor
,Statement of Cash Flows.
D) Statement of Revenues, Expenses, and Changes in Fund Net Position.
Both Statement of Revenues, Expenses, and Changes in Fund Net Position and Statement of
Cash Flows
6) Which of the following funds is a Fiduciary Fund?
A) Internal Service Fund
B) Debt Service Fund
C) Pension Trust Fund
D) Enterprise Fund
Pension Trust Fund
7) Governmental funds include:
A) Agency funds.
B) Enterprise funds.
C) Special revenue funds.
D) Internal service funds.
Special revenue funds
Which of the following is true with respect to the General Fund?
A) The General Fund is considered to be a major fund if the combined total of assets,
liabilities, revenues and expenses exceeds 10% of the total of all governmental funds.
B) The General Fund is not reported as part of the CAFR.
C) The General Fund is always considered to be a major fund when preparing fund basis
financial statements.
D) The General Fund is considered to be a major fund when preparing fund basis financial
statements if it bears a financial benefit or burden to the primary government.
The General Fund is always considered to be a major fund when preparing fund basis financial
statements
9) The term "fiduciary funds" applies to:
A) enterprise and internal service funds.
B) private-purpose trust, investment trust, pension trust, and agency funds.
C) enterprise, internal service, and private-purpose trust funds.
D) pension, investment trust and enterprise funds.
private-purpose trust, investment trust, pension trust, and agency funds
, 10) Which of the following is true regarding the financial reporting of governmental funds?
A) Both the Fund Balance of governmental funds reports fund balance as reserved and
unreserved, and the Fund Balance of governmental funds reports fund balance as reserved
and unreserved. Governmental funds include the General Fund, special revenue funds, capital
projects funds, debt service funds, and permanent funds are true.
B) Governmental funds include the General Fund, special revenue funds, capital projects
funds, debt service funds, and permanent funds.
C) The Fund Balance of governmental funds reports fund balance as reserved and unreserved.
D) Neither the Fund Balance of governmental funds reports fund balance as reserved and
unreserved, nor the Fund Balance of governmental funds reports fund balance as reserved
and unreserved. Governmental funds include the General Fund, special revenue funds, capital
projects funds, debt service funds, and permanent funds is true.
Governmental funds include the General Fund, special revenue funds, capital projects funds,
debt service funds, and permanent funds
11) The Governmental Accounting Standards Board has been given authority to establish
accounting and financial reporting standards for:
A) state and local governmental entities, and govern-mentally related utilities, authorities,
hospitals, and colleges and universities.
B) all governmental units and agencies.
C) federal, state, and local governments and govern-mentally related utilities, authorities,
hospitals, and colleges and universities.
D) all governmental units and all not-for-profit organizations.
State and local governments entitles, and govern-mentally related utilities, authorities,
hospitals, and colleges and universities
12) Which of the following is true regarding the government-wide Statement of Activities?
A) In the government-wide Statement of Activities, "special items" are those items that are
both unusual and infrequent and are not under the control of management.
B) Transfers between governmental and business type activities are eliminated and do not
appear on the government-wide Statement of Activities.
C) The Statement of Activities includes depreciation expense.
D) Taxes levied, including those restricted to a particular purpose, are reported as program
revenue.
The Statement of Activities includes depreciation expense
1) Proprietary funds use the:
A) current financial resources measurement focus and modified accrual basis of accounting.
B) economic resources measurement focus and modified accrual basis of accounting.
C) economic resources measurement focus and accrual basis of accounting.
D) current financial resources measurement focus and accrual basis of accounting.
economic resources measurement focus and accrual basis of accounting.
2) Capitalized fixed assets are reported in which of the following fund-basis statements?
A) Proprietary fund
B) Governmental fun
C) Fiduciary fund
D) Agency fund
Proprietary fund
3) Governmental funds do not include:
A) Agency funds.
B) Debt service funds.
C) Special revenue funds.
D) The General fund.
Agency funds.
4) Which of the following does not use the economic resources measurement focus?
A) Governmental funds
B) Fiduciary funds
C) Proprietary funds
D) Government-wide funds
Governmental funds
5) In addition to a Statement of Net Position, Proprietary Fund level financial statements
include which of the following?
A) Both Statement of Revenues, Expenses, and Changes in Fund Net Position and Statement
of Cash Flows.
B) Statement of Cash Flows.
C) Neither Statement of Revenues, Expenses, and Changes in Fund Net Position nor
,Statement of Cash Flows.
D) Statement of Revenues, Expenses, and Changes in Fund Net Position.
Both Statement of Revenues, Expenses, and Changes in Fund Net Position and Statement of
Cash Flows
6) Which of the following funds is a Fiduciary Fund?
A) Internal Service Fund
B) Debt Service Fund
C) Pension Trust Fund
D) Enterprise Fund
Pension Trust Fund
7) Governmental funds include:
A) Agency funds.
B) Enterprise funds.
C) Special revenue funds.
D) Internal service funds.
Special revenue funds
Which of the following is true with respect to the General Fund?
A) The General Fund is considered to be a major fund if the combined total of assets,
liabilities, revenues and expenses exceeds 10% of the total of all governmental funds.
B) The General Fund is not reported as part of the CAFR.
C) The General Fund is always considered to be a major fund when preparing fund basis
financial statements.
D) The General Fund is considered to be a major fund when preparing fund basis financial
statements if it bears a financial benefit or burden to the primary government.
The General Fund is always considered to be a major fund when preparing fund basis financial
statements
9) The term "fiduciary funds" applies to:
A) enterprise and internal service funds.
B) private-purpose trust, investment trust, pension trust, and agency funds.
C) enterprise, internal service, and private-purpose trust funds.
D) pension, investment trust and enterprise funds.
private-purpose trust, investment trust, pension trust, and agency funds
, 10) Which of the following is true regarding the financial reporting of governmental funds?
A) Both the Fund Balance of governmental funds reports fund balance as reserved and
unreserved, and the Fund Balance of governmental funds reports fund balance as reserved
and unreserved. Governmental funds include the General Fund, special revenue funds, capital
projects funds, debt service funds, and permanent funds are true.
B) Governmental funds include the General Fund, special revenue funds, capital projects
funds, debt service funds, and permanent funds.
C) The Fund Balance of governmental funds reports fund balance as reserved and unreserved.
D) Neither the Fund Balance of governmental funds reports fund balance as reserved and
unreserved, nor the Fund Balance of governmental funds reports fund balance as reserved
and unreserved. Governmental funds include the General Fund, special revenue funds, capital
projects funds, debt service funds, and permanent funds is true.
Governmental funds include the General Fund, special revenue funds, capital projects funds,
debt service funds, and permanent funds
11) The Governmental Accounting Standards Board has been given authority to establish
accounting and financial reporting standards for:
A) state and local governmental entities, and govern-mentally related utilities, authorities,
hospitals, and colleges and universities.
B) all governmental units and agencies.
C) federal, state, and local governments and govern-mentally related utilities, authorities,
hospitals, and colleges and universities.
D) all governmental units and all not-for-profit organizations.
State and local governments entitles, and govern-mentally related utilities, authorities,
hospitals, and colleges and universities
12) Which of the following is true regarding the government-wide Statement of Activities?
A) In the government-wide Statement of Activities, "special items" are those items that are
both unusual and infrequent and are not under the control of management.
B) Transfers between governmental and business type activities are eliminated and do not
appear on the government-wide Statement of Activities.
C) The Statement of Activities includes depreciation expense.
D) Taxes levied, including those restricted to a particular purpose, are reported as program
revenue.
The Statement of Activities includes depreciation expense
