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1-The fund financial statements for governmental funds should include a
A: Balance sheet for fiduciary funds B: Statement of revenues, expenditures, and changes in fund
balances. C: tatement of cash flows. D; All of the above
2- Which of the following terms refers to an actual cost rather than an estimate?
A; Budget, B: Encumbrance, C: Expenditure, D : Appropriation
3- Equity in a special Revenue fund is known as ?
A: Restricted net assets, B; Fund balance. C: Invested in capital assets, D: Net postion
4- The government fund of a state or local government should report interfund transfers as?
A: Other financing sources or uses, B: Items appearing after nonoperating revenues and expenses
in the operating statement, C: Revenue or expenditures, D: Appropriation or liabilities
5- Under which basis of accounting is it appropriate to recognize expenses that expenditures?
A: cash, B: Modified cash, C : accrual, D: modified accrual
Solution
1-The fund financial statements for governmental funds should include a
A: Balance sheet for fiduciary funds B: Statement of revenues, expenditures, and changes in fund
balances. C: statement of cash flows. D; All of the above
2- Which of the following terms refers to an actual cost rather than an estimate?
A; Budget, B: Encumbrance, C: Expenditure , D : Appropriation
3- Equity in a special Revenue fund is known as ?
A: Restricted net assets , B; Fund balance. C: Invested in capital assets, D: Net postion
4- The government fund of a state or local government should report interfund transfers as?
A: Other financing sources or use s, B: Items appearing after nonoperating revenues and
expenses in the operating statement, C: Revenue or expenditures, D: Appropriation or liabilities
5- Under which basis of accounting is it appropriate to recognize expenses that expenditures?
A: cash, B: Modified cash, C : accrual, D: modified accrual

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1-The fund financial statements for governmental funds should include.docx

  • 1. 1-The fund financial statements for governmental funds should include a A: Balance sheet for fiduciary funds B: Statement of revenues, expenditures, and changes in fund balances. C: tatement of cash flows. D; All of the above 2- Which of the following terms refers to an actual cost rather than an estimate? A; Budget, B: Encumbrance, C: Expenditure, D : Appropriation 3- Equity in a special Revenue fund is known as ? A: Restricted net assets, B; Fund balance. C: Invested in capital assets, D: Net postion 4- The government fund of a state or local government should report interfund transfers as? A: Other financing sources or uses, B: Items appearing after nonoperating revenues and expenses in the operating statement, C: Revenue or expenditures, D: Appropriation or liabilities 5- Under which basis of accounting is it appropriate to recognize expenses that expenditures? A: cash, B: Modified cash, C : accrual, D: modified accrual Solution 1-The fund financial statements for governmental funds should include a A: Balance sheet for fiduciary funds B: Statement of revenues, expenditures, and changes in fund balances. C: statement of cash flows. D; All of the above 2- Which of the following terms refers to an actual cost rather than an estimate? A; Budget, B: Encumbrance, C: Expenditure , D : Appropriation 3- Equity in a special Revenue fund is known as ? A: Restricted net assets , B; Fund balance. C: Invested in capital assets, D: Net postion
  • 2. 4- The government fund of a state or local government should report interfund transfers as? A: Other financing sources or use s, B: Items appearing after nonoperating revenues and expenses in the operating statement, C: Revenue or expenditures, D: Appropriation or liabilities 5- Under which basis of accounting is it appropriate to recognize expenses that expenditures? A: cash, B: Modified cash, C : accrual, D: modified accrual