102.A permanent fund classified under governmental funds…
A) Accounts for most of the basic services provided by the governmental unit.
B) Accounts for financial resources intended for major capital projects
C) Accounts for services provided by one department of a government to another
D) Accounts for resources that are legally restricted so only earnings, not principal, may be expended, and for purposes to benefit the government and its citizenry.
103.Which of the following funds is
not
a Fiduciary Fund?
A)Investment Trust Fund
B)Private Purpose Trust Fund
C)Permanent Fund
D)Pension Fund
104.The _______ sets the accounting and financial reporting standards for both state and local governments and public not-for-profits.
A) FASAB
B) FASB
C) GASB
D) AICPA
105.The ___________ is the government’s official annual report prepared and published as a matter of public record.
A) comprehensive annual financial report
B) governmental annual financial report
C) independent auditor’s report
D) complete audited financial report
106.State and local governmental funds are organized into three categories including:
A) governmental, proprietary, and restricted
B) proprietary, fiduciary, and restricted
C) governmental, fiduciary, and restricted
D) governmental, proprietary, and fiduciary
107.The ______ Fund accounts for all resources other than those required to be accounted for in other funds.
A)Agency
B)Enterprise
C) General
D)Special revenue
108.The ______ Fund accounts for and reports the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purpose other than debt service or capital projects.
A) Agency
B) Enterprise
C) General
D) Special revenue
109.The ______ Funds are used when resources are provided primarily through the use of sales and service charges to parties external to the government and it is the intent of the government to measure revenues, expenses and changes in net position.
A) Agency
B) Enterprise
C) General
D) Special revenue
110.The ______ Funds are used to account for situations in which the government is acting as a collecting/disbursing agent.
A) Agency
B) Enterprise
C) General
D) Special revenue
111.What basis of accounting would the Enterprise Fund use?
A) Accrual
B) Modified Accrual
C) Cash
D) Expended Accrual