103.Which of the following fund types does not use modified accrual accounting?
A) Debt Service
B) Special Revenue
C) Investment Trust
D) Permanent
104.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.
105.Which of the following funds is not a Fiduciary Fund?
A) Private Purpose Trust Fund
B) Permanent Fund
C) Pension Fund
D) Investment Trust Fund
106.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
107.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
108.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
109.The ______ Fund accounts for all resources other than those required to be accounted for in other funds.
A) Special revenue
B) General
C) Enterprise
D) Agency
110.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) Special revenue
B) General
C) Enterprise
D) Agency
111.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 net profit or loss.
A) Special revenue
B) General
C) Enterprise
D) Agency
112.The ______ Funds are used to account for situations in which the government is acting as a collecting/disbursing agent.
A) Special revenue
B) General
C) Enterprise
D) Agency