112.What areEnterprise funds used for?
A) To account for pension and employee benefit funds for which the governmental unit is the trustee.
B)To account for most of the basic services provided by the governmental units.
C)To account for resources provided primarily through the use of sales and service charges to parties external to the government.
D)To report resources that are legally restricted so only earnings, not principal, may be expended, and for purposes to benefit the government and its citizenry
113.Which of the following is an environmental difference between governments and for-profit business enterprises?
A) Relationship with stakeholders
B) Donor restricted assets
C) Fiduciary responsibilities
D) Both B and C
114.A government may have __________________ General Fund(s).
A)Only one.
B)As many as needed to fulfill legal obligations.
C)A varying number, depending on the annual needs of the government.
D) None of the above.
115.The Financial Accounting Standards Board (FASB) is the standard setting organization for which of the following reporting organizations?
A) Private not-for-profits
B) Public not-for-profits
C) Investor owned businesses
D) A and C are both correct.
116.The fund basis statements for governmental funds are presented using the
A) Economic Resources Measurement focus and the Accrual Basis of Accounting.
B)Current Financial Resources Measurement focus and the Modified Accrual Basis of Accounting.
C)Current Financial Resources Measurement focus and the Accrual Basis of Accounting.
D) Economic Resources Measurement focus and the Modified Accrual Basis of Accounting.
117.What type of fund is used when resources are provided mainly through business-like transactions to parties external to the government?
A) Internal Service Funds
B) Capital Projects Funds
C) Agency Funds
D)Enterprise Funds
118.Financial reports for state and local governments are well suited for all the following EXCEPT?
A) Assessing financial condition and results of operations.
B)Comparing actual results with the legally adopted budget.
C)Measuring the effectiveness of government services such as police and fire protection.
D) Assisting in determining compliance with finance-related laws and regulations.
119.Which of the following funds is used to account for the payment of principal and interest of general long term debt of a government?
A)Capital Projects Fund
B)Internal Service Fund
C) Agency Fund
D)None of the above
120.The GASB is under the oversight of:
A) GAO.
B) FASAB.
C) FAF.
D) FASB.