113.What basis of accounting would the Enterprise Fund use?
A) Accrual
B) Modified Accrual
C) Cash
D) Expended Accrual
114.What are Enterprise funds used for?
A) To account for pension and employee benefit funds for which the governmental unit is the trustee.
B) 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.
C) To account for most of the basic services provided by the governmental units.
D) To account for resources provided primarily through the use of sales and service charges to parties external to the government.
115.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
116.A government may have __________________ General Fund(s) in a given year?
A) As many as needed
B) Only one.
C) The number will vary depending on the needs of the government.
D) None of the above.
117.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.
118.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 Accrual Basis of Accounting
C) Current Financial Resources Measurement focus and the Modified Accrual Basis of accounting
D) Economic Resources Measurement focus and the Modified Accrual Basis of Accounting
119.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
120.Financial reports for state and local governments are well suited for all the following EXCEPT?
A) Assessing financial condition and results of operations
B) Measuring the effectiveness of government services such as police and fire protection
C) Comparing actual results with the legally adopted budget
D) Assisting in determining compliance with finance-related laws and regulations
121.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
122.The GASB is under the oversight of:
A) GAO.
B) FASAB.
C) FAF.
D) FASB.