59.The modified accrual basis is a distinct system of accounting that:
A)Differs from accrual accounting only in its failure to recognize long term assets and liabilities.
B)Records expenditures and fund balances.
C)Records expenses and revenues the same as accrual accounting
D)Is equivalent to cash basis accounting
60.What would be the total Nonspendable fund balance?
A)$ 2,500
B)$ 66,000
C)$ 68,500
D)$148,500
61.What would be the total Restricted fund balance?
A)$291,000
B)$211,000
C)$150,000
D)$ 61,000
62.What would be the total Committed fund balance?
A)$375,000
B)$290,000
C)$525,000
D)$455,000
63.What would be the total Assigned fund balance?
A)$105,000
B)$455,000
C)$ 67,500
D)$ 80,000
64.What would be the total Unassigned fund balance?
A)$200,000
B)$280,000
C)$ 80,000
D)$377,500
65.Which of the following is true with respect to rainy day funds?
A)Rainy day funds are classified as committed if they are created by a resolution or ordinance that identifies the specific circumstances under which the resources may be expended.
B)If rainy day funds are available “in emergencies” or periods of “revenue shortfalls” they are classified as committed.
C)Both A and B.
D)Neither A nor B.
66.A transaction in which a government gives or receives value without directly receiving or giving equal value in exchange is known as a(n):
A) Non-exchange Transaction.
B) Fair Exchange.
C) Equity Transaction.
D) Not Fair Market Exchange transaction.
67. Which of the following is not one of the four classes into which nonexchange transactions apply in accordance with GASB Statement No. 33?
A)Voluntary nonexchange transactions.
B)Imposed nonexchange revenues.
C)Derived Tax Revenues.
D)Mandatory exchange transactions.
68. Property Taxes, special assessments, and fines and forfeits are types of nonexchange transactions. These are examples of:
A)Government-mandated nonexchange transactions.
B)Imposed nonexchange transactions.
C)Deferred tax revenues.
D)Voluntary nonexchange transactions.