83.GASB Concepts Statement No. 3, Communication Methods in General Purpose External Financial Reports that Contain Basic Financial Statements, states that
A) notes to the financial statements may include management’s objective explanations.
B) required supplementary information must be objective and may not include predictions or subjective assessments.
C) disclosure in the notes is not an adequate substitute for recognition in the financial statements.
D) All of the above are correct.
84.Under GASB Statement 34, capital assets:
A)must be reported in government-wide statements but are not reported in any of the fund financial statements.
B)must be reported in government-wide statements and in proprietary fund financial statements.
C)are not to be reported in either government-wide or fund financial statements.
D)are to be reported but not depreciated in government-wide and fund financial statements.
85.Long-term debt of a governmental unit would be reported in the:
A)government-wide financial statements and proprietary fund financial statements.
B)government-wide financial statements only.
C)debt service funds of governmental fund financial statements and government-wide financial statements.
D)notes to the financial statements only.
86.A city government collects local option sales taxes legally restricted to pay for the construction of a new courthouse. Which fund should account for the receipt of the sales taxes?
A)Special revenue fund
B)Capital projects fund
C)Private-purpose trust fund
D)General fund
87.A city government collects local option sales taxes legally restricted to pay for the hiring of teachers for hearing impaired school children. Which fund should account for the receipt of the sales taxes?
A)Special revenue fund
B)Capital projects fund
C)Private-purpose trust fund
D)General fund
88.A city government makes its semiannual payment of interest on revenue bonds issued to pay for the construction of additional public transit stations. Which fund would account for the payment?
A)Debt service fund
B)Capital projects fund
C)Enterprise fund
D)Internal service fund
89.A city government sells police cars no longer in use. No restrictions have been placed on the proceeds. Which fund should account for the receipt?
A)Debt service fund
B)Capital projects fund
C)Enterprise fund
D)General fund
90.Under GASB Statement 34, accrual accounting is used for:
A)government-wide financial statements only.
B)government-wide financial statements and proprietary fund financial statements only.
C)government-wide, proprietary fund, and fiduciary fund financial statements only.
D)government-wide and all fund financial statements
91.Under GASB Statement 34, modified accrual accounting would be found in the:
A)government-wide financial statements only.
B)governmental fund financial statements only.
C)governmental and fiduciary fund financial statements only.
D)governmental, proprietary, and fiduciary fund financial statements but not in the government-wide financial statements
92.Which of the following is not a fiduciary fund type?
A)Agency.
B)Expendable trust.
C)Private-purpose trust.
D)Investment trust.