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ACC 460 Wk 1 - Practice: Wk 1 Knowledge Check

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ACC 460 Wk 1 - Practice: Wk 1 Knowledge Check

Which of the following statements is correct?

Multiple Choice

Governmental funds must prepare a Statement of Revenue, Expenditures and Changes in Fund Balance, Statement of Fund Balance and Statement of Cash Flows. RSI is optional.

Fiduciary funds must prepare a Statement of Fiduciary Net Assets, Statement of Changes in Fiduciary Net Assets, Statement of Cash Flows and RSI.

Government-wide statements include data from Fiduciary and Proprietary Funds.

Proprietary funds must prepare a Statement of Revenues, Expenses and Changes in Fund Net Position, Statement of Net Position and Statement of Cash Flows.

 

 

 

Multiple Choice

Debt service funds account for and report financial resources that are restricted, committed or assigned to expenditure for principle and interest for governmental debts except debt of proprietary and fiduciary funds who account for their own interest and principle payments.

Debt service funds report the balance of governmental debts except debt of proprietary and fiduciary funds.

Debt service funds must accrue interest on long-term debt at year end.

Debt service funds account for and report financial resources that are restricted, committed or assigned to expenditure for principle and interest for all governmental long-term debt.

 

The GASB sets accounting standards for all of the following except:

Multiple Choice

Component units owned or controlled by governments.

Private not-for-profit hospitals.

State and local governments.

Governmentally related not-for-profit universities.

 

 

Which of the following statements is correct with respect to Fiduciary Funds?

Multiple Choice

Fiduciary funds use the current financial resources measurement focus and accrual accounting.

Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds.

Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place.

Fiduciary funds must be adjusted when preparing the government-wide statements.

 

Governmental funds use the:

Multiple Choice

current financial resources measurement focus and accrual basis of accounting.

economic resources measurement focus and accrual basis of accounting.

economic resources measurement focus and modified accrual basis of accounting.

current financial resources measurement focus and modified accrual basis of accounting.

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