AICPA Governmental Accounting

Question 1

Which basis of accounting is used by governmental funds under GASB standards?

Accepted Answer

Modified accrual basis

Answer

Accrual basis

Answer

Cash basis

Answer

Full accrual basis

Question 2

Under GASB standards, which of the following is classified as a governmental fund?

Accepted Answer

General fund

Answer

Enterprise fund

Answer

Internal service fund

Answer

Pension trust fund

Question 3

What is the measurement focus of governmental funds?

Accepted Answer

Current financial resources

Answer

Economic resources

Answer

Capital resources

Answer

Long-term liabilities

Question 4

Government-wide financial statements are prepared using which basis of accounting?

Accepted Answer

Accrual basis

Answer

Modified accrual basis

Answer

Cash basis

Answer

Budgetary basis

Question 5

Which GASB statement established the current financial reporting model for state and local governments?

Accepted Answer

GASB Statement No. 34

Answer

GASB Statement No. 14

Answer

GASB Statement No. 54

Answer

GASB Statement No. 68

Question 6

Revenues in governmental funds are recognized when they are:

Accepted Answer

Measurable and available

Answer

Earned and realizable

Answer

Received in cash

Answer

Obligated by a legal document

Question 7

Which of the following is classified as a proprietary fund?

Accepted Answer

Enterprise fund

Answer

Special revenue fund

Answer

Capital projects fund

Answer

Permanent fund