CPRP Administration & Finance 2

Question 1

Which financial statement shows a park agency's revenues and expenditures over a specific time period?

Accepted Answer

Statement of revenues, expenditures, and changes in fund balance

Answer

Balance sheet

Answer

Statement of net position

Answer

Cash flow statement

Question 2

A parks department wants to fund a new aquatic center through bonds repaid by user fees. This is best structured as:

Accepted Answer

Revenue bond

Answer

General obligation bond

Answer

Tax increment financing bond

Answer

Municipal lease

Question 3

Under GASB standards, park and recreation agencies must report infrastructure assets using which approach?

Accepted Answer

Modified approach or depreciation

Answer

Replacement cost method

Answer

Historical cost only

Answer

Fair market value

Question 4

A supervisor notices staff overtime costs are 40% over budget mid-year. The most appropriate immediate action is to:

Accepted Answer

Analyze the variance and implement corrective staffing measures

Answer

Request a budget amendment

Answer

Reduce program offerings to eliminate overtime

Answer

Transfer funds from capital accounts

Question 5

Which procurement method requires a park agency to select a vendor based on both technical qualifications and price?

Accepted Answer

Request for Proposals (RFP)

Answer

Invitation for Bids (IFB)

Answer

Request for Qualifications (RFQ)

Answer

Sole source procurement

Question 6

The primary purpose of an internal audit function in a parks agency is to:

Accepted Answer

Ensure compliance with laws and evaluate internal controls

Answer

Prepare annual financial statements

Answer

Collect delinquent fees

Answer

Approve capital expenditures

Question 7

A parks district uses a cost allocation plan to charge overhead to programs. This practice is primarily done to:

Accepted Answer

Ensure programs reflect their true full cost

Answer

Reduce total agency spending

Answer

Satisfy bond covenant requirements

Answer

Simplify the budget process