GAC GAC Public Sector Fund Accounting

Question 1

Under GASB standards, which fund type is used to account for resources that are legally restricted to expenditure for specific purposes, such as debt service?

Accepted Answer

Debt Service Fund

Answer

General Fund

Answer

Enterprise Fund

Answer

Internal Service Fund

Question 2

Which basis of accounting is required for governmental fund types under GASB standards?

Accepted Answer

Modified accrual basis

Answer

Full accrual basis

Answer

Cash basis

Answer

Budgetary basis

Question 3

Which of the following is classified as a proprietary fund under GASB?

Accepted Answer

Enterprise Fund

Answer

Special Revenue Fund

Answer

Capital Projects Fund

Answer

Permanent Fund

Question 4

A government operates a central motor pool that charges other departments for vehicle use. This activity should be reported in which fund type?

Accepted Answer

Internal Service Fund

Answer

General Fund

Answer

Special Revenue Fund

Answer

Debt Service Fund

Question 5

Under GASB, the General Fund is used to account for which of the following?

Accepted Answer

All financial resources except those required to be in another fund

Answer

All capital project expenditures

Answer

All legally restricted grant revenues

Answer

All proprietary activities of the government

Question 6

Which GASB standard establishes the financial reporting model for state and local governments, requiring government-wide and fund financial statements?

Accepted Answer

GASB Statement No. 34

Answer

GASB Statement No. 54

Answer

GASB Statement No. 63

Answer

GASB Statement No. 68