ACC 380 Quiz Q4

The modified accrual method of accounting is applied to which of the following funds or asset groups? a. Proprietary funds b. Governmental funds c. Fiduciary funds d. Government trust funds

Prepare a Balance Sheet for the governemental Funds assumiong all unexpended spendable net resources in the capital projects fund are classified as restricted and in the debt service fund are classified as assigned.

Governmental-type funds report on financial assets, capital assets, and near-term liabilities. True False

Accounting for permanent funds closely resembles the accounting for a. internal service funds. b. general funds. c. enterprise funds. d. agency funds.

The long-term asset account group is used for which of the following funds? Enterprise Capital Projects Internal Service General Both b and d

Which of the following is not a GASB's required statement for proprietary funds? A.) Statement of net position B.) Statement of revenues, expenses, and changes in fund net position C.) Statement of cash flows D.) Statement of changes in fund net position

The financial statements of an Enterprise  fund are prepared using the Full Accrual         Modified Accrual         Economic Resources               Current Financial Resources     Basis                      Basis                        Measurement Focus                   Measurement Focus                                                                                                                                               A.) No                          Yes                                         Yes                                         No B.) Yes                         No                                          No                                          Yes C.) No                          Yes                                         No                                          Yes D.) Yes                         No                                          Yes                                         No

Which of the following statements is true? O a. The principal of permanent funds are classified as Nonspendable Fund Balance O b. The fund balance of permanent funds should be classified as Nonspendatie, Spendatie, and Cammited Net Poston O. Any governmental fund may have an Unassigned Fund Balance. O d. Fund balances of debt service funds are classified as Restricted and Unrestricted

Which of the following funds are classified as fiduciary funds? Group of answer choices a.) Internal service and enterprise funds. b.) Trust and agency funds. c.) Capital projects and debt service funds.

describe and contrast Capital Projects Funds and Debt Service funds

Which of the following is an example of an interactivity transaction?a. Money is transferred from the general fund to the debt service fund.b. Money is transferred from the capital projects fund to the general fund.c. Money is transferred from the special revenue fund to the debt service fund.d. Money is transferred from the general fund to the enterprise fund.

Which of the following funds does not get consolidated into the Governmental Activities section of the  Statement of Net Position?   A. Permanent   B. Debt Service   C. Internal Service   D. Investment Trust

Which trust fund has assets always equal to liabilities with never a fund balance. O a. Pension trust funds O b. debt service trust funds Oc. Investment trust funds O d. special revenue trust funds Oe. Private purpose trust funds Of. Agency trust funds O g. capital projects trust funds Oh. Internal service trust funds

Defines the meaning of Capital Projects Fund and Debt Service Funds.

Which of the following properly portrays the components of net position for proprietary funds?   Multiple Choice Contributed capital, Net investment in capital assets, Reserved, Unreserved. Net investment in capital assets, Restricted, Unrestricted. Designated, Undesignated, Restricted, Unrestricted. Net investment in capital assets, Reserved, Unreserved.