1. Which of the following is considered an exchange transaction under GASB 33?

a. A city receives a federal grant

b. A bus driver collects bus fare from a rider

c. Property taxes are collected from a homeowner

d. An employer withholds state income tax from employee paychecks

2. One would not expect to find fixed asset accounts in the

a. Governmental fund financial statements

b. Proprietary fund financial statements

c. Government-wide financial statements

d. Financial statements of a governmental entity

3. The cash received from the sale of vehicles used by the sheriff’s office should be recorded in

a. The general fund

b. The general fixed assets account group

c. A capital projects fund

d. A debt service fund

4. Which fund follows the modified accrual basis of accounting?

a. General fund

b. Special revenue fund

c. Debt service fund

d. All of the above

5. The governmental fund accounting model is as follows:

a. Assets = Liabilities + Fund Balance

b. Current Assets – Current Liabilities = Fund Balance

c. Current Assets + Noncurrent Assets – Current Liabilities – Noncurrent Liabilities = Fund Balance

d. Current Assets + Noncurrent Assets – Current Liabilities – Noncurrent Liabilities = Net Assets