1. Which of the following items has the greatest GAAP authority under SAS 69? a. GASB implementation...

Question:

1. Which of the following items has the greatest GAAP authority under SAS 69?

a. GASB implementation guides

b. Consensus positions of GASB’s Emerging Issues Task Force

c. GASB statements and interpretations

d. FASB statements and interpretations

2. The primary emphasis in accounting and reporting for governmental funds is on:

a. Flow of current financial resources

b. Income determination

c. Capital transfers

d. Transfers relating to proprietary activities

3. The term appropriation, as used in governmental accounting, is:

a. A budget request

b. A commitment

c. An authorization to spend

d. An allotment

4. Which of the following will not appear in financial statements prepared under GASB 34?

a. Government-wide statements

b. Fund financial statements

c. Management’s discussion and analysis

d. General long-term debt account group

5. Ketchum County issues general obligation serial bonds to finance construction of a new high school. Which of the following funds are affected by the transaction?

a. Special revenue fund

b. Capital projects fund and general fund

c. Capital projects fund, general fund, and debt service fund

d. Capital projects fund and debt service fund

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