1. Providing information on accountability is the primary financial reporting objective for both governmental and not-for-profit entities.

True

False

2. The maximum sets of fund financial statements a government would present are three.

True

False

3. The GASB concept statements indicate that an asset that is going to be converted to cash should be reported at a remeasured amount at the financial statement date.

True

False

4. Government-wide financial statements include financial information for all governmental, proprietary, and fiduciary funds.

True

False

5. Program revenues are distinguished from general revenues on the government-wide statement of activities under GASB standards.

True

False

6. All encumbrances must be closed at year-end.

True

False

7. The government-wide statement of net position is prepared using the same measurement focus and basis of accounting as the General Fund balance sheet.

True

False

8.Recording the annual budget is optional in the General Fund.

True

False

9.Governments that are temporarily short of cash but that have levied taxes expected to be collectible during the fiscal year are generally able to borrow on short-term notes known as "tax anticipation notes payable."

T/ F

True

False

10. Current financial resources include cash and items such as marketable securities and receivables expected to be converted into cash in the current period or soon enough thereafter to pay current period obligations.

True

False

11. Property tax revenue is an example of a nonexchange revenueone in which the government receives value without directly giving equal value in exchange.

True

False