1) What is the highest level of authoritative rules for state and local government accounting?

Select one:

a. Implementation Guides

b. Technical Bulletins

c. Official Statements of GASB

d. Financial Accounting Standards

e. Interpretations no longer in effect

2)Translation methods differ as to which balance sheet and income statement accounts are translated at historical exchange rates and at current exchange rates.

Select one:

True

False

3)Special Revenue funds are

Select one:

a. Funds used to account for resources that are restricted or committed for a specific purpose other than debt payments or capital projects.

b. Funds used to account for the activities of a government that are carried out primarily to provide services to citizens.

c. Funds used to account for all financial resources except those required to be accounted for in another fund.

d. Funds used to account for monies held by the government in a trustee or agency capacity.

e. Funds used to account for a government's ongoing organizations and activities that are similar to those operated by for-profit organizations.