$20.$ Which of the following assets would NOT be found in the general fund balance sheet of the City of Harrison?

a$.$ Cash.

b$.$ Capital assets.

c$.$ Due from special revenue fund.

d$.$ Due from state government.

$21.$ Which of the following liabilities would NOT be found in the general fund balance sheet of the City of Marmaduke?

a$.$ Accounts payable.

b$.$ Due to special revenue fund.

c$.$ Deferred revenue.

d$.$ Bonds payable, due in $5$ years.

$22.$ For which of the following entities is fund accounting mandated for financial reporting?

a$.$ American Hospital Association.

b$.$ City of New York.

c$.$ Grace Lutheran Church.

d$.$ United Way.

$23.$ The focus of the government$-$wide statement of activities of the City of West Hills is on which of the following?

a$.$ Determining the total expenses by natural classification.

b$.$ Determining the total expenses by function.

c$.$ Determining the total revenues by function.

d$.$ Determining the net cost of functions.

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$24.$ Which of the following statements is NOT required in the financial reports of a not$-$for$-$profit entity?

a$.$ Statement of position.

b$.$ Statement of restricted funds.

c$.$ Statement of activities.

d$.$ Statement of cash flows.

$25.$ FASB requires that not$-$for$-$profit entities classify net assets into the following

i$.$ Not Restricted

ii$.$ Restricted

iii. Temporarily Restricted

a$.$ I and III

b$.$ II and III

c$.$ I and II

d$.$ I, II and III

$26.$ Under the GASB Statement No$.34$ reporting model, which of the following is required?

a$.$ Only one set of financial statements, prepared on the full accrual basis of accounting.

b$.$ Only one set of financial statements, prepared on the modified accrual basis of accounting.

c$.$ Two sets of financial statements, the general and proprietary fund statements prepared on the full accrual method and the government$-$wide on cash basis.

d$.$ Two sets of financial statements, the general fund statement on modified accrual, the proprietary fund and the government$-$wide statements on full accrual.

$27.$ Under the GASB Statement No$.34$ reporting model, the focus of the government$-$wide statement of activities is on which of the following?

a$.$ Program revenues and general revenues.

b$.$ Program revenues and expenses.

c$.$ Net income.

d$.$ The net cost of each of the government$$s main functions and programs.

$28.$ A not$-$for$-$profit entity's statement of activities will report which of the following?

a$.$ Net assets as of the beginning of the year.

b$.$ Capital assets.

c$.$ Temporarily restricted net assets.

d$.$ Permanently restricted net assets.

$29.$ Which of the following funds of Chessie City would be consolidated to form the governmental activities column in the city$$s government$-$wide financial statements?

a$.$ General fund, special revenue fund, and agency fund.

b$.$ General fund, debt service fund, and capital projects fund.

c$.$ General fund, enterprise fund, and fiduciary fund.

d$.$ Enterprise fund and internal service fund.

$30.$ Which fund type would all governments normally include in their fund financial statements?

a$.$ Capital projects funds

b$.$ Special revenue funds

c$.$ General fund

d$.$ Fiduciary funds

$31.$ Under the GASB Statement No$.34$ reporting model, fund financial statements include separate sets of financial statements for:

a$.$ Each major function of the government.

b$.$ Governmental funds, proprietary funds, and fiduciary funds.

c$.$ Governmental funds, enterprise funds, and internal service funds.

d$.$ Governmental funds, special revenue funds, and debt service funds.

$32.$ When a fax machine purchased by a governmental entity is received, it should be recorded in the general fund as a$($n$)$

a$.$ Expense

b$.$ Encumbrance

c$.$ Expenditure

d$.$ Extravagance

$33.$ Which of the following is NOT included in the financial section of a comprehensive annual financial report?

a$.$ Required supplementary information

b$.$ Letter of transmittal

c$.$ Financial statements

d$.$ Notes to the statements

$34.$ During the current fiscal year, Mountain View City$$s water utility, an enterprise fund, rendered billings for water supplied to the general fund. Which of the following accounts should be debited by the general fund?

a$.$ Transfer$-$out to enterprise fund

b$.$ Due to water utility enterprise fund

c$.$ Appropriations

d$.$ Expenditures

$35.$ Lakeside Art Center, a nongovernmental not$-$for$-$profit entity, receives a contribution of $$5$ million. The donor stipulates that the contribution must be used to acquire paintings by local artists. Lakeside should classify the contribution as

a$.$ Not restricted

b$.$ Restricted

c$.$ Committed

d$.$ Assigned

$36.$ Wigmore City receives a donation of $$10$ million from a wealthy citizen who stipulates that the funds be used to acquire and install park benches in the city's Veterans Park. The city should report the donation as an increase in

a$.$ Unassigned fund balance

b$.$ Assigned fund balance

c$.$ Committed fund balance

d$.$ Restricted fund balance

$37.$ The accounting equation applied by state and local gov