F A fund is A separate legal entity. A separate fiscal and accounting entity. A separate self-balancing set of accounts for inventory purposes. None of the above. Which of the following funds is a fiduciary fund? Permanent fund. Agency fund. Capital projects fund. Debt service fund. 16. A city receives a donation from a citizen who specifies that the principal must be invested and the earings must be used to support operations of a city-owned recreational facility. The principal of this gift should be accounted for in which of the following funds? Trust fund. Special revenue fund. Permanent fund. Internal service fund. 17. Which of the following is NOT a governmental fund? City hall debt service fund. City utilities enterprise fund. Gasoline tax special revenue fund. City hall capital projects fund. 18. Which of the following funds is a proprietary fund? Internal service fund. Special revenue fund. Capital projects fund. Permanent fund. 19. Which of the following funds is a governmental fund? Enterprise fund. Debt service fund. Internal service fund. Agency fund. 20. Which of the following activities conducted by a city-owned junior college should be accounted for in an agency fund? Receipt of tuition payments. Receipt of revenues belonging to the student accounting club. Receipt of state monies appropriated for general operations. Receipt of donations in support of the university's athletic program. 21. Which of the following transactions should the City of Highland account for in a trust fund? General fund contributions received by the city pension plan. Greens fees received from golfers at the city-owned golf course. Grants received from the Federal government to purchase buses to be used for public transit. Proceeds of bonds issued to construct a new city hall building. 22. The state collects a gasoline tax that must be used to support highway construction and maintenance. The gasoline tax revenue should be accounted for in which of the following funds? General fund. Special revenue fund. Debt service fund. Internal service fund. 23. The City of San Jose built a new city hall and financed construction by issuing bonds due in installments over the next 30 years. The bond principal and interest will be paid by a special tax levied on property in the city. The revenue received from this special tax should be accounted for in which of the following funds? General fund. Internal service fund. Capital projects fund. Debt service fund. 24. Riverside Golf Course is a city-owned golf course that collects greens fees in amounts sufficient to cover its expenses. Riverside Golf Course should be accounted for in which of the following funds? Internal service fund. Enterprise fund. General fund. Special revenue fund. 25. To fulfill the printing needs of its various departments and agencies, the City has established a Central Print Shop, which bills the various departments and agencies of the city for printing services rendered. The Central Print Shop should be accounted for in which of the following funds. Internal service fund. Enterprise fund. General fund. Special revenue fund. 26. The basic financial statements of a city do NOT include which of the following? Government-wide statement of net position. Government-wide statement of activities. Government-wide statement of cash flows. Separate balance sheets for governmental and proprietary funds. 27. Which of the following funds is accounted for on the modified accrual basis of accounting? General fund. Internal service fund Proprietary fund Pension trust fund. 28. Which of the following assets would NOT be found in the general fund balance sheet of the City of Harrison? Cash. Capital assets. Due from special revenue fund. Due from state government. 29. Which of the following liabilities would NOT be found in the general fund balance sheet of the City of Marmaduke? Accounts payable. Due to special revenue fund. Deferred revenue. Bonds payable, due in 5 years. 30. For which of the following entities is fund accounting mandated for financial reporting? American Hospital Association. City of New York. Grace Lutheran Church. United Way. 31. The focus of the government-wide statement of activities of the City of West Hills is on which of the following? Determining the total expenses by natural classification. Determining the total expenses by function. Determining the total revenues by function. Determining the net cost of functions. 32. Under the GASB Statement No. 34 reporting model (as amended by GASB Statement No. 63), the government-wide statement of net position will display which of the following? Assets, liabilities, and net position. Assets, liabilities, and fund balances. Assets, liabilities, and fund equity. Assets, liabilities, and owners' equity. 33. Under the GASB Statement No. 34 reporting model, the focus of the government-wide statement of activities is on which of the following? Program revenues and general revenues. Program revenues and expenses. Net income. The net cost of each of the government's main functions and programs. 34. 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? General fund, special revenue fund, and agency fund. General fund, debt service fund, and capital projects fund. General fund, enterprise fund, and fiduciary fund. Enterprise fund and internal service fund. 35. Which fund type would all governments normally include in their fund financial statements? Capital projects funds Special revenue funds General fund Fiduciary funds 36. Under the GASB Statement No. 34 reporting model, fund financial statements include separate sets of financial statements for: Each major function of the government. Governmental funds, proprietary funds, and fiduciary funds. Governmental funds, enterprise funds, and internal service funds. Governmental funds, special revenue funds, and debt service funds. Which of the following is NOT included in the financial section of a comprehensive annual financial report? Required supplementary information Letter of transmittal Financial statements Notes to the statements 37 38. The accounting equation applied by state and local governments is a) Assets + deferred inflows of resources - liabilities = fund balance b) Assets + deferred outflows of resources - liabilities - deferred inflows of resources = fund balance c) Assets + deferred inflows of resources = liabilities + deferred outflows of resources + fund balance d) Assets - deferred outflows of resources - liabilities + deferred inflows of resources = fund balance