Question
Internal Service Funds may only provide services to individuals or entities outside the government. Group of answer choices True False Flag this Question Question 2
Internal Service Funds may only provide services to individuals or entities outside the government.
Group of answer choices
True
False
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Question 2
3pts
In Proprietary Fund accounting, transactions related to operating costs are recognized as expenditures when purchased.
Group of answer choices
True
False
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Question 3
3pts
Only the GASB's standards for proprietary funds apply to Enterprise and Internal Service Funds.
Group of answer choices
True
False
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Question 4
3pts
An Internal Service Fund typically provides services to the other funds and departments of a government, such as a motor pool or a data processing service.
Group of answer choices
True
False
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Question 5
3pts
The GASB considers accountability as an important objective of financial reporting.
Group of answer choices
True
False
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Question 6
3pts
The three major sections of the CAFR are the overview section, the financial section, and the statistical section.
Group of answer choices
True
False
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Question 7
3pts
Basic financial statements consist of government-wide financial statements and fund financial statements for governmental funds, proprietary funds, and fiduciary funds.
Group of answer choices
True
False
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Question 8
3pts
In the government-wide financial statements, governmental activities are reported using the current financial resources measurement focus and the accrual basis of accounting.
Group of answer choices
True
False
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Question 9
3pts
The statement of activities must showat a minimumthe net expense or revenue for each of the government's functions.
Group of answer choices
True
False
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Question 10
3pts
For government-wide financial reporting, the assets and liabilities of Internal Service Funds (ISFs) are aggregated with the assets and liabilities of the activities that are the primary consumers of ISF services.
Group of answer choices
True
False
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Question 11
5pts
In what way do Internal Service Funds differ from Enterprise Funds?
Group of answer choices
In the basis of accounting that they use
In the nature of the entities to which they supply goods or services
In the measurement focus that they use
In the kinds of financial statements that they prepare
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Question 12
5pts
A school district wants to establish a separate fund to acquire, store, and sell school supplies to individual schools within the district. What type of fund should it use?
Group of answer choices
Enterprise Fund
General Fund
Internal Service Fund
d. Private-purpose Trust Fund
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Question 13
5pts
Which of the following activities is most likely to be accounted for in an Internal Service Fund?
Group of answer choices
Operation of the municipal parks and cultural centers
Sale of printing services to all departments in the municipality
Sale of electricity services to the municipality's residents
Accumulation of resources to pay pension benefits to municipal employees
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Question 14
5pts
Which of the following is one of the minimum requirements established by the GASB for general purpose external financial reporting?
Group of answer choices
Introductory letter to report recipients
Management's discussion and analysis
Statistical section, with tables of revenues by source and expenditures by function
Combining statement of nonmajor funds
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Question 15
5pts
In addition to the notes, what are the components of the "basic" governmental financial statements?
Group of answer choices
Balance sheets and cash flow statements
Modified accrual financial statements and full accrual financial statements
Fund financial statements and government-wide financial statements
Major fund financial statements and minor fund financial statements
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Question 16
5pts
To what extent should fund or fund type data be displayed on the face of government-wide financial statements?
Group of answer choices
Information should be displayed for the government as a whole, but individual funds or fund types should not be displayed.
Information should be displayed by fund type, with a total for the government as a whole.
Information should be displayed by major fund, with a total for the government as a whole.
Information should be displayed by major fund, except for fiduciary funds.
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