Question 1

3pts

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

3pts

In Proprietary Fund accounting, transactions related to operating costs are recognized as expenditures when purchased.

Group of answer choices

True

False

Flag this Question

Question 3

3pts

Only the GASB's standards for proprietary funds apply to Enterprise and Internal Service Funds.

Group of answer choices

True

False

Flag this Question

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

Flag this Question

Question 5

3pts

The GASB considers accountability as an important objective of financial reporting.

Group of answer choices

True

False

Flag this Question

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

Flag this Question

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

Flag this Question

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

Flag this Question

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

Flag this Question

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

Flag this Question

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

Flag this Question

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

Flag this Question

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

Flag this Question

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