Question 1(4 points)

All of the following are purposes of government financial reporting except:

Question 1 options:

A)	Determine the overall profitability of the government entity

B)	Evaluate efficiency and effectiveness

C)	Determine compliance with laws and regulations

D)	Compare actual results with the budget

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Question 2(4 points)

The type of government statement that consolidates all operations on a full accrual basis are the:

Question 2 options:

A)	Fund financial statements

B)	Statement of Retained Earnings

C)	Government-wide statements

D)	Profit and Loss Statement

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Question 3(4 points)

Which of the following is not a fund type used in governmental accounting:

Question 3 options:

A)	Proprietary funds

B)	Capital assets funds

C)	Governmental funds

D)	Fiduciary funds

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Question 4(4 points)

A type of governmental fund that accounts for resources for which the governmental units acts of trustee or agent is a:

Question 4 options:

A)	Proprietary fund

B)	Fiduciary fund

C)	Special revenue fund

D)	Permanent fund

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Question 5(4 points)

An intergovernmental transfer of funds is recorded as ____________ if received prior to time period of use or collection will not generate resources available for use in current year.

Question 5 options:

A)	a deferred revenue

B)	a receivable

C)

cash

D)	a debt obligation

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Question 6(4 points)

Types of expenditures for a government entity include all of the following except:

Question 6 options:

A)	Wages and salaries

B)	Prepayments

C)	Purchase of fixed assets

D)	Borrowing funds

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Question 7(4 points)

The types of journal entries encountered in government accounting include all of the following except:

Question 7 options:

A)	Closing entries

B)	Operating entries

C)	Accrual entries

D)	Budgetary entries

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Question 8(4 points)

A governmental fund balance that represents potential uses of resources planned for suture period is referred to as:

Question 8 options:

A)	Unreserved Undesignated

B)

Reserved

C)	Unreserved Designated

D)	Encumbered

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Question 9(4 points)

A type of governmental fund used to account for nonexpendable trusts where the earnings, but not the principal, are used to support government activities and programs is a:

Question 9 options:

A)	Special purpose fund

B)	Unreserved undesignated fund

C)	Unreserved designated fund

D)	Permanent fund

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Question 10(4 points)

A type of governmental used to account for operations financed and or operated like a business is a(an):

Question 10 options:

A)	Debt service fund

B)	Fiduciary fund

C)	Enterprise fund

D)	Permanent fund