Question 1 At the government wide level, the GASB requires lessees to recognize a lease Not yet expenditure and an intangible right to use lease asset answered Marked out of Select one: 1.00 O a. True Flag question O b. FalseQuestion 3 Not yet answered Marked out of 1.00 \\7 Flag question If a state law requires that local governments prepare General Fund and special revenue fund budgets on a basis that differs from the basis of accounting required by generally accepted accounting principles: Select one: 0 a. Only a budgetary comparison schedule prepared for the appropriate state oversight body is required. 0 b. The actual amounts in the budgetary comparison schedule should be reported on the GAAP basis. 0 c. Both the budgeted and actual amounts in the budgetary comparison schedule should be reported on the GAAP basis; a separate budget basis comparison schedule should be prepared for the appropriate state oversight body. 0 d. The actual amounts in the budgetary comparison schedule should not be reported using the government's budgetary basis. 0 e. None of the above options are correct. Question 2 General revenues are directly linked to any specific function or program and Not yet thus are reported in a separate section in the lower portion of the government answered wide statement of activities. Marked out of 1.00 Select one: Flag O a. False question O b. TrueQuestion 5 Not yet answered Marked out of 1.00 '7 Flag question The county determined it needed to prepare a budget amendment to reflect a decrease in charges for services of $90,000 and an increase in public safety expenditures of $150,000. What will be the effect of these two adjustments on the Budgetary Fund Balance account? Select one: 0 a. Budgetary Fund Balance will be credited $150,000 0 b. Budgetary Fund Balance will be debited $240,000 0 c. Budgetary Fund Balance will be debited $150,000 0 d. Budgetary Fund Balance will be credited $240,000 Question 6 Not yet answered Marked out of 1.00 t7 Flog question Which of the following statements regarding capital assets is true? Select one: Q a. Proprietary funds routinely account for capital assets used in their operations within the fund financial statements. 0 b. General capital assets purchased or constructed with governmental fund resources are recorded in the governmental activities general ledger at the government wide level. 0 0. Because governmental funds account only for current financial resources, these funds do not record capital assets acquired by the funds. 0 d.A,CandD 0 e. Fiduciary funds do not account for property, plant, and equipment within the fund financial statements. Question 4 Not yet answered Marked out of 1.00 '7 Flag question Proceeds of debt issues should be recorded as Proceeds of Bonds or Proceeds of Longterm Notes rather than as Revenues, and they should not be reported in the Other Financing Sources section of the statement of revenues, expenditures, and changes in fund balance. Select one: 0 0. False O b. True Question 8 The cost of donated general capital assets is not required to be reported in the Not yet Governmental Activities column of the government wide financial statements. answered Marked out of Select one: 1.00 O a. True Flag question O b. FalseQuestion 9 Not yet answered Marked out of 1.00 t7 Flag question The GASB encourages capitalization of all collections or individual works of art or historical treasures, governments can opt to capitalize if the collection is (or) held for public exhibition, education, or research in furtherance of public service rather than for financial gain; (b) protected, kept unencumbered, cared for, and preserved; and (c) subject to an organizational policy that requires the proceeds from sales of collection items to be used to acquire other items for collection. Select one: O a. True 0 b. False Question 7 Special revenue fund uses the current financial resources measurement focus Not yet and modified accrual basis of accounting. answered Marked out of Select one: 1.00 O a. True Flag question O b. FalseQuestion 10 When computers are ordered by the mayor's office, the purchase order should Not yet be recorded in the General Fund as a credit to Encumbrances. answered Marked out of Select one: 1.00 O a. False Flag question O b. True
