QUESTION 5 Which of the following statements about Modified Accrual Funds is true? A. There are expenses in modified accrual funds. B. Modified Accrual Funds use the Economic Resources Measurement Focus. C. Modified Accrual Funds the Current Financial Resources Measurement Focus. D. Modified Accrual Funds are not used in governmental accounting, QUESTION 6 is one of the 3 main sections of Comprehensive Annual Financial Report (CAER). @ A Fund balance B. Financial section Interest D. Budgeting QUESTION 4 Financial Section of the Comprehensive Annual Financial Report (CAFR) must include: A. Employee discussion and analysis (EDSA) B. Director's report C. Financial Statements and Notes (audited) D. Required Judiciary Information (RI) D The purpose of fund accounting is to segregate those financial resources that have constraints or limitations on their use so that the government may not demonstrate compliance with those limitations. QUESTION 7 The correct GASB - Fund Definitions for General Fund is: A. The General Fund is used to account for and report all financial resources not accounted for and reported in Special Revenues Fund only B. The General Fund is used to account for and report all financial resources accounted for and reported in another fund. C. The General Fund is used to account for and report all financial resources not accounted for and reported in Permanent Fund only D. The General Fund is used to account for and report all financial resources not accounted for and reported in another fund. QUESTION 8 Save All ick Save and submit to save and submit. Click Save All Answers to save all answers, Which of the following is one of the reasons to study GNP accounting? A. Governments and NFP (not-for-profit) organizations never hire accountants B. Governments and NFPs engage accountants to perform their audits C. Donors do not wish to better understand how charitable donations are used D. Citizens do not wish to better understand how taxes are used QUESTION 2 Regarding how accounting must adapt to GNP environmental differences, all of the following statements are true except: A. Budget compliance may be as important as income measurement B. Traditional view of the equity accounts must not be modified C. Non-financial performance measures are relatively more important for measuring effectiveness D. Reports must reflect the existence of restrictions on the use of certain resources governmental accounting QUESTION 6 What is the purpose of fund accounting? The purpose of fund accounting is to segregate those financial resources that have constraints or limitations on their use so that the government A. may demonstrate compliance with those limitations. B. The purpose of fund accounting is not to segregate those financial resources that have constraints or limitations on their use so that the government may demonstrate compliance with those limitations. The purpose of fund accounting is not to segregate those financial resources that have constraints or limitations on their use so that the government may not demonstrate compliance with those limitations. The purpose of fund accounting is to segregate those financial resources that have constraints or limitations on their use so that the government may not demonstrate compliance with those limitations. D Save All Save and Submit to save and submit. Click Save All Answers to save all answers
