TRUE OR FALSE

1. For an auditors opinion of governmental financial statements to be unqualified, the statements must be presented in conformity with GAAP._____________

2. The three broad categories of funds in governmental accounting are government funds, proprietary funds, and fiduciary funds._______________

3. Proprietary funds account for sales of goods or services for which a fee is charged.___________

4. A credit balance in the Fund balance Unreserved, Undesignated account of a general fund represents the excess of inflows over out flows of financial resources available for expenditure_____________

5. the general fund includes current assets, current liabilities, fixed assets, and general long-term debt._________________

6. The measurement focus for governmental funds is flows of economic resources._____________

7. Each transaction affecting a governmental fund requires an entry in only one fund or account group.______________

8. Depreciation is required to be reported in the government-wide statements, but not in account groups._____________

9. The liability resulting from the issue of serial bonds is accounted for in the general fund._______________

10. Long-term debt that will be paid from governmental funds may be operating debt or capital.____________.