Under GASB requirements for external financial reporting, one would find the budgetary comparison schedule (or statement) in the:

a.

Violated the GASB.

b.

Not required

c.

Required supplementary information (RSI) or Basic financial statements

d.

Forbidden.

For financial reporting, current assets and liabilities are separated from long-term assets and liabilities in the balance sheets of Enterprise Funds.

a.

False

b.

True

In governmental accounting, a fund is best defined as:

a.

A fiscal entity that has cash resources only

b.

A sum of cash set aside to attain certain objectives

c.

A fiscal entity that has both financial and capital resources

d.

A fiscal and accounting entity with a self-balancing set of accounts

When determining taxable property for the purpose of property tax levy, which of the following would likely be excluded from the calculation?

a.

Property owned by governments.

b.

Property exempted from taxation by the government.

c.

All of the above.

d.

Property used by religious or charitable organizations.