Homework Answers
Fiduciary Funds are used to account for assets held by a government acting as a trustee oragent for entities external to the governmental unit: Including individuals, organizations, and other governmental units.
Answer. Option ( c )
Fiduciary funds use economic resources measurement focus and accrual basis of accounting.
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10. Fiduciary funds use the: A) economic resources measurement focus and modified accrual basis of accounting...
Measurement focus and accrual basis of accounting The economic resources measurement focus and the accrual basis of acc...
Measurement focus and accrual basis of accounting The economic resources measurement focus and the accrual basis of accounting are appropriate for which of the following funds: Select one: o Capital projects fund o Internal service fund O Debt service fund o Special revenue fund Reporting objectives Which of the following is not one of the GASB's reporting objectives? Select one: O Providing assurance that the governmental entity is solvent O Providing information on the extent of the governmental entity's service...
Which basis of accounting is used by funds that have a current financial resources measurement focus?...
Which basis of accounting is used by funds that have a current financial resources measurement focus? Select one: O A. Modified cash basis B. Modified accrual basis C. Cash basis D. Full accrual basis Which of the following is an example of activities that are likely to be accounted for in a government's General Fund? Select one: A. Business-type activities of a government that are financed by user charges B. Property taxes to be used to provide basic government services...
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds...
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds. O Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place. se by a gover Fiduciary funds use the current financial resources measurement focus and accrual accounting Fiduciary funds must be adjusted when preparing...
Question 1Not yet answered Flag question Marked out of 1.00 Budget entry amount On January 1,...
Question 1Not yet answered Flag question Marked out of 1.00 Budget entry amount On January 1, Cass City approved the following general fund resources for the new fiscal period: Property Taxes Licenses and permits $4,000,000 300,000 Intergovernmental revenues 250,000 Transfers in from other funds 150,000 What amount should Cass record as estimated revenues for the new fiscal year? Select one: $5,400,000 $5,550,000 $4,700,000 $4,550,000 Current financial resources measurement focus and modified accrual basis of accounting Which of the following funds...
1. Which of the following is true regarding the Comprehensive Annual Financial Report? a.The basic financial...
1. Which of the following is true regarding the Comprehensive Annual Financial Report? a.The basic financial statements consist of the government-wide, the governmental fund, the proprietary fund, and the fiduciary fund financial statements (and the notes to the financial statements). b.The government-wide financial statements include the Statement of Net Position, the Statement of Activities, and the Statement of Cash Flows. c. Both are true d. Neither is true 2. Which of the following is true regarding the proprietary fund financial...
1. Which of the following funds would be reported as a fiduciary fund in Lancaster City’s...
1. Which of the following funds would be reported as a fiduciary fund in Lancaster City’s financial statements? A. Special Revenues Fund. B. Permanent Fund. C. Private-purpose Trust Fund. D. Internal Services Fund 2. Which of the following funds of a governmental unit uses the modified accrual basis of accounting? A. Internal services fund. B. Enterprise funds. C. Special revenues funds. D. Non-expendable trust funds.
The private purpose trust funds share the same measurement focus and basis of accounting with all...
The private purpose trust funds share the same measurement focus and basis of accounting with all of the following funds, except: a. Pension funds. b. General funds. c. Internal service funds. d. Investment trust funds
State whether the following are true or false. For the false items, explain why they are...
State whether the following are true or false. For the false items, explain why they are false. a. Enterprise Funds are used only when all services are provided to non-governmental entities, and Internal Service Funds are used only when all services are provided to governmental agencies that are a part of the reporting government. b. Enterprise Funds use the economic resources measurement focus and full accrual basis of accounting only when they want to compute the costs of...
Which of the following is incorrect with respect to the Balance Sheet for Governmental funds? Multiple...
Which of the following is incorrect with respect to the Balance Sheet for Governmental funds? Multiple Choice a. The statement is prepared using the current financial resources measurement focus and the modified accrual basis of accounting b.Governmental funds report capital assets net of depreciation. c.The excess of assets and deferred outflows over liabilities and deferred inflows is labeled fund balance. d.The total fund balance must be reconciled to total net position in the governmental activities column of the government-wide statement...
MIGIGIlud. MULTIPL. Question 47 (2 points) Saved Under the modified accrual basis of accounting O 1)...
MIGIGIlud. MULTIPL. Question 47 (2 points) Saved Under the modified accrual basis of accounting O 1) The accrual basis of accounting is modified when recognizing and measuring revenues, but not when recognizing and measuring expenditures 2) Property tax revenues are recognized when earned 3) Property tax revenues are recognized when measurable and available 4) Encumbrances are equivalent to expenditures
Measurement focus and accrual basis of accounting The economic resources measurement focus and the accrual basis of accounting are appropriate for which of the following funds: Select one: o Capital projects fund o Internal service fund O Debt service fund o Special revenue fund Reporting objectives Which of the following is not one of the GASB's reporting objectives? Select one: O Providing assurance that the governmental entity is solvent O Providing information on the extent of the governmental entity's service...
Which basis of accounting is used by funds that have a current financial resources measurement focus? Select one: O A. Modified cash basis B. Modified accrual basis C. Cash basis D. Full accrual basis Which of the following is an example of activities that are likely to be accounted for in a government's General Fund? Select one: A. Business-type activities of a government that are financed by user charges B. Property taxes to be used to provide basic government services...
Which of the following statements is correct with respect to Fiduciary Funds? Multiple Choice Fiduciary funds include Pension trust funds, Internal service funds, Private-purpose trust funds, and Investment trust funds. O Custodial funds are fiduciary funds which are used when resources are held by a government in a trustee capacity but no trust agreement is in place. se by a gover Fiduciary funds use the current financial resources measurement focus and accrual accounting Fiduciary funds must be adjusted when preparing...
Question 1Not yet answered Flag question Marked out of 1.00 Budget entry amount On January 1, Cass City approved the following general fund resources for the new fiscal period: Property Taxes Licenses and permits $4,000,000 300,000 Intergovernmental revenues 250,000 Transfers in from other funds 150,000 What amount should Cass record as estimated revenues for the new fiscal year? Select one: $5,400,000 $5,550,000 $4,700,000 $4,550,000 Current financial resources measurement focus and modified accrual basis of accounting Which of the following funds...
MIGIGIlud. MULTIPL. Question 47 (2 points) Saved Under the modified accrual basis of accounting O 1) The accrual basis of accounting is modified when recognizing and measuring revenues, but not when recognizing and measuring expenditures 2) Property tax revenues are recognized when earned 3) Property tax revenues are recognized when measurable and available 4) Encumbrances are equivalent to expenditures
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