1. Which of the following items has the greatest GAAP authority under SAS 69?a GASB implem...

1. Which of the following items has the greatest GAAP authority under SAS 69?

a GASB implementation guides

b Consensus positions of GASB’s Emerging Issues Task Force

c GASB statements and interpretations

d FASB statements and interpretations

2. The primary emphasis in accounting and reporting for governmental funds is on:

a Flow of current financial resources

b Income determination

c Capital transfers

d Transfers relating to proprietary activities

3. The term appropriation, as used in governmental accounting, is:

a A budget request

b A commitment

c An authorization to spend

d An allotment

4. Which of the following will not appear in financial statements prepared under GASB 34?

a Government-wide statements

b Fund financial statements

c Management’s discussion and analysis

d General long-term debt account group

5. Ketchum County issues general obligation serial bonds to finance construction of a new high school. Which of the following funds are affected by the transaction?

a Special revenue fund

b Capital projects fund and general fund

c Capital projects fund, general fund, and debt service fund

d Capital projects fund and debt service fund