1. Which of the following is considered an exchange transaction under GASB 33?a A city rec...

1. Which of the following is considered an exchange transaction under GASB 33?

a A city receives a federal grant

b A bus driver collects bus fare from a rider

c Property taxes are collected from a homeowner

d An employer withholds state income tax from employee paychecks

2. One would not expect to find fixed asset accounts in the

a Governmental fund financial statements

b Proprietary fund financial statements

c Government-wide financial statements

d Financial statements of a governmental entity

3. The cash received from the sale of vehicles used by the sheriff’s office should be recorded in

a The general fund

b The general fixed assets account group

c A capital projects fund

d A debt service fund

4. Which fund follows the modified accrual basis of accounting?

a General fund

b Special revenue fund

c Debt service fund

d All of the above

5. The simplified governmental fund accounting model is as follows:

a Assets = Liabilities + Fund Balance

b Current Assets – Current Liabilities = Fund Balance

c Current Assets + Noncurrent Assets – Current Liabilities – Noncurrent Liabilities = Fund Balance

d Current Assets + Noncurrent Assets – Current Liabilities – Noncurrent Liabilities = Net Position