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Questions and Answers
Which type of activities may a government be involved in, according to the text?
Which type of activities may a government be involved in, according to the text?
- General, Specific, and Specialized activities
- Legislative, Executive, and Judicial activities
- Governmental, Business-Type, and Financial activities (correct)
- Public, Private, and Hybrid activities
What are examples of Business-Type Activities that governments engage in?
What are examples of Business-Type Activities that governments engage in?
- Parks and recreation facilities
- Data processing and finance departments
- Public utilities and transportation systems (correct)
- Cultural and social services
In what capacity do governments often act when dealing with parties outside the government?
In what capacity do governments often act when dealing with parties outside the government?
- Legislative
- Fiduciary (correct)
- Administrative
- Judicial
Which of the following is NOT a core service provided by most general purpose governments?
Which of the following is NOT a core service provided by most general purpose governments?
What is the purpose of many Business-Type Activities engaged in by governments?
What is the purpose of many Business-Type Activities engaged in by governments?
Which term best describes the role of a government acting as an agent or trustee for parties outside the government?
Which term best describes the role of a government acting as an agent or trustee for parties outside the government?
What is the primary purpose of a debt service fund?
What is the primary purpose of a debt service fund?
When would a government be required to create a debt service fund?
When would a government be required to create a debt service fund?
What distinguishes a permanent fund from a private-purpose trust fund?
What distinguishes a permanent fund from a private-purpose trust fund?
Why might a government choose to establish a private-purpose trust fund instead of a permanent fund?
Why might a government choose to establish a private-purpose trust fund instead of a permanent fund?
In governmental accounting, what is the primary focus when accounting for governmental funds?
In governmental accounting, what is the primary focus when accounting for governmental funds?
What would be an appropriate use of earnings from a permanent fund according to the text?
What would be an appropriate use of earnings from a permanent fund according to the text?
Why is accrual accounting essential for governments in the context of providing business-type services?
Why is accrual accounting essential for governments in the context of providing business-type services?
What primarily differentiates internal service funds from enterprise funds?
What primarily differentiates internal service funds from enterprise funds?
In what instances do enterprise funds account for operations?
In what instances do enterprise funds account for operations?
Why do internal service funds exist?
Why do internal service funds exist?
What drives the periodic determination of revenues earned, expenses incurred, and net income in enterprise funds?
What drives the periodic determination of revenues earned, expenses incurred, and net income in enterprise funds?
Why is it important for governments to report on whether business-type activities are covering their full cost of operation?
Why is it important for governments to report on whether business-type activities are covering their full cost of operation?
In governmental accounting, which fund is typically used to account for departmental operating activities like the city manager’s office and finance?
In governmental accounting, which fund is typically used to account for departmental operating activities like the city manager’s office and finance?
When tax or grant revenues are legally restricted for specific operating purposes like maintenance of roads or operation of a library, which fund type is generally created?
When tax or grant revenues are legally restricted for specific operating purposes like maintenance of roads or operation of a library, which fund type is generally created?
Which fund type is typically created to account for financial resources used in the acquisition or construction of major capital facilities?
Which fund type is typically created to account for financial resources used in the acquisition or construction of major capital facilities?
In government accounting, what is the purpose of a Special Revenue Fund?
In government accounting, what is the purpose of a Special Revenue Fund?
When tax or grant revenues are embarked for a capital project, which fund type is typically created to account for these resources?
When tax or grant revenues are embarked for a capital project, which fund type is typically created to account for these resources?
What is the primary reason governments engage in capital projects according to the text?
What is the primary reason governments engage in capital projects according to the text?
Which of the following should not be depreciated?
Which of the following should not be depreciated?
What should be done when reporting donated capital assets?
What should be done when reporting donated capital assets?
Which financial statement should include depreciation expense?
Which financial statement should include depreciation expense?
According to Principle 8, what should be distinguished in financial reporting?
According to Principle 8, what should be distinguished in financial reporting?
In the government-wide financial statements, what measurement focus and basis of accounting should be used?
In the government-wide financial statements, what measurement focus and basis of accounting should be used?
When are revenues, expenses, gains, losses, and liabilities recognized in government-wide financial statements?
When are revenues, expenses, gains, losses, and liabilities recognized in government-wide financial statements?
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