Government Accounting Fund Financial Statements Quiz

AthleticLanthanum avatar
AthleticLanthanum
·

Start Quiz

Study Flashcards

29 Questions

Who were the forerunners of the FASB before it was formed in 1973?

Which body is responsible for establishing Generally Accepted Accounting Principles (GAAP) for state and local governments?

Who are considered major external users of financial reports according to the text?

Who are classified as internal users of Government & Non-Profit entity accounting information?

Which body is responsible for establishing Generally Accepted Accounting Principles (GAAP) for business organizations and nongovernmental not-for-profit organizations?

Which group of users of federal financial reports has the FASAB identified?

Which section of the Comprehensive Annual Financial Report (CAFR) contains the basic financial statements?

What is the main purpose of government-wide financial statements?

What does the Statement of Net Position in government-wide financial statements provide information about?

What is included in the Statement of Activities in government-wide financial statements?

In what sections does the FASAB focus its standards according to the text?

Which financial statement reports the assets, liabilities, and net position of fiduciary funds?

What type of funds are used to account for resources held in a trustee or agency capacity?

What is the focus of Government fund statements?

Which financial statement reports the additions, deductions, investment income, and changes in net position of fiduciary funds?

Which type of financial statements provide a broader perspective on the overall financial health and results of the government entity as a whole?

Why are long-term obligations and noncurrent assets not reported in governmental funds?

What is the main purpose of Fund Financial Statements in government accounting?

Which type of funds in government accounting are used to account for activities related to general government operations?

What do the fund financial statements for governmental funds include?

Which type of funds in government accounting are used to account for activities similar to those of private businesses?

What does the Statement of Net Position in proprietary funds present?

Which statement shows the fund's assets, liabilities, and fund balance for governmental funds?

In the government-wide statement of net assets, where are both modified accrual basis revenues and expenses reported?

According to the modified accrual basis of accounting, when are revenues recorded?

How are expenditures generally recognized under the modified accrual basis of accounting?

Why are expenses reported in the governmental fund statement of revenues, expenditures, and changes in fund balances, while expenditures are reported in business-type activities?

For which type of funds do proprietary fund financial statements present financial information?

Why do enterprise funds and internal service funds follow accounting and reporting practices similar to those of business organizations?

Description

Test your knowledge on fund financial statements in government accounting, which focus on individual funds or categories of funds within the government entity. Learn about the main types of funds, such as governmental funds, used in government accounting practices.

Make Your Own Quiz

Transform your notes into a shareable quiz, with AI.

Get started for free

More Quizzes Like This

Use Quizgecko on...
Browser
Browser