Question 1
"Cash flows from investing activities" include which of the following as cash inflows
Question 2
In which of the following circumstances must an enterprise fund be used to account for the activity?
Question 3
Which of the following is the best rationale/justification for reporting the business-type activities of a government in a separate fund?
Question 4
"Cash flows from investing activities" do NOT include which of the following as inflows
Question 5
Which of the following is a valid reason for governments to engage in business-type activities?
Question 6
"Cash flows from investing activities" include which of the following as outflows
Question 7
The appropriate entry in the general fund to account for this transfer is a credit to cash for $500,000 and a debit for $500,000 to
Question 8
Over the long run, internal service funds are intended to generate sufficient revenues to cover the
Question 9
Whether gains on the sale of a government endowment's investments should be considered additions to principal or expendable income for accounting purposes is:
Question 10
At the beginning of the year, the permanent fund of Rose City had an investment portfolio with a historical cost of $300,000 and a fair value of $330,000. There were no purchases or sales of securities during the year. At the end of the year the portfolio had a fair value of $360,000. At year-end, the city's account for this increase in fair value in which of the following ways?
Question 11
A wealthy citizen provided in her will for a gift of cash and other assets to Balsa city. The will specified that the gift was to be kept intact and that the earnings from the gift were to be used to support public parks. At the time of the donation, the gift had a book value in the hands of the donor of $300,000 and a fair value of $500,000. When recording this gift the city would credit
Question 12
Permanent funds are classified as
Question 13
GASB standards of accounting for other postemployment benefits (OPEB) require that governments
Question 14
Liabilities reported in pension trust funds consist of
Question 15
In previous years, Boze City had received a $400,000 gift of cash and investments. The donor had specified that the earnings from the gift must be used to beautify city-owned parks and the principal must be re-invested. During the current year, the earnings from this gift were $24,000. The earnings from this gift should generally be considered revenue to which of the following funds?