Question : 73.Level “A” GAAP for The University of Virginia, a public : 1255312

Accounting

73.Level “A” GAAP for The University of Virginia, a public institution, would be established by the:

A)Financial Accounting Standards Board.

B)Governmental Accounting Standards Board.

C)American Institute of Certified Public Accountants.

D)National Association of College and University Business Officers.

74.Under the modified accrual basis of accounting, revenues should be recognized when they are:

A)authorized by the budget ordinance.

B)realizable and earned.

C)measurable and available to finance expenditures of the current period.

D)realized through collection.

75.Fiduciary funds are to use the:

A)economic resources measurement focus and modified accrual basis of accounting.

B)current financial resources measurement focus and accrual basis of accounting.

C)economic resources measurement focus and accrual basis of accounting.

D)none of the above, the fiduciary funds have no revenues.

76.Proprietary funds use the:

A)economic resources measurement focus and accrual basis of accounting.

B)current financial resources measurement focus and modified accrual basis of accounting

C)economic resources measurement focus and modified accrual basis of accounting.

D)current financial resources measurement focus and accrual basis of accounting.

77.Governmental funds use the:

A)economic resources measurement focus and accrual basis of accounting.

B)current financial resources measurement focus and accrual basis of accounting.

C)economic resources measurement focus and modified accrual basis of accounting.

D) current financial resources measurement focus and modified accrual basis of accounting

78.Government-wide statements use the:

A)current financial resources measurement focus and accrual basis of accounting.

B) economic resources measurement focus and accrual basis of accounting.

C)economic resources measurement focus and modified accrual basis of accounting.

D)none of the above.

79.Governmental funds do not include:

A) Special revenue funds

B) Agency funds

C) Debt service funds

D) The General fund

80.Which of the following organizations has authority to establish accounting and financial reporting standards for the federal government?

A)Federal Accounting Standards Advisory Board.

B)Office of Management and Budget.

C)Governmental Accounting Standards Board.

D)None of the above; no one has been granted authority to set standards for the federal government

81.Which of the following is most correct with regard to Management’s Discussion and Analysis (MD&A)?

A)State and local governments are required to provide an MD&A.

B)Federal agency financial reports are required to provide an MD&A.

C)Both state and local governments and federal agencies are encouraged, but not required to provide an MD&A.

D)Both state and local governments and federal agencies are required to provide an MD&A.

82.Which of the following is not true regarding GASB Concepts Statement No. 2, Service Efforts and Accomplishments Reporting:

A)It encourages governments to experiment with reporting more complete information about an entity’s performance than can be displayed in the traditional financial statements.

B)It outlines categories of information that might be reported.

C)It prescribes detailed standards governing the reporting of service efforts and accomplishments reporting.

D)None of the above, all are true.

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61.When there is a shortage in a market, prices are likely to:

A. Fall because buyers do not wish to buy as much as sellers want to sell.

B. Rise because some buyers will offer to pay a higher price.

C. Fall because sellers are likely to reduce their production if prices rise.

D. Rise because the government will put a price ceiling in place.

62.If a market shortage exists:

A. The invisible hand will work to reduce the price.

B. The only solution is for the government to raise the price.

C. Producers will compete for customers by reducing prices.

D. Consumers will compete for the product by offering to pay more.

63.A market surplus occurs when:

A. People cannot buy the amount of goods and services that they are willing and able to buy.

B. The price is less than the equilibrium price.

C. The quantity supplied exceeds the quantity demanded at a given price.

D. There is a price ceiling.

64.When there is a surplus in a market, prices are likely to fall because:

A. Buyers do not wish to buy as much as sellers want to sell.

B. Some buyers will offer to pay a higher price, initiating a move up the supply curve.

C. Sellers are likely to increase their production.

D. Buyers will wait for the government to establish a price floor.

65.If a market surplus exists:

A. The only resolution is for the government to set the price.

B. Consumers will compete for the product buy offering to pay more.

C. Producers will compete for customers by reducing prices.

D. The equilibrium price is equal to the price ceiling.

66.If demand is constant, a decrease in the supply of gasoline will cause the equilibrium price:

A. To rise and quantity to fall.

B. And quantity both to rise.

C. To fall and quantity to rise.

D. And quantity both to fall.

67.If demand is constant, a leftward shift in the supply curve will result in:

A. A decrease in equilibrium quantity and a lower equilibrium price.

B. An increase in equilibrium quantity and a lower equilibrium price.

C. A decrease in equilibrium quantity and a higher equilibrium price.

D. An increase in equilibrium quantity and a higher equilibrium price.

68.The price of chocolate candy bars rises. This could be due to:

A. A decrease in the wage rate paid to workers in the candy bar factories.

B. A decrease in the cost of chocolate, which is used to produce candy bars.

C. A subsidy by the federal government for the producers of chocolate candy bars.

D. A decrease in the number of chocolate candy bar producers.

69.If demand is unchanged, a rightward shift in the supply curve for plasma TVs will cause:

A. A decrease in equilibrium quantity and a higher equilibrium price.

B. An increase in equilibrium quantity and a higher equilibrium price.

C. An increase in equilibrium quantity and a lower equilibrium price.

D. A decrease in equilibrium quantity and a lower equilibrium price.

70.Which of the following would cause a decrease in the price of automobiles?

A. A technological advance in automobile manufacturing.

B. An increase in the wages paid to automobile assembly line workers.

C. A decrease in the cost of gasoline.

D. An increase in the number of buyers.