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

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.