Question : 100.Which of the following would not be true regarding internal : 1255469

 

100.Which of the following would not be true regarding internal service funds?

A)Internal service funds use the economic resources measurement focus and accrual basis of accounting.

B)Examples of internal service funds would include self-insurance funds, motor pool funds, and print shop funds.

C)In the government-wide financial statements, internal service funds are most commonly reported in the business-type activities column.

D)None of the above; all are true.

101.Which of the following would not be true regarding internal service funds?

A)Internal service funds use the current financial resources measurement focus and accrual basis of accounting.

B)Examples of internal service funds would include self-insurance funds, motor pool funds, and print shop funds.

C)In the basic financial statements, internal service funds are reported in the proprietary funds financial statements.

D)None of the above; all are true.

102.In addition to a Statement of Net Assets and Statement of Revenues, Expenses and Changes in Fund Net Assets, which of the following statements is (are) required for proprietary funds?

A)  Statement of Cash Flows.

B)  Budgetary Comparison Schedule.

C)  Both A and B above

D)  Neither A nor B above

103.What is the appropriate accounting for the signing of a contract to build a new water treatment facility by an Enterprise Fund?

A) Debit Encumbrances.

B)  Credit  Budgetary Fund Balance – Reserve for encumbrances.

C)  No entry is required.

D)  Both A & B.

104.Which of the following is an example of an Internal Service Fund?

A)  State Risk Management Fund

B)  County Water and Sewer Utilities.

C)  State Lotteries.

D)  Municipal Golf Courses.

105.Which of the following is not an example of an Enterprise Fund?

A)  Electric and Water Utilities.

B)  Public Libraries.

C)  Sports Stadiums.

D)  All of the above are commonly reported as enterprise funds.

106.This fund accounts for activities that produce goods or services to be provided to other departments or other governmental units.

A) Enterprise fund.

B) Internal Service fund.

C) Special Revenue fund.

D) Debt Service fund.

107.According to GASB 34, Enterprise funds must be used when:

A) Debt is backed solely by fees and charges.

B) A legal requirement exists that the cost of providing services for an activity, including capital costs, be recovered through fees or charges.

C) A government has a policy to establish fees and charges to cover the cost of providing services for an activity.

D) Any of the above apply.

108.Which financial statements are required for proprietary funds?

A) Statement of net assets; Statement of revenues, expenses, and changes in fund net assets; Statement of cash flows.

B) Budgetary comparison schedule; Statement of revenues, expenditures, and changes in fund balance; Statement of net assets.

C) Statement of net assets; Statement of revenues, expenditures, and changes in fund balances; Statement of cash flows.

D) Statement of net assets; Statement of revenues, expenses, and changes in fund net assets;

109.All of the following are true about proprietary funds EXCEPT:

A)  They include Internal Service Funds and Enterprise Funds.

B)  The economic resources measurement focus is used.

C)  They include the Enterprise and Special Revenue Funds.

D)  Accrual accounting is used as the basis of accounting.

 

 

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